Can you share some key takeaways from the Berkshire Hathaway AGM last week?

Any Berkshire AGM becomes a Warren Buffett affair and this time was no different. Here are some key takeaways from the Buffett AGM.

· When fund managers globally are over enthusiastic about buying equities, Buffett prefers to sit aide holding $145 billion in cash.

· Buffett still thinks that the best way is to invest in your own business so Berkshire has done $20 billion of buybacks in the last one year.

· Buffett felt he was right in exiting airlines a tad early. In his view, had he stayed invested in airlines, rescue package would not have come due to the backing of Berkshire.

· They are not too charitable about new-fangled ideas SPACS and Bitcoins, unless they make markets more meaningful.

· Buffett thinks SPACs force fund managers to deploy cash within 2 years while Bitcoins are still a haven for misuse. He is not comfortable with either.

· Buffett and Charlie are emphatic that Robin Hood platforms that offer free trades are just a recipe for people to gamble and lose their capital.

· Good old Buffett wisdom, management quality is still paramount. For long term investors, it is quality of management that matters more than anything else.

· There was little talk on succession. While Greg Abel is virtually the next in line, it is not clear when that would happen.