For 60 years at Berkshire Hathaway, Warren Buffett has transformed a struggling textile company into a global investment powerhouse. Known as the ‘Woodstock for Capitalists,’ Berkshire’s annual shareholder meetings have become a pilgrimage for investors worldwide.
This article takes you through:
✔ The origins of Berkshire Hathaway under Buffett
✔ The evolution of the iconic annual meetings
✔ Key milestones from six decades of Berkshire’s growth
✔ Lessons from Buffett’s timeless investment philosophy
The Birth of Berkshire Hathaway: Buffett’s Takeover (1965)
In 1965, Warren Buffett took control of Berkshire Hathaway, then a failing textile company. His vision? To turn it into a holding company for lucrative investments.
Berkshire Hathaway’s annual shareholder meeting has come a long way from its humble beginnings. When Warren Buffett took control of the struggling Massachusetts textile firm in 1965, the event drew only a dozen attendees. Today, nearly 60 years later, the gathering—fondly known as the “Woodstock for Capitalists”—welcomes up to 40,000 visitors from across the globe to Omaha, Nebraska.
Every year, eager attendees line up outside the CHI Health Center early on Saturday morning to hear from Buffett, now 94 years old. Widely respected as the “Oracle of Omaha,” Buffett captivates the audience not only with investment insights but also with reflections on business, life, and personal values.
This year marks the second shareholder meeting without Buffett’s longtime business partner and friend, Charlie Munger, who passed away in 2023. Joining Buffett on stage will be Greg Abel, Chairman of Berkshire Hathaway Energy and Buffett’s designated successor, as well as Ajit Jain, head of the conglomerate’s insurance operations, for part of the Q&A session.
The annual meeting has expanded far beyond its original scope. It now spans an entire weekend filled with events such as the “Berkshire Bazaar of Bargains,” where attendees can shop for goods from Berkshire subsidiaries. Other traditions include a 5K run and investment conferences focused on value investing, making the weekend an immersive experience for shareholders.
“It’s event after event,” said Christopher Bloomstran, President of Semper Augustus Investments Group and a longtime attendee. He describes the gathering as a “rite of passage” for serious investors.
This year, in celebration of Buffett’s 60 years at the helm, Berkshire is releasing 5,000 copies of a limited-edition book titled 60 Years of Berkshire Hathaway. A special auction of copies signed by Buffett and author Carrie Sova will raise funds for the Stephen Center, a nonprofit supporting homeless individuals in South Omaha.
According to Berkshire’s 2024 shareholder letter, this year’s meeting format will differ from previous ones. Buffett will deliver opening remarks at 8 a.m. local time on Saturday, but there will be no introductory video—a tradition many regulars will miss. The Q&A session will include only a brief half-hour break and conclude at 1 p.m., though the shopping area will stay open until 4 p.m.
Major media outlets have covered the event for years, and in 2024, CNBC will exclusively broadcast the meeting, with webcasts available in both English and Mandarin.
Despite the option to watch from home, many shareholders continue to travel to Omaha year after year, drawn by the sense of community and connection the in-person event offers.
“It really is something special,” said Adam Mead, CEO of Mead Capital Management and author of The Complete Financial History of Berkshire Hathaway. “I’m not a religious person, but it has that feel of going to church.”
In celebration of Buffett’s remarkable legacy, CNBC has compiled a collection of memorable moments from past meetings, honoring six decades of leadership at Berkshire Hathaway.
Key Early Moves:
- 1967: Purchased National Indemnity Company, entering the insurance business.
- 1972: Acquired See’s Candies, showcasing Buffett’s love for strong brands.
- 1985: Exited the textile business, focusing entirely on insurance and investments.
Buffett’s strategy was simple: Buy undervalued companies with strong fundamentals and hold them forever.
The ‘Woodstock for Capitalists’: Berkshire’s Annual Meetings
Since the 1980s, Berkshire’s annual shareholder meetings have grown into must-attend financial events. Dubbed ‘Woodstock for Capitalists,’ they attract thousands to Omaha, Nebraska.
How the Meetings Evolved:
📌 1980s-1990s: Small gatherings with a few hundred shareholders.
📌 2000s: Expanded to 20,000+ attendees, featuring Buffett and Charlie Munger’s Q&A.
📌 2020s: Hybrid events (in-person & virtual), with global live streams.
Iconic Moments:
✔ 1996: Buffett introduced the “Owner’s Manual”, outlining Berkshire’s core principles.
✔ 2008: Addressed the financial crisis, reinforcing long-term investing.
✔ 2021: First meeting without Charlie Munger in person (due to COVID-19).
Six Decades of Milestones: Berkshire’s Growth (1965-2025)
Over 60 years at Berkshire, Buffett built a $900+ billion empire. Here’s a decade-by-decade breakdown:
📈 1970s-1980s: Building the Foundation
- Invested in GEICO, The Washington Post, and Coca-Cola.
- Developed the “float” strategy—using insurance premiums for investments.
🚀 1990s-2000s: Expansion & Global Recognition
- Acquired BNSF Railway (2010) and Precision Castparts (2016).
- Buffett became a billionaire philanthropist, pledging 99% of his wealth to charity.
🌍 2010s-Present: Tech & Future Bets
- Invested in Apple, Amazon, and Snowflake.
- Named Greg Abel as successor, signaling Berkshire’s next era.
Buffett’s Timeless Investment Wisdom
Throughout 60 years at Berkshire, Buffett’s principles remained consistent:
✅ “Be fearful when others are greedy, and greedy when others are fearful.”
✅ “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
✅ “Our favorite holding period is forever.”
His annual letters are studied by investors globally for insights on value investing and economic trends.
What’s Next for Berkshire Hathaway?
As Buffett approaches 94, Berkshire’s future includes:
🔹 Greg Abel’s leadership (CEO-in-waiting).
🔹 More tech and renewable energy investments.
🔹 Continued shareholder-friendly policies (buybacks, dividends).
The 2025 annual meeting will likely reflect on 60 years of success while planning for the next generation.
Conclusion: A Legacy of Long-Term Investing
60 years at Berkshire Hathaway prove that patience, discipline, and smart capital allocation create lasting wealth. The ‘Woodstock for Capitalists’ remains a beacon for investors, offering wisdom from the greatest financial mind of our time.
For those inspired by Buffett’s journey, the lesson is clear: Invest in great businesses, hold them, and let compounding work its magic.