The Berkshire Pilgrimage: Reflections on Principles that Endure
Each spring, investors gather in Omaha not just for investment advice but to reconnect with timeless principles that have guided Berkshire through decades of market turbulence. These reflections explore why this pilgrimage matters and how these enduring values illuminate my investment journey.
Omaha welcomes me with familiar faces at the airport and cool evening air. My taxi driver, a Sudanese immigrant, shares his journey up the Nile twenty years ago to reach America. As he tells his remarkable story, my annual Berkshire experience begins.
In our world fixated on the ephemeral—where market opinions shift daily and investment theses rarely outlast quarterly reports—this gathering stands apart. The Berkshire Hathaway shareholders meeting isn't merely a corporate obligation; it's where principles that have created generational wealth are reaffirmed.
Buffett's investment journey paralleled America's most challenging periods. The Great Depression shaped his money sense, World War II marked his first investments, and the tumultuous 1970s witnessed Berkshire's emergence as a wealth-compounding vehicle. When Berkshire stock dropped 50% multiple times, patient shareholders who stayed the course were rewarded. This conviction matters as much as the initial investment.
What draws us to Omaha year after year? First, Buffett's compelling principle of doing the right thing, even when no one's watching. While others draft lengthy contracts seeking loopholes, Buffett and Munger built an empire on handshakes and trust. The Salomon Brothers crisis demonstrated how reputation remains the ultimate asset and how wavering on values can destroy decades of trust instantly.
Second is the power of business ownership—making money with money by owning enterprises that grow stronger with time. Seeing stocks as pieces of businesses rather than flickering symbols transforms our perspective. Compounding, which escapes our linear imagination, turns modest sums into fortunes when given sufficient time.
Though I typically avoid crowds, Omaha proves to be an exception. I willingly endure packed flights and overpriced hotels for this communion with investors who speak the language of patient capital. The intimate side events and serendipitous lobby encounters make this gathering special. My first pilgrimage 18 years ago, I knew no one. Today's visits feel remarkably different—I guide first-timers, delighting in seeing them return year after year.
This annual gathering offers immersion in principles that sound simple—focus on value, think long-term, act with integrity—but become truly ours through regular reinforcement. The Berkshire meeting remains among the most intellectually honest financial events worldwide.
My driver drops me off with a knowing smile. I prepare for the first day, reminded that we seek not merely investment wisdom but reconnection with principles that endure regardless of market conditions. In our world of perpetual change and dramatic headlines, there's profound comfort in these constants that have guided generations of investors—the understanding that sound investment and ethical business principles remain unchanged, even as the world transforms at a dizzying pace.
Despite Berkshire Hathaway being mentioned, this essay is no stock recommendation but rather a collection of reflections on the legacy of two great investing minds and the community they've created.
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.