Well it is that time of year again. The Woodstock of Finance or Buffettfest which is Berkshire Hathaway's $BRKA annual meeting. Unlike most shareholder annual meetings that seem to be rather boring Berkshire Hathaway's annual meeting is anything but. Over the years it has grown exponentially. Its like going to see your favorite rock band in concert but even better. The Rolling Stones Mick Jagger and Keith Richards don't have anything over Berkshire's Warren Buffett and Charlie Munger. In years past Buffett has strummed a few licks on his ukulele while up up on stage. He has even been seen on a $HOG- that's A Harley-Davidson in case your wondering.
This is basically a weekend long event where a legion of Berkshire loyalist(shareholders) make the annual trek to their Guru's headquarters and home town Omaha Nebraska. From what I am hearing through other news sources is that this year might be a bit somber instead of the usual financial lovefest that its been in years past. You see Berkshire shareholders are not use to loosing money and 2008 was one they would like to put behind them as would most investors.
What makes this so unique is that Buffet is unlike other CEO's of company's. For one he pays himself a low salary in comparison to most CEO's, and his interests have always been aligned with the shareholders of the company. Unlike many annual meetings where the board will make up excuses for short falls or spend half the time talking about electing board members, dolling out stock options or pay raises Buffett shoots straight from the hip. So for the better part of a day Buffett will field question after question. Also unlike other shareholder meetings Buffett and his finance-flower children will have a chance to have some fun and spend money like their on vacation.
The Buffettfest expects a record crowd of 35,000 people this year up from 32,000 last year. While Buffett is coming off his worst year ever, his popularity has rose to new heights. This might be because of the tough times we are in and who better to smooth things over than the Greatest Investor of all time The Guru of Value Investing Warren Buffett.
Below are a few good reads, so enjoy!
Berkshire Is Still A Brand Name New York Times
Buffett Fans Set For 'capitalist Woodstock' CNNMoney/Fortune
Here's the Story on Berkshire's Mungar WSJ Online
Also check out the Ultimate 2009 Berkshire Hathaway Annual Meeting Guide @ Fat Pitch Financials