On Friday evening, as I was on the floor of the yearly gathering of Berkshire Hathaway stockholders I encountered my seatmate from the flight between Washington, D.C., and Omaha—a charming lady who was manning the Geico booth.
"She informed me that Bill Murray was around," she said. I assured her I would stay vigilant.
Certainly, for the myriad of shareholders who annually descend upon Nebraska, Murray, or any other celebrity, takes a back seat to the true highlight of the event. Warren Buffett and in previous years, he did this right-hand man Charlie Munger who passed away in 2023.
In this region, the top brass at Berkshire share one significant trait with Murray; nearly everybody who has crossed paths with them appears to have a tale to tell.
On Friday earlier, I went to VALUEx BRK One of numerous investor events held around Omaha resembling unofficial Berkshire Hathaway conferences. Organized by Guy Spier, who manages the Aquamarine Fund based in Zurich, this gathering included presentations from various advocates of value investing. Participants ranged from investment professionals to scholars to writers, including Doerthe Obert, Charlie Munger’s long-time aide.
Nearly everybody who has crossed paths with one of the renowned figures from Berkshire has gained some insight into the wisdom they share. Here’s what you can glean from their tales.
Choose the right partner
Monsoon Pabrai, the managing partner and portfolio manager at Drew Investment Research, remembered a lunch during which she and her sister—both young girls at the time—sat on either side of Buffett. Throughout the three-and-a-half-hour discussion, she paid close attention, though she often reflects back on just one particular piece of guidance he offered.
"The one that has always stayed with me was when he looked at both me and my sister directly into our eyes, simply because we are females or young girls, and stated, 'The The most crucial choice you make is deciding whom to wed. She mentioned, 'This applies to both individuals in a marriage. Picking your lifelong companion is incredibly crucial.'
indeed, this was also stated by Buffett during the shareholders' meeting on Saturday.
When asked for advice that everybody should hear, Buffett advised the shareholders to consider how they want their obituaries to be written and to live their lives according to this vision. “Surely, in my time, one of the key aspects was choosing a partner who would support you in achieving these goals,” he stated.
Inspire yourself... and hold yourself responsible.
In "The Great Minds of Investing," William Green discussed his experiences with photographer Michael O'Brien as they profiled and captured images of Munger.
Meeting up with his buddy Chris Davis, who happens to be a member of the Berkshire board, brought back some valuable counsel from Munger—surround yourself with reminders of those you admire.
Early on, Charlie advised him to display pictures of admired individuals in his workspace, as these are people he wouldn’t want to let down.
Green pointed out that Munger notably possessed a statue of his idol, Benjamin Franklin. In return, Green himself owns a statue of Munger.
"I believe that arranging your physical space to include images of admired individuals is an excellent strategy. It increases the likelihood of you acting admirably," Green stated.
Make time for yourself
Gillian Segal, who wrote "Getting There: A Book of Mentors," discussed her determination in securing an interview with Buffett. Despite initial difficulties reaching him via phone, she managed to catch up with him at a charitable function, persuading him to spare a few moments for conversation.
Once it was time to set up their meeting, Segal found himself surprised.
“After getting through [Buffett’s assistant], she informed me about all the open slots, and it went something like, ‘Alright, this week he’s free on Monday,’ with a large chunk of time set aside. Then came Tuesday, also a big window, followed by some specific availability on Wednesday. For Thursday, another substantial period,” she explains. “It dawned on me then that his success stems from how meticulously he protects his schedule. He ensures he has enough time for crucial tasks without being overwhelmed by commitments.”
It’s likely that fewer people are vying for your time compared to Warren Buffett, or perhaps you don’t have an assistant skilled at managing those requests. However, this serves as a valuable lesson for everyone: Success in your profession requires dedicating uninterrupted time to focus on it fully.
Stay in your lane
Munger’s long-time aide Dörthe Obert shared an abundance of delightful, intimate tales about Munger, covering everything from his dedication to his job to his struggles with maintaining a proper diet.
Her memories of her professional collaboration with Munger offer valuable insights for those managing staff members. She mentioned, “Our working rapport was excellent, and he placed complete trust in me,” adding, “Whatever the task might be, you’ll take care of it and accomplish it.”
Having faith in his assistant to handle her tasks allowed Munger to focus on his own responsibilities.
When it came to their working relationship, Munger was content to stick to his role as well.
When I inquired about what her boss had shared with her regarding investments, Obert hesitated.
She mentioned to me that he didn’t discuss investments with anyone at all.
Not even once? Even in passing?
“No, because even if he offered some guidance and it didn’t pan out,” she explained. “He wouldn’t mind losing a bit of money. However, if I were to suffer significant losses, he wasn’t willing to bear that burden.”
This story has been revised to include the accurate spelling of William Green.
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