Berkshire Hathaway's Annual Shareholder Meeting had been on my bucket list for years. This year it finally worked out. For me it was a very special experience: I actually got to see Warren Buffett (91) & Charlie Munger (98) live!

As an investor and wealth manager with a value investing strategy, this trip was a dream come true for me - I am happy to start my new blog with this inspiring experience.

In this first blog post, I'll take you on a journey through my memories & experiences from the 2022 Berkshire Hathaway Shareholder Meeting, where you'll find fun stories & practical tips, as well as guidance on how to attend the Annual Meeting yourself.

It's hard to predict how long Warren Buffett and Charlie Munger will be around. I can only recommend a visit to Omaha while it is still possible.

The biggest risk for Berkshire Insurance

The current world situation was also an issue at Berkshire Hathaway - one shareholder asked, "Do you have a solution/protection in case of nuclear war?"

Warren Buffett: "We can't do anything about nuclear war - we don't have a solution."

Charlie Munger put it more bluntly: "I know a man who said he knew what he would do in the event of a nuclear attack: 'I'd crawl under the table and kiss my ass goodbye.'

We have no solution to protect ourselves from nuclear war."

To which Warren Buffett replied, "And Charlie is in charge of damage control at Berkshire."

Of course, the audience laughed, but everyone understood the seriousness of the question - even Warren Buffett reiterated, "Berkshire doesn't have a solution - we have this risk and there's nothing we can do about it."

Robinhood & the Casino Mentality on Wall Street

Warren Buffett and Charlie Munger also denounced the casino mentality on Wall Street. Charlie Munger in particular did not miss the opportunity to express clear criticism of certain developments. Especially Robinhood did not come off well. Charlie Munger said: "Disgusting what happened there, but now at least justice has been served a little."

He was referring to the scandal at the trading app Robinhood, which was especially popular with very young and inexperienced investors. Robinhood had to pay a record $70 million fine in March 2020 for false and misleading information and system failures. This, after previously having to pay a $65 million fine for misleading customers about their true business.

Bitcoin & Cryptocurrencies

Of course, the topic of cryptocurrencies and especially Bitcoin came up again. Anyone who would have expected Warren Buffett and Charlie Munger to have changed their minds was proven wrong.

Warren Buffett expressed himself somewhat diplomatically on the subject of Bitcoin but nevertheless very clearly:

If he had the choice between owning 1% of all property grounds or apartment housing in the United States or buying 100% of the world's Bitcoin supply for a mere $25, he would never choose Bitcoin. And that's despite the fact that the world's bitcoin supply currently has a market capitalization of over $730 billion.

Charlie Munger, as usual, was a bit more explicit: "In my life, I try to avoid things that are stupid and evil and make me look bad compared to others, and Bitcoin does all three of those things." Munger then explained, "First, it's stupid because it's very likely to go to zero, and it's evil because it undermines the Federal Reserve System and the national monetary system, which we desperately need to maintain its integrity and government control. And third, it makes us look foolish compared to the communist leader in China," Munger continued. "He was smart enough to ban Bitcoin in China, and with all our supposed advantages from the civilized world, we're a lot dumber than the communist leader in China."

Warren Buffett asked Charlie, "Is it smart to criticize someone?"

Charlie Munger: "Probably not, but I can't help it."

Investing in petroleum (oil & gas)

After Berkshire Hathaway bought 5.9 million shares of Occidental Petroleum and now owns about 12.5% of the company, the topic of petroleum was also brought up. Warren Buffett and Charlie Munger joked that they were not sure which of the two had less of a clue about the petroleum business.

Charlie Munger, however, had a very clear opinion on oil: "I think we should keep all the oil we have in the country and pay the Arabs whatever they ask. I think this stuff is going to be extremely valuable over the next 200 years. Nobody else agrees with me. I don't mind that, I just think they're wrong."

Tips & tricks for the Berkshire Hathaway Annual Shareholder Meeting

• Get in line early: 4:30 a.m. you are guaranteed to have good seats - but 5 a.m. should do as well.
• Best seats: 5th/6th row from the bottom, slightly higher than CNBC's Becky Quick's lectern, to the left and right of the stage - not stall seats.
• Reserve your seats first: Afterwards, there's plenty of time for a biological break, a coffee & breakfast sandwiches.
• Drinks & Snacks: If you don't want to miss anything, stock up on drinks & snacks beforehand - the Q&A session lasts several hours.
• Lunch: You can get plenty to eat at the regular food booths. There will be vouchers for a lunchbox sold on Friday, but you don't really need those.

Download Here

Berkshire Hathaway Proxy Statement 2022:

Tips & Tricks for the Berkshire Bazaar of Bargains

• First, head to the Fruit of the Loom booth - the wait will be a good hour later.
• Have at least $5 in cash - otherwise there will be no ice cream from Dairy Queen.
• Visit the Oriental Trading booth - you'll find original Berkshire Hathaway souvenirs there.
• More room for souvenirs: either leave enough room in your carry-on or take a checked bag.
• Skip the mailing - you can save waiting time - shipping outside the U.S. is way too expensive.
• Visit The Bookworm booth - assuming you have enough room in your luggage to transport books home.
• Seeing the plane at NetJets from the outside is enough - it's just a plane with nice seats - yes I've been inside and waited (too) long for it.

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Berkshire Hathaway Program Guide 2022:

There's also plenty to do in Omaha before and after the Berkshire Hathaway Annual Meeting. Here's a small collection of restaurants & events I visited:

The Drover Steakhouse

The Omaha area is known for steaks. One of the best steaks - if not the best I had - was at The Drover. I got this hot tip from Charles at the car rental: especially the house specialty - the filet with whiskey marinade - was so tender, it was almost melting on my tongue. I went twice and both times they cooked the steaks perfectly according to my expectations.

The steakhouse was packed with locals and even as a single person I had to wait 15 minutes for a seat to open up. I would make reservations in advance for larger groups.

I also had my first Coffee Vanilla Stout beer there - it took some time getting used to. You can taste the vanilla and coffee flavor very well and yet it has a bitter taste like a real stout beer.

Nebraska Furniture Mart - Berkshire Picnic

Yes – Mrs. B's Nebraska Furniture Mart really exists and it is quite large. Right after the Berkshire Hathaway Shareholder Meeting, you can go there for a $5 picnic BBQ starting at 5:30. Drinks are extra. If you're lucky, you'll also find some longtime employees who are happy to tell you about the history of Nebraska Furniture Mart, which is still run as a family business. For example, one employee who has worked there for 20 years told us that offspring work in all departments first before they have a chance at a management position. Many locals wait specially for the Berkshire Hathaway Shareholder Meeting so that they can buy furniture and home appliances at big discounts in the Nebraska Furniture Mart. For out-of-state visitors, it's more of an opportunity to experience a piece of Warren Buffett's success story.

Markel Omaha Brunch

Starting at 10:00 a.m. on Sunday, there was a sumptuous brunch at the Omaha Marriott Downtown sponsored by financial holding company Markel. Afterwards, there was a Q&A session that was somewhat reminiscent of Berkshire Hathaway's Q&A session.

Invest in Yourself 5k

Starting at 8 a.m. on Sunday, the Invest in Yourself 5k run happens. This 5k run is organized by Brooks. Brooks is a subsidiary of Berkshire Hathaway which makes specialty running shoes. I myself was not at the run because I did not have running shoes with me. The rule is: being there is everything - well, I wasn't. In addition to a finisher medal, there are exclusive T-shirts and free coffee & small souvenirs.

The Bookworm

The Bookworm bookstore is also open on Sundays until 4p.m. So if you want to see it out of interest in the history of Berkshire Hathaway, you still have a chance and can buy another book at your leisure with the special 20% shareholder discount. For me, the booth at the Bazaar of Bargains was enough.

Borsheims

Borsheims is a jewelry store also owned by Berkshire Hathaway. On Friday evenings from 6 p.m. to 8 p.m. and on Sundays from 11 a.m. to 4 p.m., you can shop there & there will be free drinks for shareholders. However, if you are looking for memorabilia of Berkshire Hathaway, Warren Buffett or Charlie Munger, you won't find much to choose from.

Tips & Tricks for Restaurants & Berkshire Hathaway Events in Omaha

Restaurant Tips:

• The Drover Steakhouse, 2121 S 73rd Street: the 12-ounce filet with whiskey marinade is an absolute MUST for meat lovers! For vegetarians & vegans, there's nothing to see here & hardly anything to eat - sorry.
• Saddle Creek Breakfast Club, 1540 N Saddle Creek Road: a beautiful little American style breakfast house with everything you could want for breakfast.

Berkshire Hathaway Events:

• Nebraska Furniture Mart, 700 South 72nd Street: the picnic is worth a visit. The market itself is comparable to other furniture and electronics markets and not a must-see.
• Markel Omaha Brunch, Marriott 222 N 10th Street: the brunch is sumptuous. You actually have to register for brunch beforehand at Markel and get a QR code, but that wasn't checked anywhere.
• Invest in Yourself 5k Run: If you want to participate, you should have running shoes or buy them at the Brooks booth during the Berkshire Bazaar of Bargains. To register, go to: www.investinyourself5k.com - the earlier you register, the cheaper it is: in 2022 it was $45, in March $65 just before the run.
• The Bookworm, 90th and Center Streets: you can check out the store - I didn't find it spectacular. The booth at the Bazaar of Bargains is perfectly adequate.
• Borsheims, 120 Regency Parkway: For me, the store is not a must-see. I think the best thing from Borsheims is the Mont Blanc ballpoint pen with Warren E. Buffett's signature engraved on it - but you can get that at the Bazaar of Bargains, too.

Insider Tip:

Spielbound Board Game Cafe, 3229 Harney Street: Ideal as a little pick-me-up and change of pace in between - but only if you're not alone and have a thing for board games. For $5 you get a table and a huge selection of board games.

Requirements to attend the Berkshire Hathaway Annual General Meeting:

• You must be a Berkshire Hathaway shareholder
• Proof that you own shares
• ID card with photo

The Berkshire Hathaway Annual Meeting is for shareholders. That means you have to have Berkshire Hathaway shares - an expensive experience because the A-share of Berkshire Hathaway costs about $480,000 at the moment. But you can also buy much cheaper Berkshire shares, the fractional B shares, which are currently trading for just under $319. One B-share is enough for you to attend the Berkshire Hathaway Annual Shareholder Meeting. That means for $319 you not only get a B-share of Berkshire Hathaway, but also the right to participate in the meeting.

As soon as you have bought the share or several of them, you need a proof that you actually own the share. I received a confirmation of holding from my bank. I had the shares blocked until the date of the Annual General Meeting on April 30, 2022. The next General Meeting will take place on Saturday, May 6, 2023 - this would also be the date until when the shares must be blocked.

Where can I get the credentials for the Berkshire Hathaway Shareholder Meeting?

There are theoretically three ways for shareholders to obtain an admission pass:

• Order form
• E-mail to Berkshire Hathaway
• Pick up on site in the Will Call area

Order form:

Berkshire Hathaway sends some shareholders the documents either physically or by e-mail with the order form for the admission passes. To date, I have not encountered any investors in Switzerland who have automatically received these documents.

E-mail:

Those who have a confirmation of holding can try to send it by e-mail to Berkshire Hathaway. If you do this early enough, with a little luck you will receive the entry passes by mail. However, there is usually no response from Berkshire Hathaway. I sent the email on March 22, 2022 and did not receive the admission passes in the mail - I guess it was too late.

Pickup:

On-site pickup is very straightforward. To do so, you can go to the "Will Call" counter starting on Friday. This is located at the entrance of the ARENA in the right part of the CHI Health Center, 455 N 10th Street. You will need to bring proof that you own the shares and a photo ID.

Some of the participants I met at the Berkshire Hathaway Shareholder Meeting actually drove all the way to Omaha. That's a pretty long trip, even for Americans from the East or West Coast, because Omaha is pretty much right in between. Many of the Americans I met at Berkshire Hathaway's Annual Meeting in Omaha were not from Omaha itself, but from, say, New York City, Texas, or even California.

But for Berkshire Hathaway, shareholders came from all over the world. For example, there was Sean from Taiwan who took a 25-hour trip each way. But there were also people from India, Australia, Denmark, and a great many from Germany, as well as some from Switzerland. In short, people from all over the world traveled the long way to Omaha for Berkshire Hathaway. And they especially came all this way because of Warren Buffett and Charlie Munger.

For most, traveling by plane is probably the easiest and fastest option to get to Berkshire Hathaway's Annual Meeting. Airfares range from 800.- Swiss francs for a basic economy seat up to 8'000.- Swiss francs for first class seats. The airport in Omaha - Omaha Eppley Airfield - is a small, tranquil airport by American standards. The advantage is that you don't have to travel long distances from the plane. On the other hand, you have to change planes at least once if you are flying to Omaha from further away - for example from Zurich. From Basel, I even had two stopovers.



I didn't have to take much with me for the Berkshire Hathaway Annual Shareholder Meeting. The stay was not quite 5 days including the trip there and back. I decided to travel only with carry-on luggage, which I later came to regret... I packed the few things that fit into the bag the day before. On April 28, 2022, it finally started - at 4:00 a.m. the alarm clock rang. By 4:45 a.m. I was at the train station Basel SBB, where bus number 50 took me to the airport.

The flight with British Airways took off punctually at 7:00 a.m. at EuroAirport. The first stopover was in London Heathrow - the transit hub of British Airways. There I was able to enjoy 2 hours and 40 minutes of the 6-time award-winning world's best airport terminal 5. The second stop was Chicago O'Hare International Airport - a hub of American Airlines. The total travel time including the layovers was just under 17 hours - quite long for a not quite 5-day stay - but well worth it. Shortly before 5:00 p.m. local time I arrived at Omaha Eppley Airfield.

My first destination was the car rental place. Because the airport is rather small, I quickly found the counters. I followed the signs to the "North Skywalk" on the first floor of the airport. Shortly thereafter, I was able to pick up the car in the North Garage. As it turned out, it was a good idea to rent my own car. On the one hand it is very convenient and flexible, and on the other hand the distances in the United States of America are much greater than I am used to in Switzerland. Some participants also used Uber. But because of the high demand, some rides quickly cost 60 to 80 USD or were not accepted at all. Parking is available everywhere and many parking spaces were at fair prices. Even parking directly at the CHI Health Center where the General Shareholder Meeting is held was only $10 for the whole day. My rental car cost only 280 dollars for 5 days. The half tank of gas cost another 20 dollars, despite the high fuel prices. But it was also one of the smallest on the road between all the Ford F-150 and other American trucks. You definitely don't have to worry about parking spaces in Omaha during the annual shareholder meeting of Berkshire Hathaway - there are more than enough of them.

Finally, the time had come - I had arrived in Omaha and already at the airport I was greeted by: WELCOME TO OMAHA - 2022 BERKSHIRE HATHAWAY ANNUAL SHAREHOLDERS MEETING. I was already looking forward to the meeting like a little child when my birthday and Christmas came around!

Source: Hilton Hotels & Resorts Omaha

Choosing where to stay depends on how much you want to spend and how close you want to be to the venue. The CHI Health Center event hall is located in downtown Omaha. It is home to both the Berkshire Hathaway Exhibits and the Convention Center, which houses Berkshire Hathaway's Annual Meeting. If you want to be right next door, stay at the Hilton Omaha at 1001 Cass Street. Also nearby is the Omaha Marriott Downtown at 222 N 10th Street. From there, it's less than a 5-minute walk, which is a record by American standards. Here, a stay during these days easily costs $500 or more per night.

The cheaper options are AirBnBs in Omaha itself or even hotels in the neighboring town of Council Bluffs, Iowa. There you can find accommodations between $100 and $200 per night. However, caution is advised with these options, because the distances are often greater than we are used to in Europe and especially from Switzerland. There are Uber cabs in Omaha, but during the meeting weekend it can be worthwhile to take a rental car. I chose AirBnB and drove there directly from the airport by rental car.

Berkshire Hathaway's Annual Shareholder Meeting is always held in Omaha. Those of you who have heard of Berkshire Hathaway will probably also know Omaha. For those who who have never heard of Omaha - I won't hold it against you, because I felt the same way:

Omaha is a rather unassuming city in the United States of America. It is located on the Missouri River in the state of Nebraska, right on the border with the state of Iowa. In Omaha, Interstate 80 crosses the state line between the two states of Nebraska and Iowa. Omaha is pretty much in the middle of Interstate 80, which runs across the United States from New York City in the east to San Francisco, California in the west. A whole 11 states are connected by it - over a distance of 4,666 kilometers.

IMPORTANT - Entry Requirements

For those of you who were unable to attend Berkshire Hathaway's Annual Shareholder Meeting this year, I've brought along some souvenirs. To enter the drawing, you only need to do two things:

1. Write a comment:
   For example, what fascinates/inspires you most about Warren Buffett, Charlie Munger, Berkshire Hathaway or value investing?
2. Send a short message:
   Press the "Raffle" button and write me in the contact form which memento you would enjoy the most - I can't promise anything, but I'll try to consider your wishes.

The raffle will run until Sunday, June 5, 2022 - after that I will inform the winners by email and send the prizes by mail. The shipping will only take place in Switzerland and Europe.