Postcard from Omaha

I boarded in New York, half-expecting just another flight. But as we drew closer to Omaha, the atmosphere changed. It always does. You can almost smell the value in the air. My neighbor on the plane—an American salesman just back from Europe—knew Buffett’s teachings by heart. “Understand the business. Ignore the noise.” That’s how it starts here: not with numbers, but with philosophy.

The Durham Museum

The plane was full of finance folks. Suits from Germany, saris from India, hoodies from Hong Kong. By the time we landed, the marathon had begun—dinners, drinks, panels, surprise meetups in hotel lobbies. Conversations in ten languages. A global pilgrimage of investors all drawn by the same magnet: Warren Buffett.

Saturday morning, over 20,000 people gather for the AGM. It’s hard to describe to outsiders: a man on stage answering questions from strangers for hours, ranging from stock buybacks to the meaning of life. And yet, it moves people. There’s something both intimate and monumental about it.

This year felt different. Warren Buffett seemed tired, and it was sometimes difficult to follow his thoughts. Yet, he remained funny and close to the philosophical reflections he's known for. We cannot be sure how many people attended, but some couldn’t enter the arena because the stadium was full. People queued as early as 3 a.m. for a start at 8 a.m. The announcement of his retirement as CEO felt like a shock to many of us—the end of an era. And though many saw it coming, emotions ran high. We’re not just watching a man leave—we’re witnessing the last page of a book that defined a generation of investors. Through friends who knew him personally, I got glimpses of the man behind the myth: curious, grounded, deeply human. His departure leaves a hole, and no one truly knows what comes next. Greg Abel might follow the playbook, but everyone knows the alchemy won’t last forever. There’s hope, of course. Maybe the culture will evolve into something new, maybe better. Or maybe—like so many transitions—it will slowly fray under opportunism.

Everybody expected him to comment on the political situation—or at least give his view on the tariffs. He did, in his own way, speaking his mind without ever being direct. He didn’t criticize the administration, but talked instead about the order and balance we must wish for ourselves and others. Beyond the wisdom he shared, I was blown away by his ability to maneuver words to convey strong or political messages with subtlety. Diplomacy is a skill I haven’t developed yet—that’s why it amazes me.

Here are a few pieces of wisdom I took from him this year:

• On Trade: International trade should be balanced—it can uplift or undermine peace depending on how it’s handled. The world functions better when countries focus on what they do best. A world dominated by one nation breeds resentment—balance matters.

• On Patience vs. Speed: You don’t have to be fully invested at all times. Patience creates optionality. But when things come your way, don’t delay—do it that day.

• On Succession: Planning for what comes next is part of leadership.

• On Success: Work with people you respect—and only on things you’d do even if money wasn’t involved. Never partner with those who ask you to cross your moral line. Learn from people who built quietly, with integrity and excellence.

• On Tom Murphy: Praised again as the best manager he ever encountered (here is a link to the Founders podcast on Murphy)

• On Gratefulness: Several times during the meeting, he insisted that everyone should be grateful for being born during this time, in this country (the U.S.).

AGM at the CHI Center, "Invest in your health" drink, Warren Buffet's office

This year, I noticed something else: more closed-door events. Chinese investors gathering with Chinese, Indians with Indians, Brazilians with Brazilians. The hunger is real. It’s no longer just reverence—it’s ambition. And though we are peers, we are also competitors. I like that tension. It fuels me.

Omaha isn’t just a conference. It’s a rite of passage. A place where you test ideas, reconnect with old friends, and meet future partners. Three days of encounters, like speed-dating for the curious and the obsessed. Some say it's worth a year of networking. I believe them.

I’ll be back next year. How could I not? Despite the nostalgia, or maybe because of it, there’s a fire burning in this community. We’re all searching—quietly, fiercely—for the next question worth asking.

Faithfully yours,

Marie