I talked with a few clients this week about my top five takeaways from the Berkshire Hathaway annual meeting this past Saturday. Here is the list!

1.) Remember your good fortune – I’ve always respected the pride and appreciation Warren has for his good fortune – namely the fact that he was born in an incredible country (America) at a precise moment in time that made a life like his possible. Here’s what he had to say- “We (America) are always in the process of change, and we’ll always find all kinds of things to criticize in the country. But the luckiest day in my life is the day I was born, because I was born in the United States. At that time, about 3% of all births in the world were taking place in the United States. I was just lucky.” Later he reiterated the same point: “Don’t feel guilty about your good luck if you’ve got it. If you live in the United States, with 8 billion people in the world and 330 million in the United States, you’ve already won the game to a great degree. Just keep making the most of it.“

2.) Do the work – When answering a question about investing in Japan, Warren talked about a handbook he had come across that was a listing of the public companies in Japan. He read every page and hand selected five to invest in – which have become wonderful investments on both personal and professional levels. He emphasized how important it is to do your homework “it’s amazing what you can find when you just turn the page…I would say that turning every page is one important ingredient to bring to the investment field. Very few people do turn every page, and the ones who turn every page aren’t going to tell you what they’re finding. So you’ve got to do a little of it yourself“

3.) Stay calm and invest on – It makes sense that several questions focused on the recent market volatility. Warren was unphased and of course used it as a teachable moment – reminding the crowd that the recent move was very insignificant compared to what has happened in the past (such as Berkshire falling over 50% on three separate occasions) – and what can happen at any time in an uncertain world with complex systems and markets. He went on to explain how emotions can get in our way. “The world makes big mistakes, and surprises happen in dramatic ways. That’s part of the stock market, and that’s what makes it a good place to focus your efforts if you’ve got the proper temperament for it and a terrible place to get involved if you get frightened by markets that decline and get excited when stock markets go up. I don’t mean to sound particularly critical – I know people have emotions, but you’ve got to check them at the door when you invest.“

4.) America persists– With the recent rapid-fire approach to policy change, there were a few questions related to the impact of these policy decisions on the future of so-called “American Exceptionalism” – especially as it relates to the success of American businesses and capitalism in the future. Warren was not worried. “If you don’t think the United States has changed since I was born in1930, you’re not paying attention. We’ve gone through all kinds of things – great recessions, world wars, the development of the atomic bomb that we never dreamt of when I was born. So I would not get discouraged about the fact that we haven’t solved every problem that’s come along.“

5.) Many can win – When speaking of trade, Warren was clear that other countries doing well can be a benefit to America, not a risk. He doesn’t see the need for others to lose for you to win – in fact, quite the opposite. “The United States has become an incredibly important country starting from nothing 250 years ago –there’s never been anything like it. And it’s a big mistake when you have 7.5 billion people who don’t like you very well…I don’t think it’s right and I don’t think it’s wise. The more prosperous the rest of the world becomes, it won’t be at our expense – the more prosperous we’ll become and the safer we’ll feel and your children will feel someday”

Warren ended the meeting by announcing that he will retire at the end of 2025, making Greg Abel CEO, which was met by a standing ovation and cheers from the crowd. For 60 years, he has shared his wit and wisdom with investors and the public at these annual meetings. I for one am forever grateful for his lessons and the time he’s spent teaching so many people about investing – myself included.