VInvesting.com has put together a "Warren Buffett Zone". The page is a collection of Berkshire Hathway annual meeting notes from several sources, going to back to 1994.

Fat Pitch Financials has a list of links to notes from the 2005 annual meeting. I found the best of those links to be "Useful Lessons" by Rick Rockwood of Aldebaran Capital.

Here is an excerpt from Rockwood's notes:

Patience. One point that continually is reinforced at the annual meeting is that Mr. Buffett and Mr. Munger have an unbelievable reservoir of patience. They simply have no need to be filling their time simply to be doing something. They are fine sitting on their fannies until an intelligent opportunity presents itself to them. For instance at one meeting, Mr. Buffett stated that he had read Anheuser-Busch’s Annual Reports for 25 years before investing.

Mr. Buffett has stated many times that one of the reasons that investing is such an interesting field is that an investor only has to swing at the perfect pitch and can let those that aren’t in one’s circle of competence pass right by. It simply doesn’t matter how the umpire calls the pitch. Have such an incredible amount of patience is certainly one of the biggest reasons both have been so successful.

As Mr. Buffett said at the meeting this year, successful investors are always searching for opportunities, they don’t act every day but they do learn every day.

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