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Pilgrimage to Warren Buffett's Omaha: A Hedge Fund Manager's Dispatches from Inside the Berkshire Hathaway Annual Meeting
They come to Omaha by the tens of thousands, flocking to an annual meeting that has become legendary for investors, businesspeople, and fans of one of the most savvy capitalists on the planet. They come to eat steak, buy furniture at a discount, and bask in the brilliance of value investor extraordinaire, Warren Buffet. Hedge fund founder, financial blogger, and professional skeptic Jeff Matthews got his own highly-coveted ticket to the Berkshire Hathaway meeting held only for shareholders and their guests--and proceeded to post reports on his blog, offering tempting glimpses into the much-discussed meeting. Now Matthews delivers a full-length account of his adventures at this infamous financial hoedown. In addition to offering a thoroughly entertaining first-hand account of Berkshire Hathaway's meeting, he answers questions investor's are asking,
312 pages, Hardcover
First published January 1, 2008
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Displaying 1 - 13 of 13 reviews
August 22, 2018
The author Jeff Matthews, hedge fund manager at Ram Partners and blogger, is also one of the characters in the text as it almost has the form of a diary. The main character is not Matthews however, it’s not even Warren Buffett. The spotlight instead falls on the Woodstock of capitalism, the AGM of Birkshire Hathaway. Matthews travelled to the 2006 and 2007 AGMs and wrote about the experience on his blog and gave all the rest of us, who probably never will, a seat on the front row. The blogs then turned into this book and the experience turned Matthews into a devotee to what even Charlie Munger has called “somewhat of a cult”.
On the surface this is almost a sociological study of the yearly 30.000 person event. The AGM is part of Buffett’s attempt to gain a high quality ownership base through constant communication of his values and philosophy. The highlight is the Q&A-session that goes on almost a full Saturday and anyone can ask anything apart from what Buffett is investing in next. Beside the Q&A- session there are furthermore exhibition halls for the Berkshire companies’ products, private dinners and lunches with Buffett and other Berkshire dignitaries, cocktail parties etc. Matthews takes the reader to what is a combination of a sports event, a country fair and a revival meeting to meet with countless of white couples nearing retirement age and groups of men in their middle ages who are there to see the Buffett and Munger show.
The good thing is that the author apart from an amateur sociologist also is a fund manager. This enables him to pick up and comment on all the nuggets in Buffett’s investment philosophy. Concepts like staying within you circle of competence, being in Omaha to get out of the jitter on Wall Street, the value of versatility, flexibility and preparedness in investing and the scepticism towards academic finance is all there. Matthews discusses Buffett’s search for companies with durable competitive advantages, high return on invested capital, trustworthy management and the focus on avoiding mistakes, “I put a heavy weight on safety”, as Warren puts it.
Many of the questions put to Buffett regards how to succeed with investments. The answer to read everything on the subject, to sit and think a lot and to develop an investment style that suits yourself is perhaps not the quick way to riches that many wanted as an answer but it contains tons of wisdom. On less generic advice is however given and that is that all an investor needs to know about investing is to be found in chapters 8 and 20 of Ben Grahams book The Intelligent Investor - the chapters that discuss how to think about market fluctuations and why you should have a margin of safety between price and value when you invest.
The combination of curiousness of the event and understanding of the investment philosophy that Buffett’s comments relate to makes Matthews an ideal guide and the book a nice read. The blog format is easily digestible and it’s easy to just continue with the next chapter. Even though Matthews is a value investor from start its apparent how the event is affecting him. I enjoyed being able to follow him around into the midst of rural US. However I’m not sure that this is a book suitable for those who want to learn about how Buffett invests. The investment philosophy is much too wrapped up in other reflections and not really spelled out clearly. The books by Mary Buffett or Robert Hagstrom will do a better job.
In May 1956 a young Buffett invested $100 into Buffett Partnership. Half a century later he is not only the richest man in the world but also leader of a cult. This book is a chance to get a better understanding of a phenomenon of our time.
On the surface this is almost a sociological study of the yearly 30.000 person event. The AGM is part of Buffett’s attempt to gain a high quality ownership base through constant communication of his values and philosophy. The highlight is the Q&A-session that goes on almost a full Saturday and anyone can ask anything apart from what Buffett is investing in next. Beside the Q&A- session there are furthermore exhibition halls for the Berkshire companies’ products, private dinners and lunches with Buffett and other Berkshire dignitaries, cocktail parties etc. Matthews takes the reader to what is a combination of a sports event, a country fair and a revival meeting to meet with countless of white couples nearing retirement age and groups of men in their middle ages who are there to see the Buffett and Munger show.
The good thing is that the author apart from an amateur sociologist also is a fund manager. This enables him to pick up and comment on all the nuggets in Buffett’s investment philosophy. Concepts like staying within you circle of competence, being in Omaha to get out of the jitter on Wall Street, the value of versatility, flexibility and preparedness in investing and the scepticism towards academic finance is all there. Matthews discusses Buffett’s search for companies with durable competitive advantages, high return on invested capital, trustworthy management and the focus on avoiding mistakes, “I put a heavy weight on safety”, as Warren puts it.
Many of the questions put to Buffett regards how to succeed with investments. The answer to read everything on the subject, to sit and think a lot and to develop an investment style that suits yourself is perhaps not the quick way to riches that many wanted as an answer but it contains tons of wisdom. On less generic advice is however given and that is that all an investor needs to know about investing is to be found in chapters 8 and 20 of Ben Grahams book The Intelligent Investor - the chapters that discuss how to think about market fluctuations and why you should have a margin of safety between price and value when you invest.
The combination of curiousness of the event and understanding of the investment philosophy that Buffett’s comments relate to makes Matthews an ideal guide and the book a nice read. The blog format is easily digestible and it’s easy to just continue with the next chapter. Even though Matthews is a value investor from start its apparent how the event is affecting him. I enjoyed being able to follow him around into the midst of rural US. However I’m not sure that this is a book suitable for those who want to learn about how Buffett invests. The investment philosophy is much too wrapped up in other reflections and not really spelled out clearly. The books by Mary Buffett or Robert Hagstrom will do a better job.
In May 1956 a young Buffett invested $100 into Buffett Partnership. Half a century later he is not only the richest man in the world but also leader of a cult. This book is a chance to get a better understanding of a phenomenon of our time.
September 21, 2023
I'd say the book was definitely worth being turned into a book. It's focused on an experience, and it colored the experience well enough. It was also not too positive nor too negative. It covered the experience as it promised. The advice is fine, but the narration of the experience is even better. It's a great book, is what I wanted to say.
February 17, 2010
To most people, suggesting they read a book that is even remotely related to investing would send them running screaming from the room. Pilgrimage to Warren Buffett’s Omaha: A Hedge Fund Manager’s Dispatches from Inside the Berkshire Hathaway Annual Meeting by Jeff Matthews (McGraw-Hill) is about to change all that and unlike many books, is exactly what the title promises it to be.
The book chronicles the author’s trips to two successive annual meetings of Berkshire Hathaway shareholders in Omaha in 2007 and 2008. Pilgrimage is an apt description and resonates well with the feelings captured within this. Author Jeff Matthews relays how the faithful converge in their thousands to hear the famously wealthy and arguably most astute value investor in the world, Warren Buffett, speak to them directly.
These meetings are the not dry, boring scripted events that most investors would prefer to avoid if at all possible. There’s music, shopping and laughter at what Buffett likes to call “Woodstock for Capitalists”. During the events Buffett shares not only how their company is doing and the road ahead but enters into a much anticipated lengthy question and answer session where he takes center stage with his long time business partner Charlie Munger. It’s interesting to find out that none of the questions are screened beforehand nor is any subject off limits including personal ones except “what we’re buying now.”
Anyone that’s looking for some insightful technical stock market analysis will be sorely disappointed in this book. That’s not what Pilgrimage to Warren Buffett’s Omaha is about nor does it claim to be. If however you want to discover more about the great man himself, his life, his work and his relationships, there are plenty of insights to be gleaned from there. Many of the Q & A responses at the meetings demonstrate his thought processes, his honesty and straightforwardness and just how unique a man Buffett is. Few men can say they already planned who will be their successor upon their passing but he can. Who will take the reins of Berkshire Hathaway then is for the moment top secret but again shows Buffett’s forward thinking.
Since you can’t get a ringside seat unless you’re lucky enough to be a Berkshire Hathaway shareholder or invited guest, this book is the next best thing. Matthews has made Pilgrimage to Warren Buffett’s Omaha: A Hedge Fund Manager’s Dispatches from Inside the Berkshire Hathaway Annual Meeting a comfortable read that’s accessible to all. By the time you get to the point in the book where Warren Buffett steps up to the microphone for the first time, you’re just as much on the edge of your seat waiting to hear what he’s going to say as any loyal shareholder or Buffett fan would be that was right there.
Jeff Matthews does an excellent job of capturing the sights and sounds of the auditorium as well as the energy. You don’t need to understand investing to enjoy this book. The snippets and anecdotes shared of Warren Buffet’s life as well as his unwavering dedication to his work are fascinating. I had the greatest respect for the gentleman before I read this first hand account and Jeff Matthews’ book has reinforced that even more.
I know of no other man who as a young newlywed would have read Security Analysis by Benjamin Graham to his wife on their honeymoon. But then perhaps that’s why there’s no other man as universally respected, inspiring or admired in the investing world as Warren Buffett. Overall, a great read.
(Disclosure: I received this book for free for review purposes from the book's publicists. This arrangement doesn't influence my reviews.)
The book chronicles the author’s trips to two successive annual meetings of Berkshire Hathaway shareholders in Omaha in 2007 and 2008. Pilgrimage is an apt description and resonates well with the feelings captured within this. Author Jeff Matthews relays how the faithful converge in their thousands to hear the famously wealthy and arguably most astute value investor in the world, Warren Buffett, speak to them directly.
These meetings are the not dry, boring scripted events that most investors would prefer to avoid if at all possible. There’s music, shopping and laughter at what Buffett likes to call “Woodstock for Capitalists”. During the events Buffett shares not only how their company is doing and the road ahead but enters into a much anticipated lengthy question and answer session where he takes center stage with his long time business partner Charlie Munger. It’s interesting to find out that none of the questions are screened beforehand nor is any subject off limits including personal ones except “what we’re buying now.”
Anyone that’s looking for some insightful technical stock market analysis will be sorely disappointed in this book. That’s not what Pilgrimage to Warren Buffett’s Omaha is about nor does it claim to be. If however you want to discover more about the great man himself, his life, his work and his relationships, there are plenty of insights to be gleaned from there. Many of the Q & A responses at the meetings demonstrate his thought processes, his honesty and straightforwardness and just how unique a man Buffett is. Few men can say they already planned who will be their successor upon their passing but he can. Who will take the reins of Berkshire Hathaway then is for the moment top secret but again shows Buffett’s forward thinking.
Since you can’t get a ringside seat unless you’re lucky enough to be a Berkshire Hathaway shareholder or invited guest, this book is the next best thing. Matthews has made Pilgrimage to Warren Buffett’s Omaha: A Hedge Fund Manager’s Dispatches from Inside the Berkshire Hathaway Annual Meeting a comfortable read that’s accessible to all. By the time you get to the point in the book where Warren Buffett steps up to the microphone for the first time, you’re just as much on the edge of your seat waiting to hear what he’s going to say as any loyal shareholder or Buffett fan would be that was right there.
Jeff Matthews does an excellent job of capturing the sights and sounds of the auditorium as well as the energy. You don’t need to understand investing to enjoy this book. The snippets and anecdotes shared of Warren Buffet’s life as well as his unwavering dedication to his work are fascinating. I had the greatest respect for the gentleman before I read this first hand account and Jeff Matthews’ book has reinforced that even more.
I know of no other man who as a young newlywed would have read Security Analysis by Benjamin Graham to his wife on their honeymoon. But then perhaps that’s why there’s no other man as universally respected, inspiring or admired in the investing world as Warren Buffett. Overall, a great read.
(Disclosure: I received this book for free for review purposes from the book's publicists. This arrangement doesn't influence my reviews.)
July 29, 2009
Insightful report on Buffett’s annual meeting
Hedge fund expert Jeff Matthews is one of the “Omaha pilgrims” who can’t wait to attend Berkshire Hathaway’s annual shareholder meeting each May. He sees Berkshire Chairman and CEO Warren Buffett as “John, Paul, George and Ringo, all rolled into one.” Buffett and his partner, Vice Chairman Charlie Munger, give everyone a good time at the “Warren and Charlie Show.” Usually the opener is a cartoon depicting the two men in some goofy escapade. Buffett plays the ukulele (on video). Board member Bill Gates signs autographs. Singer Jimmy Buffett (no relation) often entertains. The stockholders love everything about Berkshire, as well they should. A person who put $10,000 into its stock when Buffett took it over in the mid-1960s saw that investment reach $84 million at its peak, thanks to Buffett’s prowess. getAbstract suggests that – if you can’t attend the wonderfully kitschy annual shareholders’ meeting (first requirement: pay tens of thousands of dollars for a single share of stock) – the next best thing is to read Matthews’s book. Just learning how Buffett selects stocks would be worth the book’s cost even if it weren’t fun to read. And it is.
Hedge fund expert Jeff Matthews is one of the “Omaha pilgrims” who can’t wait to attend Berkshire Hathaway’s annual shareholder meeting each May. He sees Berkshire Chairman and CEO Warren Buffett as “John, Paul, George and Ringo, all rolled into one.” Buffett and his partner, Vice Chairman Charlie Munger, give everyone a good time at the “Warren and Charlie Show.” Usually the opener is a cartoon depicting the two men in some goofy escapade. Buffett plays the ukulele (on video). Board member Bill Gates signs autographs. Singer Jimmy Buffett (no relation) often entertains. The stockholders love everything about Berkshire, as well they should. A person who put $10,000 into its stock when Buffett took it over in the mid-1960s saw that investment reach $84 million at its peak, thanks to Buffett’s prowess. getAbstract suggests that – if you can’t attend the wonderfully kitschy annual shareholders’ meeting (first requirement: pay tens of thousands of dollars for a single share of stock) – the next best thing is to read Matthews’s book. Just learning how Buffett selects stocks would be worth the book’s cost even if it weren’t fun to read. And it is.
September 25, 2011
Unlike the other books which mostly idolize Buffet and rehash his investor letters, this book by Jeff Matthews gives his commentary on the AGMs with his incisive views. As a hedge fund manager, he's quite sceptical and this shows through in his insights on
***Why did some Berkshire companies resist change, sacrifice growth for giving dividends & show better track record after their owner manager left?
***With very few Berkshire related questions, is the annual AGM turning into an irrelevant love fest?
***Why did some Berkshire companies resist change, sacrifice growth for giving dividends & show better track record after their owner manager left?
***With very few Berkshire related questions, is the annual AGM turning into an irrelevant love fest?
May 2, 2011
Having just completed my very first pilgrimage (but not last) to Omaha for the Berkshire Hathaway shareholders meeting, this book was the perfect complement to the experience. The book is well written and is the next best thing for Buffett/Berkshire admirers who cannot make the trip themselves though I agree with Mr. Matthews when he says one cannot truly understand the man or his company without experiencing the meeting in person.
May 19, 2009
As a self ascribed Buffetologist, I didn't find this book all that insightful; while it did provide a better account of the annual Berkshire Q&A sessions, that is about all that was covered. A fair assessment would be to say that this book would be best for new investors of Berkshire, but not for those that actually know much about the company and its investment philosophy.
November 1, 2011
An interesting look about BRK's annual shareholder meetings and how the dynamic between Buffet and Charlie is laid out concisely. I'd give it a five star if only the author doesn't imply that Buffet is not a progressive thinker as there's only less than 1% of African-American in the meeting. How is that even related?
May 3, 2010
The author is the proprietor of the excellent financial blog titled Jeff Matthews Is Not Making This Up, and this book is an excellent overview of Buffett, Berkshire Hathaway, and the environment from which both sprang. Recommended.
June 23, 2009
A good account of the Berkshire AGM. I will read Snowball for a more thorough account of why Buffett is the way he is.
July 26, 2010
A breezy, clever and fairly insightful read. Nothing too deep and some good observations nestled within.
September 6, 2011
I first read the book and then I made the pilgrimage myself, I found it thoroughly enjoyable and easy to read and well written book.
Read
January 16, 2016If already following Buffett, skip this for content as most of it is already written. Read it to find how Buffett handles the AGM, which is Dale-Carnegie in action!
Displaying 1 - 13 of 13 reviews