It's been called "Woodstock for Capitalists." More accurate to call it a pilgrimage.
For one weekend in May every year, shareholders, top portfolio managers, journalists and analysts journey to Omaha, Neb., to attend the Berkshire Hathaway annual general meeting.
The event has been on my personal "bucket list" for some time. I've long been an admirer of the "Oracle of Omaha," and have emulated his financial thinking in my own work for clients. So when a close business associate invited me to see him speak firsthand, I jumped at the opportunity.
The former chief investment manager for Mackenzie Financial's Cundill funds, Tim McElvaine, who now runs his own investment firm, had made the pilgrimage before.
"Over time, my investment windshield gets littered with dirt," he explained. "Going to the Berkshire AGM is like getting the windshield cleaned. I go away thinking more clearly about what I do."
Myself, I went to the meeting earlier this month wearing three hats. Firstly, as a Berkshire shareholder for about 15 years now, I wanted to learn more about the company I have an ownership stake in.
Secondly, as a wealth adviser, I wanted to learn more about what the world's most successful money manager sees for the future.
Finally, as a student of the markets these past 30 years, I wanted to glean as much wisdom as I could from the best in the business. Given the extraordinary financial events of the past year or so, I was certain this year's AGM would be an educational opportunity of the highest order. I wasn't disappointed.
I wasn't the only one. When we landed at Omaha Airport on a Friday afternoon, some 200 private jets were already parked on the tarmac, including Bill Gates's, which had landed just 10 minutes before us. Altogether, more than 35,000 Buffett disciples had made the trip - the highest attendance ever.
The highlight of the weekend was a five-hour question-and-answer session held on Saturday. Demand for tickets is so strong that the faithful are advised to line up early to get a seat. My business partner Rory O'Connor went down to Qwest Centre at 4 a.m. When the doors finally opened, he likened the experience to the running of the bulls, as fellow pilgrims made a mad dash to get a seat close to the action.
One of those bulls was Prem Watsa (although he arrived closer to 8 a.m.), CEO of Fairfax Financial. Sometimes called the "Oracle of the North," Mr. Watsa is a long-time Berkshire shareholder. "I've been going to these meetings for the past 25 years," he told me. "It's always been fun and informative. In fact, I can't think of another meeting where I've learned more."
When I asked him what to expect from the event, Mr. Watsa said: "Warren and Charlie [Mr. Buffett's partner Charlie Munger]try to keep it simple. I consider this very important. The key thing I come away with each year is the importance of focusing on the long term and not letting the 'noise' of the markets affect your thinking."
Mr. Watsa and I were chatting about 10 rows from the front of the stadium when Mr. Buffett entered the building. As he passed us with his security entourage, Mr. Buffett exchanged a quick nod with his fellow "oracle" from Canada. Although Mr. Buffett doesn't know me from Adam, I couldn't help but smile to be standing between two of the most savvy investors on the planet.
The session covered a number of subjects, from the credit crisis to the danger of derivatives to Mr. Buffett's succession plans. The most intriguing moment of the day, however, came from a seemingly simple question. Asked what makes a great investor, Mr. Buffett offered this advice: "[Investing is]not a complicated game," he answered. "It's simple, but it's not easy. [It]is not an issue of a high IQ, but rather an emotional stability and inner peace about the decisions you have made."
It's not easy to be calm, thoughtful and disciplined in the face of market panic. But this is exactly what Mr. Buffett has been able to do so well over the years. So much so, that he views book smarts as a financial drawback: "If you are in the investment business and have an IQ of 150, sell 30 points to someone else."
Most wealthy people I know are exceptionally intelligent. But intelligence is not the key to their success. Rather, it's their ability to approach investment decisions with a cool head and a steady hand.
It's something to keep in mind in these times of market turmoil. We don't need Mr. Buffett's brains to be successful investors. Only his stomach.
Thane Stenner is founder of