Buffett’s devotees say farewell to Omaha “pilgrimage”

Matt Mcallister knows the drill.

He has traveled from his home to Fairhope, Alabama to attend the annual meetings of annual Berkshire Hathaway shareholders in Omaha, Nebraska since the financial crisis. He queuns with friends outside the colossal convention center at 2 a.m. to get a main place to listen to the Warren Buffett guide nearby.

But this year Mcallister arrived in the dark to find a good handful of fellow shareholders had already created a camp with sleeping bags, the oldest he had ever seen.

“There was a lot of concern for Warren’s last meeting,” said Mcallister.

These fears were confirmed hours later, when the 94 -year -old buffett told the crowd to go as CEO of the extensive conglomerate after six decades.

Buffett has accumulated many thousands of devotees for more than his investment experience. While rarely climbing politics, he spends hours at annual meetings answering shareholders’ questions about how to lead his life, economically and in another way, and how he believes that the global economy can be directed.

“It’s an important inspiration for many people,” said Larry Knight, who traveled from Ohio for his first meeting this year. “We knew this could come, and that’s why we came this year.”

The meetings have been a tradition since 1965. At that time they were tiny, with only two or three people who presented themselves to an event held in an old loft above one of the textile factories in New Berkshire England. The meetings were finally moved to the coffee shop of an insurance subsidiary, with the deed of Buffett autobioographer, which until 1981 had only attended 22 people. The employees were rounded so that the room did not look empty.

They now attract tens of thousands of the world eager to listen to the advice of the people of the man christened “Oracle de Omaha”, which has built a fortune of $ 168 million and a reputation as one of the greatest investors in history. Shareholders who return year after year have created friendships and networks here, which makes the annual events a kind of meeting.

Many had feared that moment. Buffett was regularly delivered, and fell into the announcement for the final five minutes after asking questions for almost four hours. It seemed to be a surprise even to Greg Abel, his anointed successor, who will take over at the end of the year.

“Greg knows nothing about this until what he is feeling right now,” Buffett told the crowd.

It was a touching end of an event that has become a festival as a shareholder meeting. With a shopping event for several days with Berkshire’s portfolio, a large picnic and a 5 -kilometer event, the weekend is often called “Woodstock for capitalists.”

From Friday, many of the Berkshire portfolio companies, including the Dairy Queen ice cream maker, the geico insurance group and the fruit of the fruit of the loom – set up houses, discount goods for shareholders and their guests. The long lines were hooked at the Convention Center on Friday afternoon, as the main shareholders and executives of the portfolio companies bought products of products.

The center of Omaha was filled with Berkshire devotees of all ages and backgrounds. On Friday night, the beams of the whole city had some investors eager to find their fellow fellows in Buffett.

For many, the meeting was emotional even before Buffett announced his retirement plans. Ruben and Natalie Henriques, living in Sydney, Australia, first attended the Berkshire meeting at their honeymoon 15 years ago. Buffet himself packaged financial guides in his car trunk when he left the city to celebrate his first wedding. This year, the Henriques have brought their 9 -year -old Valentina.

“We love to return and be part of this. It’s a bit of pilgrimage,” said Natalie. They said they were still in a shock state with the news that was soon demolished. “I have some tears.”

Thousands of investors attending the Berkshire meeting each year have buffett to thank the growing sums of modest investments in small fortunes. Cheryl Willis, only a note apart from Susan Buffett, the daughter of Warren Buffett, at Omaha Central High School, and her husband Gary first bought Berkshire’s actions years ago.

“It benefits our legacy: our children and grandchildren,” said Willis. “A grandson goes to Loyola to Chicago and maintains all our children and grandchildren on professional courts.”

Although Abel is preparing to take the Berkshire helm, the couple does not plan to sell their stock, taking an indication of one of the long -term buffett investment editions themselves.

“I think Abel will follow Berkshire’s investment plans,” said Gary. “At one point I was feared that actions would fall when Buffett will go down. But I think it will be able to level and go above.”

After Buffett left the stage, hundreds of shareholders stayed in the arena for the official meeting with the vote to be followed. First, Abel would keep the court alone.

Peg and Nelson Rathert, who had flown from Denver, sat on their seats on the floor to take it all.

“I’m really happy he will do it like that,” said Peg, 73, with bright eyes.

“There were 40,000 hands of the hands.”

Eric Platt’s additional reports