The broad lesson from this year’s Berkshire annual meeting is that successful investing is hard. Especially when it appears to be easy.
Of course, that will likely be the lesson when we look back on this period a decade from now too. But until then, Warren Buffett and Charlie Munger will again be labeled “old and out of touch” with the new reality.
Before diving in with the lessons, here’s a quick tip: if you want to listen to the entire meeting, bump the speed up to 1.2x or higher. It goes by faster and Buffett and Munger sound 30 years younger.
Let’s dive in.
It’s hard for companies to stay on top.
Buffett showed a list of the 20 largest companies, by market cap, in the world today. Continue Reading…