1985 Annual Meeting (Kingswell Reconstruction)

Date: 1985 (specific date not recorded) Location: Red Lion Inn, Downtown Omaha Source: Kingswell

Overview

This is a reconstruction of Berkshire Hathaway's 1985 annual meeting, the earliest recorded meeting in the company's history. Unlike modern "Woodstock for Capitalists" events that attract 40,000+ attendees, this meeting was a modest affair:

• Location: Red Lion Inn in downtown Omaha (not an arena)
• Attendance: Approximately 250 shareholders
• Duration: Only 2 hours of Q&A
• Setting: A quieter, simpler chapter in Berkshire's history

CNBC's archive of Berkshire Q&A sessions only dates back to 1994. The book University of Berkshire Hathaway fills in some gaps but only back to 1986. This reconstruction was created by Kingswell using an Omaha World-Herald story from the time.

Key Highlights

Simpler Times

In 1985, Berkshire's annual meeting was a completely different beast:

• No need to book hotels months in advance
• No dawn arrivals to secure seats
• No overflow rooms needed
• Just five years earlier (1980), attendance was only 30 people

The Pepsi Era

One notable detail: Buffett sipped Pepsi during the meeting (his beverage of choice at the time, before switching to Cherry Coke).

Growth Story

The growing crowd prompted Berkshire to move future meetings to the more spacious auditorium at Omaha's Joslyn Art Museum.

Topics Discussed

Based on the reconstruction, key topics included:

Investment Philosophy

Even in 1985, Buffett was teaching the principles that would guide investors for decades:

• The importance of intrinsic value
• Why he prefers businesses with "economic moats"
• The dangers of leverage

Business Performance

Buffett likely discussed Berkshire's various operating businesses, including:

• Insurance operations (GEICO, National Indemnity)
• Buffalo Evening News
• See's Candies

Q&A Style

Even then, the meeting format was interactive:

• Shareholders could ask questions directly
• Charlie Munger provided his characteristic commentary
• No prepared speeches - pure Q&A

Historical Significance

This meeting represents:

1. The earliest documented annual meeting
2. A glimpse at Berkshire before its explosive growth
3. The humble beginnings of what would become "Woodstock for Capitalists"
4. A time when Buffett and Munger could still have a casual conversation with shareholders

Famous Quotes

While direct quotes from 1985 are limited, the spirit of Buffett's teaching was already evident:

The meeting is where you get to see Charlie and me operate. We don't rehearse. What you see is what you get.

Related

• meeting-1986-kingswell - Kingswell's 1986 reconstruction
• meeting-1987-kingswell - Kingswell's 1987 reconstruction
• meeting-1994 - First CNBC archived meeting
• warren-buffett
• charlie-munger

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This is a summary based on Kingswell's historical reconstruction. The full transcript is a paraphrase from the Omaha World-Herald, not a verbatim record.