Safal Niveshak

Wit. Wisdom. Value Investing.

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Warren Buffett Letters

Warren Buffett’s Timeless Wisdom: Notes from Berkshire’s 2025 AGM

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Each year, Berkshire Hathaway’s Annual General Meeting in Omaha draws tens of thousands of shareholders, investors, and admirers from around the world, to hear the thoughts of Warren Buffett, whose calm, rational voice continues to cut through the noise of the financial world.

I attended the meeting last year, but this year I followed from afar. And I must admit, I missed being there in person. There’s something grounding about sitting in that arena, surrounded by people from every corner of the globe, all gathered to learn from a man whose clarity and humility have remain unmatched.

Anyways, the 2025 meeting carried a historical weight. Buffett, now 94, formally announced that he will step down as Berkshire’s CEO by the end of the year. While the transition of leadership to Greg Abel has been long anticipated, the announcement was like a passing of the torch. Buffett handled it with the humility and wit that has long characterised his approach.

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My Notes on Warren Buffett’s 2024 Letter to Shareholders

A quick announcement before I begin today’s post – My new book, Boundless, is now available for ordering!

After a wonderful response during the pre-order phase, I finally have the book in my hands and am shipping it out quickly. If you’d like to get your copy, click here to order now.

Plus, I’m offering a special combo discount if you order Boundless along with my first book, The Sketchbook of Wisdom. Click here to order your set.

Warren Buffett recently published his 2024 letter to shareholders of Berkshire Hathaway. Lots of lessons, as usual, but the one point that stands out to me is his update on this year’s AGM in Omaha, where he’ll be seen for a much shorter time than normal.

As I wrote earlier, I made the journey to Omaha last year. For years, I had put it off. There was always a reason. But deep down, I knew that if I didn’t go, I would regret it. So I went. It was about sitting in that arena, feeling the energy of over 30,000 people who had traveled from all over the world—not just to hear stock market advice, but to absorb a philosophy. A way of thinking. A way of living.

It was about seeing Buffett, who along with Charlie, had built an empire on good decisions, common sense, and an unwavering commitment to rationality.

It was about looking at him and realising that, despite his wealth, what made him truly rich was something else—his principles, and his ability to keep playing the game he loved for so long.

Charlie’s passing in 2023 was the first hard reminder that this era is ending. Buffett’s words in this letter (“disbanding the meeting earlier than regular time”) feel like the second.

Buffett has spent his life teaching people how to think about money, but the deeper lesson for me has always been about “time.”

Money, if you invest wisely, can always be earned back. Time cannot.

My mind says (heart doesn’t agree) that this year may be Buffett’s last AGM. Or maybe he’ll surprise us all and keep going. But whether this is the last time or not, personally for me, his message remains the same: Do not waste time. Do not defer what matters. Do not let life slip by while waiting for the perfect moment. In investing, in learning, in living—act with conviction.

Because at the end of the day, the biggest risk isn’t losing money. It’s looking back and realising you never truly lived.

Anyway, I have prepared some notes on Buffett’s 2024 letter. Click here to read my notes.

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With respect,
– Vishal

The Sketchbook of Wisdom: A Hand-Crafted Manual on the Pursuit of Wealth and Good Life.

This is a masterpiece.

– Morgan Housel, Author, The Psychology of Money

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Warren Buffett’s Masterclass on Legacy and Living Well

The Sketchbook of Wisdom: A Hand-Crafted Manual on the Pursuit of Wealth and Good Life.

This is a masterpiece.

—Morgan Housel, Author, The Psychology of Money

Get Your Copy Now

I just finished reading Warren Buffett’s latest letter. It’s not his annual shareholders letter, but about his thoughts on time and mortality, and how he’s planned his legacy. But as always, there’s so much to learn—not just about money, but about living a meaningful life.

I have created some notes on the letter, focusing on Buffett’s lessons about wealth, values, and the ticking clock we all live by. It’s not a perfect summary, but I think it captures the essence of his message.

Click here to download the PDF with my notes.

After you read, let me know what stands out to you.

That’s all from me for today.

Thanks for your time.

—Vishal

P.S. Check out my premium online course and membership—Mastermind—and unlock access to my most comprehensive Value Investing course and exclusive members-only content, special ebooks, transcripts of my podcasts, notes from the books and other timeless resources I am reading, and curated content that I am consuming and learning from week after week. Click here to join now at a ₹2000 discount.

Omaha, My Everest

One of the best books I have read on the pursuit of the world’s highest peak, Mount Everest, is George Mallory’s Climbing Everest.

Mallory was possibly the first man to summit Everest (nobody knows whether he did it), almost 30 years before Edmund Hillary and Tenzing Norgay began their ascent. It was during his third expedition to the Everest that he lost his life, last seen about 800 feet from the summit.

One of my favourite parts from the book is when Mallory shared his reply to a question asked by a journalist about why he would risk his life to attempt to reach the daunting Everest. His profound response outlines an undeniably powerful way to perceive life.

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The Most Powerful Mental Model for Identifying Stocks

“It’s a funny thing about life; if you refuse to accept anything but the best, you very often get it.” ~ W. Somerset Maugham – English dramatist & novelist (1874-1965)

As I’ve seen in the past 20+ years of investing in the stock market, Maugham’s thought holds a great relevance when it comes to picking up businesses for investment.

Pick up a business with good economics and with good margin of safety, and the probability of making money in the long run is high. Pick up a business with poor economics with any margin of safety, and the probability of losing your shirt, and entire wardrobe, in the long run is very high.

Understanding a business also adds significantly to your margin of safety, which is a great tool to protect yourself against losing a lot of money.

[Read more…] about The Most Powerful Mental Model for Identifying Stocks

My Notes on Warren Buffett’s 2023 Letter to Shareholders

The Sketchbook of Wisdom: Get Your Copy Now

Buy your copy of the book Morgan Housel calls “a masterpiece.” It contains 50 timeless ideas – from Lord Krishna to Charlie Munger, Socrates to Warren Buffett, and Steve Jobs to Naval Ravikant – as they apply to our lives today. Click here to buy now.

The Art of Value Investing: Dallas and New York

I am organising a couple of sessions on Value Investing in the US –

  • Dallas: Saturday, 27th April 2024
  • New York/New Jersey: Sunday, 12th May 2024

If you are in or around these cities and wish to attend, kindly register here.

My Notes on Warren Buffett’s 2023 Letter to Shareholders

Warren Buffett recently released his 2023 letter to shareholders of Berkshire Hathaway. He started with a beautiful eulogy to his longtime partner, Charlie Munger, who passed away on 28th November 2023, just 33 days before his 100th birthday.

In his note, Warren, very humbly, called himself a “general contractor” to carry out the day-by-day construction of his vision of Charlie, whom he called the “architect” of present-day Berkshire. He wrote –

Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding I subsequently followed his instructions.

…Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.

Throughout life, we cross paths with individuals who, often unexpectedly, alter the course of our journey. These could be mentors who ignite in us a passion we never knew existed, friends who challenge our perspectives, or even strangers whose words or actions resonate deeply, causing a shift in our worldview. Their impact might manifest in altering our career paths, influencing our personal development, or reshaping our beliefs and values.

The beauty of these interactions lies in their unpredictability and profound impact. It’s a reminder that every encounter holds the potential to significantly transform our life’s trajectory, encouraging us to remain open and receptive to new experiences and people.

For Buffett, Munger played the role of altering his life’s trajectory.

It’s very important to pause, reflect, and ask this question to yourself – Who is MY Munger?

I think it’s a very important question.

Anyway, I have prepared some notes on Buffett’s letter. Click here to read my notes.

If you liked this post, please share it with others on WhatsApp, Twitter, or LinkedIn. Or please email them the link to this post.

If you are seeing this newsletter for the first time, you may subscribe here.

With respect,
– Vishal

My Notes on Warren Buffett’s 2021 Letter to Shareholders

The Sketchbook of Wisdom: Special Rs 200 Discount till 31st March 2022

Buy your copy of the book Morgan Housel calls “a masterpiece.” It contains 50 timeless ideas – from Lord Krishna to Charlie Munger, Socrates to Warren Buffett, and Steve Jobs to Naval Ravikant – as they apply to our lives today. Click here to buy now and claim Rs 200 discount. Offer valid till 31st March 2022.

Warren Buffett recently released his 2021 letter to shareholders of Berkshire Hathaway.

I have prepared some notes on the letter. Click here to read my notes.

If you liked this post, please share with others on WhatsApp, Twitter, LinkedIn. Or just email them the link to this post.

If you are seeing this newsletter for the first time, you may subscribe here.

Stay safe.

With respect,
– Vishal

Dear Mr. Buffett

This is a Warren Buffett birthday post, and like all birthday wishes, I will not take long. This message will never reach Mr. Buffett, but I silently hope the thoughts form some kind of waves and time-travel to reach him before he celebrates his 100th birthday.

* * *

Dear Mr. Buffett,

Happy birthday to you.

Trust you are doing well, feeling young at 91, and in the pink of your health.

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