CNBC Make It senior money reporter Ryan Ermey attended the annual Berkshire Hathaway shareholders' meeting in Omaha, Nebraska, and shared insights of nearly everyone who had encountered one of the Berkshire luminaries and what can be learned from their stories.
Ermey attended VALUEx BRK earlier on Friday, one of the many investor gatherings around Omaha, in conjunction with the Berkshire meetings. Organized by Guy Spier, manager of the Aquamarine Fund based in Zurich, the event featured talks from diverse value investing enthusiasts, including investment managers, academics, authors, and Charlie Munger's longtime assistant, Doerthe Obert.
Choosing The Right Partner
Monsoon Pabrai, managing partner and portfolio manager of Drew Investment Research, reminisced about a lunch where she and her sister, both young girls at the time, sat on either side of Buffett, paying close attention to the three-and-a-half-hour conversation.
Pabrai recalled the advice that stood out the most when Buffett emphasized to her and her sister the importance of choosing the right life partner, which she believed applies to both individuals in a marriage. Buffett echoed a similar sentiment at the shareholder meeting, encouraging shareholders to contemplate how they envision reading their obituaries and shaping their lives accordingly.
Giving Yourself Some Inspiration and Accountability
William Greene, author of The Great Minds of Investing, and photographer Michael O'Brien discussed their experience profiling and photographing Munger.
Greene recalled Munger's advice to surround yourself with images of your idols because they are those you do not want to disappoint. Interestingly, Munger had a bust of his hero, Benjamin Franklin. In a similar vein, Greene also possesses a bust of Munger, expressing that structuring one's physical environment with images of admired individuals is a beneficial hack, helping individuals incline towards behaving decently.
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Making Time for Yourself
Gillian Segal, author of Getting There: A Book of Mentors, discussed her determination to secure an interview with Buffett. Despite unsuccessfully reaching him remotely, she approached him at a charity event, where he agreed to spare a few minutes for her.
When it came time to schedule their meeting, Segal was surprised when the assistant provided ample available time for Buffett, with huge blocks of time. Segal observed that Buffett prioritizes guarding his time, ensuring he can focus on essential matters without being overbooked.
Most likely, you do not have as many demands on your time as Buffett does, nor do you have an assistant skilled at managing it. However, this example holds value for everyone, as it shows that success in your career requires dedicating focused time and giving it undivided attention.
Staying in Your Lane
Munger's longtime assistant, Doerthe Obert, shared numerous endearing, personal anecdotes about Munger, ranging from his dedication to his work to his efforts at dieting.
Obert's reflections on her professional bond with Munger offer valuable insights for anyone managing employees. She mentioned they had a strong working relationship, and he trusted her completely to handle tasks, which, in turn, allowed Munger to focus on his responsibilities effectively. Munger preferred to stick to his tasks in their working dynamic. When asked if her boss ever imparted investment advice, Obert disclosed that he never talked to anybody about investing even once because he did not want the responsibility if his advice did not work out, especially if it resulted in significant losses.
