What Shareholders Are Saying, and Buying, at the Berkshire Annual Meeting

Shareholder browsed, shopped, and thought about what to ask.

Exhibits showed off limited-edition T-shirts from Fruit of the Loom, $1 Dilly Bars from Dairy Queen, home-and-auto insurance packages from Geico, Buffett-themed running shoes from Brooks, chocolates and nuts from See’s Candies, jewelry from Borsheims, and plenty more. Much of it was available for discounted prices.

Also on display were a full-size fuselage of a midrange private jet from NetJets, model homes from Clayton, and an elaborate model train set from BNSF.

Sander and Adrian, employees at a wealth management firm who came from Norway to attend, chowed down on DQ burgers, drank Coca-Cola, and filled heaping bags with T-shirts, hats, and other memorabilia. They were most interested in what Buffett, 92, and Munger, 99, have to say about the economic outlook and the implications of the turmoil in banking this year.

Jeremy and Komal drove for 12 hours from Detroit to attend their first meeting. Their Shopping Day haul included bags full of Squishmallows—the viral plush toy sensation that Berkshire acquired last year via its $11.6 billion purchase of insurer Alleghany. 

Jazwares, the manufacturer behind Squishmallows, had been a wholly owned subsidiary of Alleghany. It was selling Buffett and Munger versions of the toy, with a limit of two per person.

Mike and Corinne of Milwaukee, who heard about the Berkshire annual shareholder meeting on a personal finance podcast about a year ago, sprung for a few B shares to qualify for a credential to attend the meeting. It was more fun than expected, and a good excuse for a weekend away from their children, they said.

There were plenty of veteran meeting attendees as well. Joe and Lois, from Lincoln, Neb., were at their 15th meeting. Buffett’s advice hasn’t changed much over the years even as the meeting attendance has grown significantly, but his wisdom is just as relevant today, they said.

“It’s the soundest business advice I’ve heard,” Joe said. “Don’t invest in things you don’t understand.”

“Keep focused on the long term,” Lois said. “That’s just financial common sense.”

Buffett has long been a fixture in the Nebraska community, Joe said. “My dad knew Mr. Buffett and his father from the grocery business, back when he was just another Omaha businessman,” he said. Howard Buffett—Warren’s father—briefly worked at the Buffett family’s grocery store in Omaha before entering the investment business and later serving as a U.S. Representative for the state.

Debie and Lynn met decades ago at a dog show. For the past 10 years, they have been traveling from Texas and Colorado, respectively, to reunite in Omaha at the shareholder meeting.

Debie was interested in hearing Buffett’s take on recent railroad derailments in the U.S., and what BNSF was doing to make its operations safer.

The biggest lesson she’s learned from Buffett over the years: “Don’t panic when stocks dip,” Debie said. “It’s a chance to buy more.”

Brandon, a finance professor at the University of Mississippi, runs a student investment club where he espouses Buffett’s style of value investing. “Long-term investing isn’t always that fun,” he said. “You need to teach discipline and patience to avoid behavioral biases.”

A few students from Brandon’s student investment club were in attendance as well, having traveled to Omaha on their own dime. Melissa, also a finance professor—at Creighton, in Omaha—has been attending the shareholder meeting for 12 years. She also teaches the Buffett approach to investing. “You need a good margin of safety, and don’t try to time the market,” she says.

Several of Melissa’s students were also attending the meeting to hear from Buffett on Saturday. “They just think he’s awesome,” she said.

Write to Nicholas Jasinski at nicholas.jasinski@barrons.com