my take-away from Berkshire meeting

have been busy with class work for a week and finally came back to talk more on the Berkshire meeting. A few take aways I would like to share:

(1) A song named "my favorite managers". Berkshire made a music video rewriting the song of "my favorite things" in the Sound of Music. It exhibits the pictures of all the Berkshire managers in the video. A lot of times we see investors invest in a company without even knowing the management. here I can sense that Berkshire is really proud of its managers, and help promote them any time. I love the video.

(2) Both Charlie and Munger said good words on the government, which has surprised a few of my classmates.

(3)Munger, which is always cool, suggested people not to pay much attention the ratings.

(4)Who can succeed Buffett? I guess there will be no one. He is not only smart, but also good at building relationships. I think he will be a very good politician before learning that he actually came from a politician family. He said his successors have to learn how to build relationship with business managers, sellers, other investors and shareholders. and I think he achieved those in an excellent way."They have to understand different needs of those managers, and knowledge of individual personalities and meet different demands"-WB

(5)Both of them said investment is more about emotional peace, instead of high IQ. and I totally agree.

(6) "authority does not go to the position -- it goes to the person", this makes me think a lot.

(7) What's Berkshire's competitive advantage? the answer is surprisingly "little turnover". people buy and hold it for a long time, which no other companies can catch up. An interesting quote from Munger is "a lot of the corporate America are running from headquarter, with profit forecast in different branches. The stupidity of managing practice will give BH comparative advantage."

There are more transcript here, though it is not accurate. One of the best things is just go to the shareholder meeting yourself, since people hear different things from the same conversation.