Shareholders try to get as much Buffett and Munger as they can

Fred Imbert | CNBC

Attendees arrive at the 2018 Annual Berkshire Hathaway Shareholder’s Meeting in Omaha, NE on May 4th, 2018.

The two men have had several books written about their approach to investing. Over the years, investors have tried to apply those teachings into their own portfolios.

Buffett turns 88 in August and Munger turned 94 in January. They have been working together about 40 years, when Buffett’s Berkshire bought Wesco Financial, a company that was run by Munger. According to Forbes, Buffett and Munger are worth $82.9 billion and $1.67 billion, respectively.

Attendance at Berkshire’s annual meeting has also grown explosively over the years. In 1986, about 1,000 people were present at the meeting. Last year, approximately 42,000 people attended the event.

“My brothers and I come here every year. It’s really a brothers’ get together for us,” said Ed Gutowski, a 70-year-old shareholder. “We like to listen to what Warren and Charlie have to say.”

But talks of succession have also increased with the passing of time. Earlier this year, Buffett appointed Gregory Abel and Ajit Jain to the Berkshire Hathaway board as vice chairs, a position that would suggest they are at least in the running to take the reins.

“I told my friend [before the meeting], you should come soon because Warren and Charlie are getting up there in age,” said Steve Schell, a longtime Berkshire shareholder in his 60s.