How to Attend Berkshire Hathaway's Annual Meeting (BRK.A, BRK.B)

Warren Buffett is known as the undisputed heavyweight champion of the world of investing. In the early 1960s, he took control of a failing textile company called Berkshire Hathaway (BRK.A, BRK.B). Under his leadership, Buffett has grown Berkshire into one of the world’s largest conglomerates, and, as a result, has made its longtime shareholders, including the Oracle of Omaha himself, extremely wealthy. To give you an idea of how wealthy, the Standard and Poor's 500 (S&P 500) rose 2,300% from 1964 to 2014 while Berkshire’s stock price increased by 1,800,000% in the same period.

Buffett’s 50-year track record of creating shareholder value has also made Berkshire Hathaway’s annual general meeting one of the world’s most anticipated shareholder meetings. Retail investors typically choose not to attend annual meetings. However, this is not the case for Berkshire. For many years, well over 35,000 Berkshire shareholders from around the planet have traveled to Omaha, Nebraska to be a part of what some call ‘‘Woodstock for Capitalists’’=.

In addition to providing a platform to learn from the world’s most respected investor, Warren Buffett, Berkshire Hathaway’s annual meeting provides an excellent opportunity to network with other shareholders of the company who come from all walks of life. Here is a guide for anyone who is considering attending the upcoming Berkshire shareholder meeting.

For the most part, and as the name implies, Berkshire’s annual shareholder meeting is for the company’s shareholders. The primary objective of the meeting is to provide a forum for shareholders to get an overview of Berkshire’s performance over the previous year, as well as hear the plans for operating the company going forward. The annual general meeting also gives the audience, both investors and the media, the opportunity to pose important questions about the company to the management team. For example, at the 2015 meeting, Buffett and his vice chairman, Charlie Munger answered questions for five hours in a row.

With that being said, being a shareholder of Berkshire Hathaway is not a requirement to attend the shareholder meeting. To participate, attendees will need to have a meeting pass. Regardless of how many shares owned, shareholders of both the Berkshire Hathaway Class A and Class B stock can request up to four passes. (See also, 6 Wholly Owned Subsidiaries of Berkshire Hathaway.)

Alternatively, persons who are not Berkshire shareholders can get their hands on a pass by simply purchasing one from someone who is a shareholder but won’t need all four of his or her passes. eBay (EBAY) is one popular marketplace where Berkshire meeting passes can be found a few weeks before the event. They can be typically bought for anywhere from $10 - $25 each.

It is important to note that these passes are required to go to all shareholder events taking place throughout the week of the meeting. Further, having a meeting pass also guarantees you discounted shareholder pricing on items sold by Berkshire subsidiaries during the week. 

Approximately 40,000 people attended Berkshire's general meeting in 2015. In fact, a report on that year's meeting published by Business Insider described the line to be "at least a few thousand deep" before it was 5 a.m. With crowds like this, it is critical to plan your trip to Omaha many months in advance. When you consider the cost of lodging for the three days of events, airfare and other miscellaneous expenses, attending the meeting can be quite an expensive endeavor. This is especially true if you wish to take advantage of the sales offered by Berkshire subsidiaries like, Justin Boots, Dairy Queen, and See's Candies, who set up shop at the main meeting and other shareholder events. 

In Berkshire's 2012 annual report, Buffet shared some of the sales statistics for that year's meeting. He said, "Last year, you [shareholders] did your part, and most locations racked up record sales. In a nine-hour period, we sold 1,090 pairs of Justin boots, (that's a pair every 30 seconds), 10,010 pounds of See's candy, 12,879 Quikut knives (24 knives per minute) and 5,784 pairs of Wells Lamont gloves, always a hot item. But you can do better. Remember: Anyone who says money can't buy happiness simply hasn't shopped at our meeting." (See also, How Warren Buffett made Berkshire Hathaway a World-Beater.)

Warren Buffett sure gets a lot of crowds for someone without a guitar. His company’s annual general meeting is one of the most attended events in the business world. Although the objective of the meeting is to update shareholders on the company's recent performance, being a shareholder is not a requirement to attend. All that is needed for entry is a meeting pass. As a result of the meeting's large volume of attendees, securing a flight and accommodation at the last minute may be almost impossible. Potential attendees should plan and budget for the meeting months in advance as attending can be a costly endeavor.