Saturday’s Berkshire Hathaway AGM came and went without the usual hype, 5am queuing or anyone having to suffer an overpriced Omaha hotel room. This year’s event was switched to Los Angeles to accommodate 97-year-old vice chairman Charlie Munger. Courtesy of Covid-19, was a streaming-only affair.
Buffett took heat from the normally adoring shareholders. Rightly so. The man who tells us be greedy when others are fearful not only missed the March 2020 market selloff, but went the other way: dumping Berkshire’s airline stocks, selling banking shares and lightening his stake in Apple Inc – while buying nothing.
Buffett’s AGM response: “I don’t consider it a great moment in Berkshire’s history, but we have more net worth than any company on earth. And I still don’t want to own the airline business.” Maybe. But the world’s greatest investor to not only miss such a great opportunity but sell into it could be raising a flag.
___STEADY_PAYWALL___
Also read: Alec Hogg: CR defends rotten ANC Cadre Deployment
I’m reminded of Ken Fisher’s introduction to his father Philip Fisher’s masterful Common Stocks and Uncommon Profits. Commenting on Dad’s mistakes later on, Ken wrote: “I’ve watched great investors age, and there are no old, great investors. There are old men who were great; but the process of investing is too vital to allow for old age and future greatness together.” Buffett is 90.
PS We’re into 12J’s final season and after last week’s introductory webinar (click here to watch the recording) we’ve got a cracker for you on Wednesday at noon when we’ll examine the investment appeal of the Lucid 12J Retirement Living Fund. Here’s the link to register: https://attendee.gotowebinar.com/register/616277781592035343
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