The Berkshire AGM is back in Omaha after 2 years.

Great to see Warren & Charlie being sharp as ever.

My key takeaways from this year's $BRK AGM:

Institutions make money from you buying & selling.

They want to teach you how to trade these call & put options.

There has been an explosion of options used for gambling activities.

But this crazy activities gave opportunities.

Both in terms of margins and growth rate.

The biggest reason is Progressive’s telematics for segmentation in matching rate and risks.

It will take a while for GEICO to catch up.

Everybody does the same things because they are worried they will lose their fees if they are too different.

You have had a chance to see how stupid you were.

Figure out what makes you happy.

Be more sensitive to what make others unhappy.

Be a better version of yourself.

It’s a very tiny risk, but with huge repercussions.

There’s no way of protecting against a nuclear attack.

Charlie Munger: “I’m gonna crawl under the table and kiss my ass goodbye.”

The best thing to do is to be exceptionally good at something.

If you are the best at whatever it may be, people are going to pay you well and that value can’t be destroyed by inflation.

Nobody can take away your talent.

Buffett started out very interested in technical analysis.

Spent hours charting, buying stocks and tried shorting.

The light bulb went off after reading chapter 8 of The Intelligent Investor.

This a-ha moment repeated many times in his life.

Know more than one discipline.

To a man who carries only a hammer, everything looks like a nail.

You’ll make a lot of mistakes if you don’t have a combination of disciplines.

Some will speculate to make money or for prestige to make themselves sound smart.

The truth is nobody knows.

Not all companies will be impacted the same.

The company that requires less capital will fare better than those who requires plenty.

It’s easier to keep a good shareholder base than to attract new ones.

To Warren, companies that continually upsell their stocks to attract new shareholders are crazy.

Especially when it comes to overpromising for short-term results.

Since Microsoft announced acquisition at $95 per share, it becomes a different kind of security.

The strategy is affectionately known as a workout, or arbitrage.

Now Berkshire owns 9.5% of Activision Blizzard as he think that there’s a good chance the deal will succeed.

The Chinese government has worried US investors more in recent months than in periods.

But investing in China you could get much better companies at much lower prices.

He’s willing to take a little risk for this.

For example, once a year Jack Ringwalt of National Indemnity would get pissed at the regulators and offered to sell his business.

There was only a small window of opportunity to snap this opportunity.

The first time their attitudes are affected by the incident.

The second time their attitudes will influence the activity itself.

People lose rationality and it’s not good for society when people get tribal.

– Work for whomever you admire the most

– Figure out what you are bad at and avoid all of it

– Choose work that interest you

And that's a wrap!

I hope you enjoyed this!

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I write about investment concepts, business breakdowns and timeless lessons from super investors.