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If I had to grade this weekend’s "Woodstock of Capitalism" – aka the Berkshire Hathaway annual meeting – I would slap it with a solid B.

Was this Buffett’s most headline-grabbing annual meeting? I have listened to/watched enough of these spectacles in the past decade to say emphatically: No. Personally, I liked his annual meeting in the middle of the COVID-19 pandemic as he sought to rally the world.

Sure, Buffett railed against Wall Street (he hates paying fees to bankers, as seen once more in the Allegheny deal) by saying it’s a “gambling parlor” and bitcoin for it offering nothing of value. He scared the hell out of everyone (again) on potential nuclear war. Charlie Munger flipped the bird to Robinhood (more on that below).

But all of this felt very stale to me, just vintage Buffett and Munger. I would compare it to comedian Andrew Dice Clay going to his bag of nursery rhyme jokes to please long-time fans – they are proven winning lines. So from a headline standpoint, I give the annual meeting a solid C (tough grader I know, but whatever).

Where Buffett earned his A grade, however, was in the investing wisdom he imparted on the crowd. Nothing new per se, rather great reminders one day after the Dow Jones Industrial tanked 900 points and the Nasdaq Composite fell 4%.

Here are three lessons Buffett served up:

1. Do Your Research

Buffett’s explanation on how he upped his stake in Occidental Petroleum to 14% of the company, underscored the need to do your own research and make it extensive if possible. Buffett saw 60% of the top holders in Occidental being no more than passive investors unlikely to take advantage of a dislocation in the stock price. So, Buffett saw that passiveness and a dislocation in the stock price, and went to work buying up everyone else’s shares not in that 60% group. Savvy.