It was a little after 4 a.m. Central Time when I arrived at the CHI Health Center Arena in Omaha on a cold, rainy Saturday morning. I was late, as far as several hundred people were concerned. The folks I talked to at the front of the line had been there since 2 a.m.
Such is the scene every year at the shareholders meeting at Berkshire Hathaway, the $826 billion conglomerate helmed by the Oracle of Omaha himself, Warren Buffett. By the time the doors opened at 7 a.m., shareholders queued up by the tens of thousands, some in sensible outerwear, others clinging to the free coffee provided by the Pilot chain of truck stops — a Berkshire subsidiary.
Each year Buffett spends hours taking questions from shareholders, answering each at length with his trademark mix of razor sharp investing acumen and warm, Midwestern wit. CNBC covers every word he says, and we financial journalists tune in along with investors the world over, hoping to glean some wisdom from the legendary investor.
As I roamed the streets outside the arena on Saturday, I began to wonder why some of these people flew halfway around the world and showed up as early as 2 a.m. in the cold to see an event that they could catch in crystal clear 4K at home.
So I asked. Here’s what they said, edited for brevity and clarity.
Why thousands line up to see Buffett in person
James F. Eddins, Fairhope, Alabama: When you’re live and you’re here, you get to see them in their element. And you get to experience the whole thing just like this — standing here and meeting people every year, and sometimes year after year. And you make a lot of friends here with the same mindset: They wanna learn from the best investor of all time.
Walter Chang, Taipei, Taiwan: I love coming here and seeing them in person, and it’s like going to a lecture and getting the Graham and Dodd value investing, and also buying a business at a fair price. [I try to come] every year, and it’s amazing to see Warren and Charlie in this meeting.
Matt McAllister, Fairhope, Alabama: Omaha’s a great place. The people are a lot of fun. I think you absorb the material of the meeting very differently in person that you do watching it on a screen at home.
Jason Garner, Oakville, Canada: I think the biggest thing that comes to mind is the people that all come, that you meet in line, that you meet in the bars after. That’s what really makes the difference. Because of course you could just watch the stream. I think just like in-person work, it’s the same thing. You’re able to pick up on some more smaller details when you’re here in person.
James Hunt, South Africa: It’s the human-to-human connection with people just like this. It’s fun being together.
Nathan Prottsman, Omaha, Nebraska: It’s just a big event here in Omaha. And it’s always worth seeing. We’re gonna miss Charlie [Munger] this year. But just when they communicate, they summarize micro- and macroeconomics in a way that’s just very understandable. And their conservative views on investing — it just draws a lot of people and it’s just fun to be a part of this and be here.
Barbara Govan, Houston, Texas: I wanted to have the actual experience. And I wanted to come, since I had missed coming when Charlie Munger was alive. And I wanted to see Warren Buffett in person.
Yuan Fang, Dublin, Ireland: We come with the whole family. Warren Buffett is the guy who changed our life. When my husband was in college, he stuck to Warren Buffett’s methods and stuck to it his whole life. Then we had our fund company and achieved something. So we appreciate what Warren Buffett brought us.
Tom Keady, New Market, Maryland: It’s more of an immersive experience. [My son] is just 11 years old. In the classroom you’re not getting that kind of immersive experience. We can sit behind a computer like he did through the pandemic. Or you can come here, see Warren Buffett in person, and just enjoy the conference. That’s really the point here.
Giuliano Guarino, Milan, Italy: It’s completely different. You can feel it. You’re part of a community when you come here. The feeling is always the same — like-minded people. It’s like being in a church, to be honest. I want [my children] to be exposed to all of these things from a very early stage. They’re small shareholders of Berkshire. It’s fantastic coming with the family.
Eleanor Abney, Hayden & Parker McIntosh, ages 9-12, Louisville, Kentucky: It’s a special learning experience for us.
I think it’s exciting, because you get to stand two hours in the cold — that’s really fun.
It’s really fun — you get to hear people in person. Sometimes you get to meet famous people, too. And we got to see Charlie Munger actually talk before he died.
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