I’ve checked off a bucket list item: I’m attending a Berkshire Hathaway shareholder meeting. It’s really an event! Thousands flock to Omaha, Nebraska, for the legendary Q&A sessions with Warren Buffett and shareholder deals. They’ve made it quite the circus, with every Berkshire Hathaway company having a booth of some sort, and typically selling their goods at a discount or with exclusive items you can only buy there, like Warren Buffett and Charlie Munger Squishmallows (which of course I got, to complement my bronze busts).
It’s strange to have a Dairy Queen booth selling $1 ice cream (cash only!) next to NetJets, but those juxtapositions are part of the Berkshire vibe—it’s very high/low, like Costco (a big Berkshire holding). There’s also an element of WordCamps or a Salesforce Trailblazer event in that you can tell there’s a “type” of person that’s easy to spot who’s a Berkshire enthusiast. A lot of Berkshire brands are also WordPress users: Duracell, GEICO, Acme Brick, Berxi, MiTek. I think there is a lot of mimetic overlap between the values of open source and the values of building a Berkshire company.
As with any big gathering, the side events are also great, and I was honored to have a fireside chat with a friend and Buffett protégé, Tracy Britt Cool. To an audience of about 60+ CEOs in the Kanbrick community, we talked about Automattic’s history and some of the latest happenings in tech; AI was definitely on people’s minds in the Q&A. They had questions for me, but I also feel like I have a ton to learn from this group that has built founder or family-owned businesses with an average of 80-100M of revenue, the kind of thing that is the engine of the American economy.
It makes me pine for the day when we can have more shareholders in Automattic; I think it would be an amazing cohort of folks that believe in open source and the open web, invested together and learning from each other, and I could imagine an event very much like these shareholder meetings. It’s so much more powerful when you build a business where your customers are also a community.
Update: I knew this would be a special one because it was Warren’s 60th, but he really went above and beyond by announcing his intention for Greg Abel to take over as CEO at the end of the year. The standing ovation was a special moment, 60 years of 19.9% compounding returns! I think the future of Berkshire is very bright because he’s shared so much of his worldview that there are others that have made it their own.