Last Saturday was the 57th annual meeting of Berkshire Hathaway shareholders since Warren Buffett took control of the company in 1965. By all accounts, attendance was a bit less than the roughly 40,000-strong crowd of 2019, the last pre-Covid event.  It was also again livestreamed, allowing pundits from around the world to tune in to the wisdom of Warren Buffett and Charlie Munger without getting on a plane.

Making the pilgrimage does have its benefits, though. Between shopping for Berkshire memorabilia or rare investment books, participating in formal shareholder events (such as a 5km fun run) and meeting up informally with like-minded value investors, many still believe in making the annual trek...