Monday, May 4, 2009

Back from the meeting

I think my biggest takeaway this year was just how bullish Warren is on the economy and on Wells Fargo in particular. He must have mentioned Wells 50 times over the course of the full weekend. The key point was essentially that yes there are problems but Wells will be able to earn its way out of those problems. I think that's true in the long run, but for this year Wells has marked down almost nothing and there are still systemic shocks to come.

The new question and answer session was much, much better this year. It seemed more like an annual meeting and less like a circus. Only one kid was put up to the mic this year, and he actually asked a legitimate question (how does my generation deal with the coming inflation? By focusing on your personal earnings potential).

By this point I do feel like I could hold the meeting myself and probably answer 95% of the questions in the exact way Warren would. Probably 50% of Charlie Munger's. By this point it becomes more about visiting friends each year in an annual gathering. Maybe getting a stock tip or two ;)

This was my fifth year in a row, and still as fun as ever.

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