Republished with full copyright permissions from The San Francisco Press.

The excitement around Buffettstock is palpable every year, drawing Berkshire Hathaway shareholders to Omaha for a much-anticipated gathering. The atmosphere is filled with camaraderie, indulgence in See’s candies and Coca-Cola, and, of course, the enlightening words from CEO Warren Buffett and the sharp wit of Chairman Charlie Munger during their impactful stage appearances.

However, this year marks an unparalleled shift as the absence of Munger, who passed away late last year at the remarkable age of 99, leaves an irreplaceable void in the hearts of many attendees. Lyle McIntosh, a longtime shareholder from Missouri Valley, Iowa, expressed the sentiment shared by numerous individuals, saying, “I feel like there’s going to be a place in my heart missing when we don’t see Charlie up there.”

The presence of Buffett and Munger during the annual meeting has historically evoked a profound sense of admiration and endearment. As John Bailer from Newton Investment Management remarked, “When Warren and Charlie walked into that arena, it was like the Beatles coming to America.”

Furthermore, the forthcoming annual meeting offers a glimpse into the ongoing transition as the 93-year-old Buffett prepares to pass the torch to the next generation. Joining Buffett on stage will be Greg Abel and Ajit Jain, both pivotal figures in Berkshire Hathaway’s leadership structure and prospective successors to the esteemed CEO.

This significant shift towards a new era is acknowledged by Jerry Beyke, a seasoned attendee of the annual meetings, who articulates that “it’s kind of transitioning to a new era… People need to have more familiarity with the next generation that’s taking over.”