I'm Sad!

[Parsad]

No, not because my Golden State Warriors are down 3-1 to the Los Angeles Lakers in the playoffs!

 

After watching this year's BRK AGM, I thoroughly enjoyed myself, once again learning little bits and pieces even after 25 years since reading my first BRK Letter to Shareholders.  At the same time, the days afterward left me very sad.  Why?  Because two of my heroes looked the most fragile that I've seen in those same 25 years.

 

My grandmother died last year at nearly 97.  My father died when I was 21.  We lost several older family members during two years of the pandemic.  Many of the closest people to me, who have known me my whole life are now gone.  Really, only my mother is the only one left at 72.  Loss is something I've grown accustomed to, as well as how finite life is.  

 

What are all of us going to do when Warren and Charlie are gone?  It's like chocolate and ice cream disappearing from the face of the Earth.  An indulgence that investors have enjoyed for so long, so satisfying, and irreplaceable!

 

Berkshire will be fine, and we'll still have Watsa, Gundlach, Gaynor, Klarman and others.  But none of them have the same level of clarity as either Buffett or Munger.  Sadly, we may have to bumble our way through.

 

So yes, I'm grateful for the time we've had them around us, but I also know that soon will come a day that I will wish we had more time! 

 

Thank you Warren & Charlie!  The best teachers I've ever had.

 

Cheers!

 

 

[adesigar]

I just saw them on the CNBC broadcast but I thought they looked and spoke much better this year than last year.

[Parsad]

The CNBC interview in Munger's backyard was from last year, not this year.  Munger in particular looked more fragile than last year at the AGM.

 

Cheers!

[Grenville]

I was bummed by the Warriors loss...I can't stomach watching their games anymore, it's too stressful....I wait for the outcome and then go back and watch...

 

Agree, we are so lucky to have them both around and sharing their wisdom and prescence. Thankfully cameras follow them around so we have their knowledge easily accessible from our pockets especially their views on the world in these tumultous times. 

 

I hope we have at least a few more years with them both at the helm. 

[Viking]

@Parsad yes, Buffett and Munger will not be around forever. And, yes, that is hard to take. However, the heir apparent is out there right now. In fact, there are likely a bunch on them out here. And that is what i love about investing: it is a process of constant change and constant learning. Life continues to get better. As Buffett says, living in ‘the West’ is a gift. You have won the birth lottery. 

 

“Who is the next Buffet”’. That should really be the title of your post. Not “I’m sad.” They are out there. And right now. A gift. We just need to find them   When Buffett is no longer around he is not going to want us to be sad. Rather, he is going to want to reward the investing principals stood for. Ben Graham passed the torch to Warren Buffett and Peter Lynch. Investing legends. Who are the next torchbearers? That is what i want to know. 

 

PS: is is not likely Greg Abel (and that is not intended to be a slight on Greg Abel). 

Edited May 9, 2023 by Viking

[Parsad]

21 minutes ago, Viking said:

@Parsad yes, Buffett and Munger will not be around forever. And, yes, that is hard to take. However, the heir apparent is out there right now. In fact, there are likely a bunch on them out here. And that is what i love about investing: it is a process of constant change and constant learning. Life continues to get better. As Buffett says, living in ‘the West’ is a gift. You have won the birth lottery. 

 

“Who is the next Buffet”’. That should really be the title of your post. Not “I’m sad.” They are out there. And right now. A gift. We just need to find them   When Buffett is no longer around he is not going to want us to be sad. Rather, he is going to want to reward the investing principals stood for. Ben Graham passed the torch to Warren Buffett and Peter Lynch. Investing legends. Who are the next torchbearers? That is what i want to know. 

 

PS: is is not likely Greg Abel (and that is not intended to be a slight on Greg Abel). 

 

20 years ago, I was asking that question.  Prem was pretty close...at that time Steve Markel in tandem with Tom Gaynor was close...Seth Klarman was up right up there...I thought Sardar might have been one...and then there were dozens of pretenders as well.  

 

Yet, as time went by it became apparent that no one was as consistent as Buffett, and spoke with such clarity about investing and life in general.  Once you combine the ethics...there is no replacement or next one.  That's what I came to realize.  They actually broke the mold after Buffett!

 

Cheers!

[dealraker]

I remember watching Buffett walk at annual meetings when he was in his early 60's then way up until his mid 70's (my last attendance).  He had a powerful energetic style of movement for his age.  That's gone now.  But damn it lasted a long time.  

[WFF]

Perhaps the torch will be pass to Todd and Ted?  It will be interesting to hear from

them.   I quite enjoy Li Lu though he gives limited materials.

 

The day will come, but hopefully not too soon.  I name my new born Charlie, and my eldest Warren.  Would love to bring them to meet the legends and understand why Daddy is so thankful for the duo. 
 

Now I am sad…

[Luca]

26 minutes ago, WFF said:

Perhaps the torch will be pass to Todd and Ted?  It will be interesting to hear from

them.   I quite enjoy Li Lu though he gives limited materials.

 

The day will come, but hopefully not too soon.  I name my new born Charlie, and my eldest Warren.  Would love to bring them to meet the legends and understand why Daddy is so thankful for the duo. 
 

Now I am sad…

Regarding Li Lu id love to hear more from him, his View on China etc. Id pay quite some money to see his holdings haha. So sad he is under the radar. I once contacted their fund and asked if they take money and what kind of rules they have etc, its hard to get in. Rarely open.

[longterminvestor]

@ParsadThe word clarity struck me in your comments.  The tandem of Mr. Buffett rattling off statistics from say a 1954 annual report and Mr. Munger chiming in with customary crusty curmudgeon comment - concise, accurate, and wise 1000%.  Both of them playing off each other will be what I miss.  The best 1-2 punch in the business I am aware of for sure!  I think its the wisdom, I could listen to Mr. Buffett describe the mechanics of a toilet paper manufacturing business for days.  Call me crazy, or just call me a Berkshire shareholder - fine with either.  

 

I am reminded of the summer camp I attended as a child.  Family run, founded by larger than life father who had 2 sons.  The founder was legendary and ran the camp with great gusto.  The sons took it over both with their distinct roles.  One was front facing campers with great oration/leadership and the other was back of the house and lead from behind.  Each had their own sons later who came into the camp and now run.  I had pleasure of seeing the later 2 regimes run the camp.  And the transition was uneasy at first however overtime it just felt like home again.  The camp, very much like Berkshire, has a culture where everyone just knew where to go, what to do, the standards never changed.  Amazing actually to think back that all the counselors were top tier athletes/scholars and thus campers all aspired to greatness because we were around greatness (average of your best 5 friends theory).  Berkshire is like that, it will live on, and in the future we will yearn for the way things were or wonder what Mr. Buffett/Mr. Munger would do, how would they handle this/that situation - totally natural.  

 

I'm with you though, it does make me sad to think of the future without them.  I am forever grateful for the time we all have had and what a ride it has been.  People were worried about this 20 years ago and look at them, 20 years later.  It really is an amazing achievement, the painting of Berkshire as Mr. Buffett refers.  

 

@ParsadTHANK YOU for your gift of COBF.  it is a great community of like minded folks and will endure.  Speaking of that, how old are you?  Have you picked out your Gregg and Ajit?  hehe.  Cheers!

[Charlie]

"I just saw them on the CNBC broadcast but I thought they looked and spoke much better this year than last year."

 

I had the impression that both looked better and spoke better than the last 2-3 years at the annual meetings.

Munger spoke of himself in an interview that he give himself 5 more years. 

[Parsad]

5 hours ago, longterminvestor said:

@ParsadThe word clarity struck me in your comments.  The tandem of Mr. Buffett rattling off statistics from say a 1954 annual report and Mr. Munger chiming in with customary crusty curmudgeon comment - concise, accurate, and wise 1000%.  Both of them playing off each other will be what I miss.  The best 1-2 punch in the business I am aware of for sure!  I think its the wisdom, I could listen to Mr. Buffett describe the mechanics of a toilet paper manufacturing business for days.  Call me crazy, or just call me a Berkshire shareholder - fine with either.  

 

I am reminded of the summer camp I attended as a child.  Family run, founded by larger than life father who had 2 sons.  The founder was legendary and ran the camp with great gusto.  The sons took it over both with their distinct roles.  One was front facing campers with great oration/leadership and the other was back of the house and lead from behind.  Each had their own sons later who came into the camp and now run.  I had pleasure of seeing the later 2 regimes run the camp.  And the transition was uneasy at first however overtime it just felt like home again.  The camp, very much like Berkshire, has a culture where everyone just knew where to go, what to do, the standards never changed.  Amazing actually to think back that all the counselors were top tier athletes/scholars and thus campers all aspired to greatness because we were around greatness (average of your best 5 friends theory).  Berkshire is like that, it will live on, and in the future we will yearn for the way things were or wonder what Mr. Buffett/Mr. Munger would do, how would they handle this/that situation - totally natural.  

 

I'm with you though, it does make me sad to think of the future without them.  I am forever grateful for the time we all have had and what a ride it has been.  People were worried about this 20 years ago and look at them, 20 years later.  It really is an amazing achievement, the painting of Berkshire as Mr. Buffett refers.  

 

@ParsadTHANK YOU for your gift of COBF.  it is a great community of like minded folks and will endure.  Speaking of that, how old are you?  Have you picked out your Gregg and Ajit?  hehe.  Cheers!

 

+1!  

 

I'm going to be 54 in July.  Working on it...I would hate COBF to end after I do! 

 

Cheers!

[CorpRaider]

It is going to be sad.  I expect to spend a lot of time with the CNBC archives.  Although I'm one of the ones who prefers the slides and lecture to the taking of more random questions from podcasters and kids, I thought Buffett was a lot better this year than last.

Edited May 10, 2023 by CorpRaider

[xo 1]

On 5/9/2023 at 11:56 PM, longterminvestor said:

I'm with you though, it does make me sad to think of the future without them.  I am forever grateful for the time we all have had and what a ride it has been.  People were worried about this 20 years ago and look at them, 20 years later.  It really is an amazing achievement, the painting of Berkshire as Mr. Buffett refers.  

 

I thought the different clips of questions to WEB about his successor in the kick-off video (which started in 1980s) made the point nicely.  It is crazy how different BRK looks from even 10 years ago.  My favorite part of Adam Mead's book is how easy it makes comparing BRK over the decades.  To the same point was WEB's answer about what BRK will look like in 50 years.  Who knows?  That's why I love the image of the Berkshire canvas: we do know what some of the essential pieces will be in 50 years.  How many other companies can you say that for?

Edited May 11, 2023 by xo 1

[rkbabang]

On 5/9/2023 at 4:09 AM, Parsad said:

 

20 years ago, I was asking that question.  Prem was pretty close...at that time Steve Markel in tandem with Tom Gaynor was close...Seth Klarman was up right up there...I thought Sardar might have been one...and then there were dozens of pretenders as well.  

 

Yet, as time went by it became apparent that no one was as consistent as Buffett, and spoke with such clarity about investing and life in general.  Once you combine the ethics...there is no replacement or next one.  That's what I came to realize.  They actually broke the mold after Buffett!

 

Cheers!

 

I completely agree with you here.   I followed a similar path and actually did think for a while that Big-lier was the "next Buffett". Googling for more info on Sadar was how I found the MSN groups version of this board back in 2008.   It might be that there will be another Buffett someday, but I'm not holding my breath.  I don't think there will be anyone comparable to Buffett again in my lifetime.    

 

[tede02]

I also thought Warren and Charlie spoke much better this year than last. Warren especially seemed sharper. I feel very fortunate that these two have been around for the first, call-it, 1/3rd of my career. People in college today won't have the same benefit. Both Buffett and Munger are one-of-a-kind in their own ways. What's especially unique about them is their combined record of success and adherence to principles and ethical conduct. It such a positive example for the world. 

[John Hjorth]

A few days before Sanjeev [ @Parsad ] started this topic, I read this :

 

The Conversation [ May 3^rd 2023] : Tiredness of life: the growing phenomenon in western society.

 

After reading this topic, combined with the above mentioned article, it hit me :

 

If the Berkshire board ever had asked Mr. Buffett to be excused and to leave office to enjoy his retirement, I feel pretty sure, he would have withered away and passed away in a quite short period of time.

 

The feeling of having a purpose late in life and to stay active are imperatives for good living conditions and a good life in general at high age.

 

I have never forgotten the last public interview Mr. Arnold Mærsk McKinney-Møller ever gave before he passed away in the spring af 2012, at age 96. Loosing his wife years earlier was a material nail to his coffin, he said. He also said, that on top of that he had gradually lost basically all his personal friends, who had passed away before him, so he felt poor!

 

He was removed as chairman of the Board [I think it must have been before the merger of D/S af 1912 A/S with D/S Svendborg A/S to form the recent A. P. Møller-Mærsk A/S] because he messed up with his role as Chairman of the board on an AGM [nothing material of error I may add], after which the Board swiftly and fairly silently pressed him out of the board. I'm still thinking that this action by the board, taking away the last few reponsibilities and duties he still had left at APM HQ before that was the last nail to his coffin, making him sit home alone mostly all of his time.

 

Mr. Buffett is still like an Energizer Bunny, considering his age, but he is not running on Duracell batteries, there must be a tiny nuclear power plant mounted on him somewhere!

Edited May 11, 2023 by John Hjorth

[Parsad]

7 hours ago, John Hjorth said:

A few days before Sanjeev [ @Parsad ] started this topic, I read this :

 

The Conversation [ May 3^rd 2023] : Tiredness of life: the growing phenomenon in western society.

 

After reading this topic, combined with the above mentioned article, it hit me :

 

If the Berkshire board ever had asked Mr. Buffett to be excused and to leave office to enjoy his retirement, I feel pretty sure, he would have withered away and passed away in a quite short period of time.

 

The feeling of having a purpose late in life and to stay active are imperatives for good living conditions and a good life in general at high age.

 

I have never forgotten the last public interview Mr. Arnold Mærsk McKinney-Møller ever gave before he passed away in the spring af 2012, at age 96. Loosing his wife years earlier was a material nail to his coffin, he said. He also said, that on top of that he had gradually lost basically all his personal friends, who had passed away before him, so he felt poor!

 

He was removed as chairman of the Board [I think it must have been before the merger of D/S af 1912 A/S with D/S Svendborg A/S to form the recent A. P. Møller-Mærsk A/S] because he messed up with his role as Chairman of the board on an AGM [nothing material of error I may add], after which the Board swiftly and fairly silently pressed him out of the board. I'm still thinking that this action by the board, taking away the last few reponsibilities and duties he still had left at APM HQ before that was the last nail to his coffin, making him sit home alone mostly all of his time.

 

Mr. Buffett is still like an Energizer Bunny, considering his age, but he is not running on Duracell batteries, there must be a tiny nuclear power plant mounted on him somewhere!

 

+1!  Very true. 

 

Another good example is Rose Blumkin, who founded Nebraska Furniture Mart.  We all know the story of how after BRK bought NFM from Rose, her kids who were running the store decided to retire her.  She went and started a competing carpet store next to NFM at age 95 and began outselling NFM.  Buffett had to approach her at the request of NFM and buy out the carpet store, having her sign a non-compete agreement at age 97.  Mrs. Blumkin lived for a few more years, but she was a bit heartbroken not to be working anymore.  Everything in her house still had little sales tags on them, so she felt like she was still in the store each day.

 

Cheers!

[John Hjorth]

I think it's called : "Respect for the elderly".

 

I did not have it at younger age, I think it started to develop gradually when I turned the 40 mark, now quite some years ago.

 

I recall specific episodes now adays from the past, where I today cringe over my own behavior back then, by showing lack of respect for the elderly.

 

Basically, it is also about tolerance between generations in a society. Respect for those who have served their duty.

 

- - - o 0 o - - -

 

Perhaps it is also about I'm developing a certain entitlement while I'm getting older myself! 

[longterminvestor]

I cringe as well at my younger self and I am only 40.  A quote that rings true here, didn't hit me when I first heard it, took me a while to actually understand it: "Youth is wasted on the young".

[Parsad]

10 hours ago, John Hjorth said:

I think it's called : "Respect for the elderly".

 

I did not have it at younger age, I think it started to develop gradually when I turned the 40 mark, now quite some years ago.

 

I recall specific episodes now adays from the past, where I today cringe over my own behavior back then, by showing lack of respect for the elderly.

 

Basically, it is also about tolerance between generations in a society. Respect for those who have served their duty.

 

- - - o 0 o - - -

 

Perhaps it is also about I'm developing a certain entitlement while I'm getting older myself! 

 

I suspect that's why the Queen at the end of her reign was quite beloved.  Yes, the monarchy is outdated and she lived a life of privilege, but 96 years of life sacrificed for one thing...the betterment of her country and duty to it.  From the day she was born till the day she died, and how she did it with such class regardless of partisan politics or what was fashionable. 

 

There are a lot of people who did the same thing in their own little way.  We don't understand that till we start to really age as well!  I too have a new found respect at age 54...I joined CARP this year...same thing as AARP in the U.S.!  I don't cringe about my behavior when I was younger to the elderly...I have to say I was quite good about that.  I just cringe about my behavior in general when I was younger!   

 

Cheers!

[adesigar]

7 hours ago, Parsad said:

 

I suspect that's why the Queen at the end of her reign was quite beloved.  Yes, the monarchy is outdated and she lived a life of privilege, but 96 years of life sacrificed for one thing...the betterment of her country and duty to it.  From the day she was born till the day she died, and how she did it with such class regardless of partisan politics or what was fashionable. 

 

Disagree on the queen and the whole royal family for that matter. 

[cheapguy]

Royal family members still are enjoying the ill gotten money  from slavery and genocide they did in the lands they occupied. God will put them in Hell for crimes done in their name.

Edited May 14, 2023 by cheapguy

[John Hjorth]

Everybody with an opinion on the Royal British family to me should dive in to the following websites for educational purposes :

 

Wikipedia : The Crown, &

Official website : The Crown Estate .

 

Awesome business! releasing yearly financials and I don't know what!, held by the incumbent British ruler, but he can't in any way do with it at his own personal discretion! As just a holder, why would that qualify for God to put him in Hell? Should he abdicate to get in heaven, by that also by logic thereby putting one of his sons in the line for Hell?

Edited May 14, 2023 by John Hjorth

[adesigar]

I personally don’t really care about the crown/queen/royal family. Just wanted to say most of the world doesn’t care about the queen or anyone in the royal family. 
 

Also beloved would not be the term used by anyone with even a little bit of knowledge about the atrocities done in Africa while she was queen.