Tens of thousands of Berkshire Hathaway shareholders return to Omaha every year to learn from Warren Buffett and celebrate the company he built through acquisitions and investments.
The annual meeting is not all about business. Buffett's career of investing success and down-to-earth public persona are both part of the draw.
"We love you Warren," people shouted as he walked through the arena on Saturday and nibbled on a Dairy Queen vanilla orange bar. Parents lifted their kids in the air so they could get a glimpse of the Oracle of Omaha.
People lined up before midnight to get early access to the best seats at the downtown Omaha arena, which opened at 7am.
Daphne Kalir-Starr, 9, a fourth-grader from New York City, lined up with her father at 11pm the night before, along with her sleeping bag. It's her third time to see Buffett.
"I really like hearing from great investors," she said. "Even though he wasn't really recognised at the beginning, he kept working at it."
Events are being held around Omaha, and people can buy mementos such as postage stamps featuring Buffett and Munger or, for $US8950, a pair of 2-carat diamond stud earrings from Berkshire's Borsheims jewelry unit.
Bela Chowdhury, 49, came to see Buffett from Kolkata, India, with more than a dozen other students of a nonprofit group that promotes financial literacy for women.
"He is the ultimate guru," she said.
Luke On, a University of Toronto finance undergraduate, said he lined up at 10pm on Friday.
"I have no place to stay and wanted to save money, but I wanted to see Warren and Charlie (Munger)," he said.
But with the 88-year-old Buffett and 95-year-old Munger leading the company, it's hard for shareholders not to wonder how much longer the revered investors will be in place.
And the fact that Berkshire is holding more than $US114 billion in cash and short-term investments raises questions about what Buffett might buy next.
Shareholder Stephen Teenois, 30, made his first trip to this year's meeting after owning the stock for several years because he wanted to experience the event where Buffett and Munger spend hours answering questions.
"I just want to soak in everything I can and learn from him," said Teenois, who is from Houston.
Buffett has said that Berkshire has a succession plan in place for whenever it is needed. Neither Buffett nor Munger has any plans to retire.
Two longtime executives, Ajit Jain and Greg Abel, have been promoted to vice chairman to help oversee Berkshire's businesses. One of them will likely eventually be Berkshire's next CEO.
Buffett said on Saturday that both Abel and Jain have done a great job since they were promoted into the new roles in early 2018, and both earned about $US18 million last year.
Jain oversees the conglomerate's insurance businesses while Abel oversees non-insurance business operations.
"You could not have two better operating managers than Greg and Ajit," Buffett said.
Bill Laub, 67, of Moline, Illinois, said he wasn't worried about Buffett's successor or the future of the company because he has faith in the team behind him.
"If something happened to Warren, there would be the shock and the blip, and then it will all be over," Laub said.
