The questions are asked politely and with great respect. Most of the
shareholders have written them out beforehand and read them into the
microphone. Young and old, they tend to rush, stammer, or get tongue-tied
and repeat themselves.
And it’s understandable: they’ve been waiting a long time to ask “the
Oracle of Omaha” their question. Oh, and 17,000 people are in the room
watching.
Only a handful of older professionals and longtime shareholders—some
of whom Buffett recognizes and acknowledges by name—appear genuinely
relaxed and unhurried at the microphone.
Relaxed or not, before they get to whatever they actually intend to ask,
everyone thanks Warren and Charlie for hosting this meeting, for sharing
their collective wisdom, and most especially for the long-term benefits that
have accrued to shareholders owning Berkshire Hathaway stock.
And those benefits have been immense.
The only thing that is off-limits, Buffett tells us, “is what we’re buying
now.” And he repeats his request for shareholders to speak up. “Charlie can
hear and I can see,” he says, “so we work well together.”
This gets a laugh, but Buffett isn’t kidding; he will frequently cup his
hand to his ear as the questions are asked, and Munger will occasionally
prompt him with the gist of the question that’s been asked.
Munger, whose left eye was removed years ago, wears extremely thick
glasses and frequently gazes off, seemingly in a different world, but, as we
will learn, he remains very much in the present.
Over the next five-plus hours, 54 questions will be asked by my count,
from individuals of all ages—ten-year-old girls to grown men. The
shareholders generally will stick to the rules, and Buffett will answer their
questions thoughtfully and in full—rarely discoursing for less than five
minutes on a topic before asking his partner, who is seated silently at the
table, “Charlie, you have anything to add?”