More than 40,000 loyal fans gathered to witness the end of an era - the final chapter in the legacy of the greatest investor of all time.
Over the past year, I told anyone who asked: 2025 will be Buffett’s last year - make sure you go. Last year, he looked tired. Most people his age had retired more than 30 years earlier. But this year? I was pleasantly surprised. Having attended three prior meetings over the past six years, I saw a Buffett who was sprightly, sharp as a tack, and fully on his game. This guy’s still got it, I thought. Maybe Charlie and Mrs. B had some competition on their hands.
Charlie Munger was still working when he passed at 99. Mrs. B (Rose Blumkin) hung up her boots at the ripe old age of 103. But alas, Warren passed the torch at 94.
I’ve been a big fan of Warren ever since I picked up The Making of an American Capitalist three decades ago. Since then, I’ve spent countless hours studying the world’s greatest investor. Buffett became a role model - and from afar, a mentor. I’ve been lucky to attend several of the annual meetings, even experiencing a few with my children during their teenage years and early twenties.
Buffett set an example and a track record that remains unmatched in the world of finance. He approached investing differently. Berkshire Hathaway was his canvas.
By age ten, Buffett had read every book on investing in the Omaha public library. In his teens, he tinkered with technical analysis before stumbling upon Ben Graham. Chapters 8 and 20 of The Intelligent Investor flipped a switch in his mind. Investing wasn’t about pieces of paper or flashing stock prices - it was about owning businesses. And the market? A moody partner offering to buy or sell those business pieces at prices often disconnected from their true worth.
There are no secrets with Warren. For more than 60 years, he’s shared his philosophy openly with anyone willing to listen. His brilliance isn’t in building a thousand-line spreadsheet - he doesn’t even keep a computer on his desk. Buffett internalized the power of compounding and spent a lifetime harnessing it. He never stopped learning. His approach evolved.
Graham’s legacy was buying ‘cigar butts’ - companies trading below their net asset value, offering one last puff of value. But Phil Fisher, and Buffett’s acquisition of See’s Candies, turned a corner. Buffett saw the power of great businesses - those that can compound over decades. Find a few great ones, pay a fair price, and hold on. They’ll more than cover the inevitable mistakes, and yes, even Buffett made his share.
Buffett doesn’t obsess over the economy, the Fed, or geopolitical headlines. His focus is businesses. He made his money by owning them. His unshakable faith in capitalism and the U.S. system gave him the confidence to hold through thick and thin. He sought out people with integrity, obsession, and reliability - those financially aligned with him - and gave them freedom to run. In many ways, Buffett bet on people. And they bet on him right back.
2025 Berkshire Meeting.
His gift was capital allocation - figuring out where to deploy Berkshire’s ever-growing cash flows. That calm, steady demeanor attracted high-quality businesspeople. It created an ecosystem of talent, loyalty, and excellence - a feedback loop of mutual admiration. His managers loved working for him and wanted to make him proud.
So much of Buffett’s way was unconventional. He scoffed at diversification. Berkshire’s managers stayed for life. He empowered more than he directed. He lived in Omaha, far from Wall Street. He employed no analysts. He ignored complex models. Berkshire gave no guidance. He paid himself $100,000 a year. He still lives in the same house he bought in 1958. He doesn’t collect art, yachts, or vacation homes. He prefers McDonald’s to Michelin stars.
Buffett’s shareholders adore him. Most public companies would be lucky to attract 100 shareholders to their meetings. Warren attracted 40,000. For over six decades, he never compromised on character or principles. Through his annual letters, he taught millions - not just about investing, but about life. Many of the world’s greatest investors today - legends in their own right - consider him a mentor.
He also pledged to give away nearly all of his wealth - setting an example not just in business, but in generosity.
With over $300 billion in cash, maybe he didn’t get to finish the canvas just as he envisioned. But he was never going to rush it just to say it was done. Now, it’s up to Greg Abel and his successors to carry forward the culture, discipline, and legacy he spent a lifetime building.
The canvas may remain unfinished, but the masterpiece endures.
Further Reading:
‘The Buffett Series,’ Investment Masters Class.
‘The Blog Archive - Berkshire & Daily Journal,’ Investment Masters Class.
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