Buffett Recalls Value-Investing Epiphany at 2022 Meeting; Munger Says Robinhood 'Collapsed'
At the 2022 Berkshire Hathaway annual meeting, Warren Buffett described how reading Chapter 8 of The Intelligent Investor at age 19 to 20 shifted him from technical analysis to value investing. He had started buying stocks at 11. He and Charlie Munger also discussed cognitive illusions and moments of insight.
At Berkshire Hathaway's 2022 annual shareholder meeting, Warren Buffett recounted his early investment education. He said he began buying stocks at age 11, read extensively in the library on securities, and was once drawn to technical analysis. Between the ages of 19 and 20, he read Chapter 8 of The Intelligent Investor at the University of Nebraska-Lincoln library, and said that reading changed his prior understanding of investing. In the final part of the morning session, Buffett and Charlie Munger also discussed cognitive illusions and the concept of apperception, using examples such as the two faces and vase and the rabbit and duck images. Both noted that they have experienced moments of insight in investing and in life.