Warren Buffett takes the stage at Berkshire Hathaway's 2025 annual shareholders meeting.

Follow along right here for all of the most important news and comments from the morning and afternoon Q&A sessions. Before we get started, please do me a favor and subscribe (for free) to Kingswell for more coverage of the Berkshire AGM.

Over there, I write a lot about Berkshire Hathaway, Warren Buffett, Charlie Munger, and other great investors and thinkers. kingswell.io

Warren Buffett has taken the stage at Berkshire Hathaway's 2024 annual shareholders meeting.

Follow along right here for all of the most important news and comments from the morning and afternoon Q&A sessions. $BRK.A $BRK.B Before we get started, please do me a favor and subscribe (for free) to Kingswell for more coverage of the Berkshire AGM.

Over there, I write a lot about Berkshire Hathaway, Warren Buffett, and other great investors and thinkers. $BRK.A $BRK.B kingswell.io

Peter Lynch is one of the best investors that the money game has ever seen.

His best move, though, had nothing to do with stocks or bonds, dollars or cents.

In 1990, at the age of 46, Lynch abruptly retired — choosing time with his family over the allure of more and more money. Between 1977 and 1990, Lynch earned a mind-blowing 29.2% annual return with Fidelity's Magellan Fund — transforming the fund from a small afterthought into a world-famous moneymaker.

But those years were not easy on either Lynch or his family.

This month alone, Berkshire Hathaway purchased 5.6 million shares of Occidental Petroleum to boost its stake in the oil-and-gas giant up to 24.3%. $BRK.A $BRK.B

And, tonight, we'll find out if Berkshire is still buying...

What does Warren Buffett see in $OXY? Let's find out. In 2019, Buffett helped finance Occidental's pricy acquisition of Anadarko.

Berkshire agreed to purchase $10 billion of preferred shares — with an 8% yield attached and warrants for 83.8 million shares of common stock. Right out of the Buffett playbook.

Warren Buffett & Charlie Munger take the stage at Berkshire Hathaway's 2023 annual shareholder meeting. $BRK.A $BRK.B

Follow along for all of the most important news and comments from the morning session.

I'll be writing more fully about all of this in my newsletter this week. "The majority of our businesses will report lower earnings this year than last year," Buffett said.

The "incredible period" of business and government stimulus is over.

"It's a different climate than it was six months ago."

Last week, Charlie Munger met with the Financial Times to discuss some hot topics — like the banking crisis — ahead of Berkshire Hathaway's annual meeting. $BRK.A $BRK.B

In the background, his TV played news of First Republic's imminent demise.

Here's what Charlie had to say... (1) When asked about banks, Munger took the middle road.

"It's not nearly as bad as it was in 2008, but trouble happens to banking just like trouble happens everywhere else."

"In the good times, you get into bad habits ... When bad times come, they lose too much."

Just started the late John Train's first book (Dance of the Money Bees) — published in 1974 — and it's amazing how patient, rational investment advice never goes out of style.

"Enthusiastic hyperactivity is, in fact, the hallmark of the losing investor." “The world is not transformed from one day to the next,” Train writes.

“The average investor makes less money with his brain than what in chess is called his ‘Sitzfleisch’, or patient rear end.”

Watching the Elon Musk vs. $TWTR soap opera from the sidelines has made me appreciate the tact and propriety of Berkshire Hathaway all the more. $BRK.A $BRK.B

Berkshire is built on trust.

Trust that Warren Buffett is a straight shooter and means what he says. When Buffett and Berkshire shake hands on a deal, that’s that.

No drama. No muss. No fuss. No other shoes will drop.

And, importantly, Buffett places a great deal of trust in his counterparts. Sellers know they can trust Buffett — and he only deals with those he trusts, too.