A trio of Peninsula businessmen say they weren’t surprised by what they heard from the “Oracle of Omaha” – Warren Buffett – at the Berkshire Hathaway shareholders general meeting last weekend.
But the trek to the 51st annual Omaha, Nebraska event – attended by thousands and watched by millions more worldwide via live-streaming – was still a “bucket-list” experience, agreed Darren Alexander, Dave Gradidge and Micah Anderson.
It “reaffirmed everything that we believe in,” Gradidge said Monday, in the boardroom of the Manulife Securities’ investment advisors’ office in South Surrey.
“In times of financial chaos, it was refreshing to see that the principles we have adhered to are still the right principles. He hasn’t changed and therefore, why would we?”
The meeting was held at the 19,000-capacity CenturyLink Center, and part of a weekend-long event led by 85-year-old Buffett and BH vice-president Charlie Munger, who is 92.
Described as “basically the Woodstock of capitalism,” Alexander said attendance by the local four – Marc Beavis from Manulife’s Richmond office also joined the trek – is “the modern-day equivalent of artists attending a meeting with Picasso or Monet, or a musician spending the weekend with Beethoven.”
“We went down there out of respect,” he added.
Among a host of topics addressed by the multibillionaire Buffett as he sipped his Cherry Coke was the BNSF line – which has been a particular source of controversy locally in recent years. While he didn’t speak to the White Rock/South Surrey line specifically, he did say he “thought it was the kind of industry that would slow,” and predicted a decline in coal shipments, Anderson said.
Coal shipments along the Peninsula stretch of line, along with a push for relocation of the tracks inland, have been hot topics locally in recent years, the latter especially.
Alexander said while he would like to see the railway “out of White Rock,” he acknowledges it’s not a simple feat.
“Would be nice if it was not moving through White Rock… but obviously, it’s complicated,” he said.
The trio said the opportunity to get Buffett’s opinion on the issue didn’t arise, as questions fielded by the philanthropists were pre-determined.
“We never got the chance to ask his opinion of the White Rock waterfront, but I’m pretty sure he would’ve had one,” Gradidge said.
They were, however, able to drive by Buffett’s home, a structure the trio agreed was rather unremarkable, but testament to the businessman’s focus on charity.
“Just an average house in a nice neighbourhood,” Gradidge said. “In fact, it kind of needs a paint job.”
Anderson said he appreciated Buffett’s wit throughout the nine-hour meeting – from referencing cries from his seven-month-old great-grandchild as a reaction to word of his views on inheritance, to his description of himself as “about one-quarter Coke” – and that the senior continues to work “because he is absolutely in love with what he does.”
And while many likely attended expecting to hear who Buffett had in mind as a potential successor, no names were shared.
In fact, the local advisors say they were left with a distinct impression Buffett plans to stay intricately involved with Berkshire Hathway for the foreseeable future.
“I think he truly believes he will be around for a long time yet,” Gradidge said.
Anderson agreed.
“I think he’ll be there when he’s 95,” he said.
