By Ruma Dubey

Warren Buffet saying, “I blew it!” was such a human statement. We all have made Buffett into a God thus it was very humanizing, showing his humility once again when he said that he has missed the bus when it came to Google and Amazon. Buffett missing out a winner - now that’s a learner too!

Buffett’s AGMs are big events and one of the most watched and followed AGMs in the world. Some 40,000 people had gathered from all over the world on Saturday to hear this legendary investor speak, more so because he is known for his wit and wisdom! Everyone goes there only because they want to see and hear Buffett – after all someone like him might not happen again in this lifetime!

Buffett’s long time business partner Charlie Munger was also there and this time around, he spoke for hours. Both of them took questions from shareholders and journalists and got a lot of laughter and mirth with their down-to-earth presence of mind and witty answers. To think the two old men – Buffett is 83 and Munger is 93; both remain the big draws and even at this age have so much wit is simply amazing. Once again, a lesson for all those of who complain of “age catching up,” even at the age of 40.

This time too, like always, Buffett opened the AGM with his usual quip, “That's Charlie. I'm Warren. You can tell us apart because he can hear and I can see.”

Some great quotes, highlights and quips from the AGM to make your day!

Buffett called out to Vanguard founder, Jack Bogle, who was in the crowd for a standing ovation, thanking him for how index funds have driven down mutual fund costs.

A Chinese investor had asked Buffett a question pertaining to volatile Chinese stocks, to which he said, “Markets have a casino characteristic that has a lot of appeal to people, particularly when they see people getting rich around them.  For those who haven’t been through cycles before are more prone to speculate than people who have experienced the outcome of wild speculation.”

A shareholder asked a question about ways to identify a good business and Buffett, giving companies the analogy of economic castles, said, “In capitalism, people are going to try to take that castle from you so you want a moat around it and you want a knight in that castle who is pretty darn good at warding off marauders."

A fantastic piece of advice for the young from Buffett, “When you go out in the world, look for the job you would take if you didn't need the money.”

A shareholder asked Munger what he dreams about and he retorted quickly, “Sometimes when I am especially wistful, I think 'Oh, to be 90 again.’”

While talking on autonomous vehicles, Buffett said, “Driverless trucks are a lot more of a threat than an opportunity to Burlington Northern.  Autonomous vehicles, widespread, would hurt us if they spread to trucks, and they would hurt our auto insurance business. They may be a long way off. That will depend on experience in the first early months of the introduction. If they make the world safer, it will be a very good thing but it won't be a good thing for auto insurers.”

When questioned about how Berkshire missed investing in Google and Amazon, Buffett said, “We underestimated the brilliance of Amazon’s Jeff Bezos, not just of vision, but of execution. The odds that he would succeed was not at all obvious.” And Munger said, “ That’s our secret, we don’t miss them all!”

A question was asked about succession and asked specifically whether 3G’s Jorge Paulo Lemann, who Mr. Buffett has praised repeatedly over the years, could become a Berkshire board member or even its next CEO. To this Buffett said that he did not expect Paulo to be added to the Board but did say that that the possibility of his successor being someone who has worked at Berkshire for a while is very high; adding that the person might take over even while he’s still alive. Yes, the name of the successor, which is the most taxing question surrounding Berkshire was left unanswered.

Buffet said, “One quarter means nothing, what counts is are you building the business value over time.”

There was a question about using various price-to-equity models in evaluating stocks, more so about valuing a stock in the U.S. vis-à-vis with one in China. Buffett said with his usual wisdom that numbers all have some degree of meaning, but that valuing a business can't be reduced to just some formula.

Buffett admitted that he messed up on IBM, and that, “Apple is more of a consumer goods company, albeit one with a huge tech component.” Saying that he has no real knowledge on tech, Buffett said, “I make no pretense whatsoever of being on the intellectual level of some 15-year-old who has an interest in tech but may have worthwhile insights into consumer behavior.”

Asked about how much should Berkshire pay Warren Buffett’s successor, Buffet said that it would be a modest amount, saying , “I would hope we’d have someone…who’s already very rich and has been working for a long time, and is not motivated by whether they have 10 times the money they and their family needs or 100 times. “

On the subject of compensation consultant, Buffet said, “If the board hires a compensation consultant after I go, I will come back.”