Reflections from Berkshire Hathaway AGM 2026: Teachers, Serendipity, and Being You
This trip marked my fifth time in Omaha. After a decade of study, the investing philosophy has finally "sunk in." Out of 52 weeks in a year, this one week has consistently ranked in one of my top weeks. This year, however, felt like a true transformation—a shift from the "outside-in" to the "inside-out." Here are my three key takeaways.
1. The Best Job in the World: Teacher
I have always viewed the world as a classroom and myself as a lifelong student, but this year I realized that the most meaningful job one can hold is that of a teacher. You don’t need a title; to be called a teacher is a high honor. As Charlie would say, the best thing a human being can do is to help others know more.
The Berkshire AGM remains the world’s greatest classroom because Warren and Charlie were, above all, generous teachers. This year, my own education reached new heights:
A Governance Brain Feast : One of my greatest teachers invited me to a world-class classroom hosted by Larry Cunningham and his team. Sitting with elite panelists opened my eyes to the nuances of corporate governance, the CEO’s role in effective capital allocation, and the art of building an organization with deserving shareholders. We explored the constant tension between short-term demands (like dividends) and the long-term decisions that sustain an organization for decades.
The Business Investor: I must also highlight my Danish friend, Peter Gustafson. A successful business owner turned veteran investor, Peter exemplifies great teaching. Having taught the Genius of Warren Buffett seminar for years, he recently published The Business Investor, a book containing his mastery of the craft. Spending hours at a bar discussing "Investing and Invert" with a friend, ally, and teacher of his caliber was a true gift.
2. The Power of Serendipity
This was our first year attending as Invert Investment Partnership. Greatly inspired by Warren, Charlie, and the Nomad partnership, our journey began with serendipity. My business partner, Tao, and I met at the AGM via a mutual friend from Australia. Since then, Tao has become a close friend and trusted partner. Who would have thought we would once spend an entire afternoon at a restaurant in Vancouver discussing Charlie Munger’s philosophy so intensely that we both went home to re-read his transcripts?
We returned this year as emerging managers—the "square pegs" who don’t always fit neatly into an allocator's bucket. While our first-year performance is just a start—compounding our capital base by 38% —we remain optimistic. By leaving "intentional slack" in our schedule, we invited serendipity:
The Necessary Detour: A construction project prevented a left turn toward Blackstone Plaza. We detoured a long mile, ended up walking around Warren’s house, and then drove his normal commute to work.
Small World Connections: At the AGM shopping centre, a colleague from NYC who started his first job with me years ago recognized me in the crowd; we reconnected after more than a decade, and met the final loan provider for my college mentor’s real estate project.
The Flight Home: A flight delay turned into an invaluable deep-dive into energy and Berkshire culture with a BRK executive sitting next to me.
3. Be You!
There has been much talk about the "big shoes" Greg Abel has to fill. Seeing Greg on stage was a masterclass in authenticity. He didn't try to be Warren; he was Greg—data-driven, transparent, and honest about where the company still needs to improve.
Most importantly, Greg brought Ajit Jain and the next layer of management into the spotlight. Having leaders like Katie Farmer (BNSF) and Adam Johnson (NetJets) on stage highlighted the incredible depth of the Berkshire bench. This shift from "individual charisma" to a "diversified operational system" is how you build an organization that endures. The team was professional and unapologetic, showcasing a culture of continuous improvement, operational excellence, and investment discipline. Greg is likely one of the best investment decisions ever made by Warren Buffett. Even his answer regarding his favorite hockey teams was perfectly balanced!
Looking Ahead
Just as Greg is preserving Berkshire’s culture by being himself, we at Invert are committed to staying true to our own raison d'être. We are comfortable being different.
Until we return to Omaha in 2027, we will continue to learn and unlearn — working hard every day to build a partnership worthy of our partners, and hoping to be generous teachers along the way.
