The alarm sounded at 4 a.m., yet the excitement of the day ahead overshadowed any grumpiness about the early start. I was about to experience what has in recent times been referred to as the Woodstock for capitalists. I was about to hear Warren Buffet and Charlie Munger answer questions for five hours at the Berkshire Hathaway Annual Shareholders’ Meeting. Their Q&A session has been at the top of my wish list since I first learned their names in business school. Intentionally, I didn’t read a great deal about the weekend’s events. I wanted to experience them without prior assumptions.

I arrived at CenturyLink Center in Omaha at 4:45 a.m., and the lineup was already 150 to 200 people deep. And that was at the “secret” door. Others who had attended in the past told me about this side entrance, which was strategic to getting to the seats we wanted.

Meanwhile, at the main doors, several hundred people had already amassed. You could feel the excitement, and every one of these individuals was here for the same reason.

The doors were scheduled to open at 7 a.m., giving everyone in line just over two hours to get to know one another. These strangers all had one thing in common, Berkshire Hathaway. Yet, in some cases, you’d have thought they were lifelong friends. Everywhere, people were introducing themselves, talking about investing, or sharing stories.

The culture of the whole weekend was casual and friendly. I spoke with a couple from Indiana who, along with their son, have been coming every year for the past 25 years. They shared stories of what the weekend was like before its popularity exploded, a time when you could freely walk up to Mr. Buffet and Mr. Munger and have a conversation or take a photo. I also spoke with a couple who flew in from Kuala Lumpur specifically for this event and were meeting a friend they had been introduced to when they attended a few years ago. People really do come from all over the world.

At 7 a.m., the rush was on. There was no assigned seating. The faster you got in, the greater chance you had of getting closer to the stage. People were running! Once the madness of seat chasing dissipated, we returned to friendly chatter with a whole new set of people.

The “show,” and it really is a show, began around 8:30 a.m. with a movie—it’s referred to as the “company movie.” This is the one and only time it will be shown. No taping was allowed, and no copies were made available. It was funny and entertaining, starring Mr. Buffet, Mr. Munger, and myriad famous actors and athletes. After the film, multi-coloured confetti then filled the stadium to end the “opening ceremonies.”

The “show,” and it really is a show, began around 8:30 a.m. with a movie – it’s referred to as the “company movie.”

At about 9:30 a.m. came the moment we were all waiting for: Mr. Buffet and Mr. Munger entered the arena and took their seats. The cheering and clapping rivalled any rock concert I’ve attended. They then answered all the questions posed to them—patiently, directly, and candidly. There were a few related to Berkshire’s current businesses, but to my surprise most were more social, anything from how to get started investing to characteristics of a good investor. One seventh grader even wanted to know the best strategy to attract friends and be liked. Munger joked that the only way he could get people to like him was to get very rich and be very generous. Buffett said he was on the obnoxious side early on but changed his behaviour as he aged and tried to learn from teachers in his life and act like those he admired.

Over the course of the day, an underlying theme emerged from the many questions and even more so from their answers: ethics and by extension reputation. This has been a strong focus in our industry, and it’s here to stay. It’s a very simple concept, yet it’s one we must constantly strive for. In all their dealings, Mr. Buffet and Mr. Munger place a strong emphasis on reputation, and it remains their top priority. In their view, long-term success depends on it, and I think their track record has validated this core principle.

One attendee I spoke with several weeks later called the meeting one-third investment forum, one-third shopping market, and one-third carnival. I would agree. There was no shortage of investment talk and investment-related seminars throughout the weekend. There was no shortage of shopping opportunities either, from the Friday night cocktail party at Borsheims (where I tried on a beautiful emerald and diamond bracelet priced at $100,000) to CenturyLink Centre’s concourse, which is set up to exhibit most of Berkshire’s businesses. And finally, the mayhem, the glitz, and the attendees’ excitement all really did have a carnival-like feel.

I didn’t get a chance to meet Mr. Buffet or Mr. Munger—I wasn’t expecting to—but the experience will stay with me. My first shareholders’ meeting was a success, and I’d encourage anyone interested to attend—not for an investment education, but for the people and the atmosphere. I’d definitely go back for seconds.