In one of the AGMs that I attended, there was an impatient “investor” sitting next to me.
He confided to me that he was waiting for this AGM to get over so that he could have his lunch and then he could attend two more AGMs !
I remarked that he must be having lots of shares to attend so many AGMs. He replied in Hindi “Nahi, Nahi.Sab mein 5-10 shares hai .”
Looking at my puzzled expression, he explained” You buy 5-10 shares of a company.In a AGM, they normally have a meal (lunch or snacks). If the venue is nearby, you attend the AGM.By attending two/three AGMs, you recover the cost of your shares.Sometimes the management gives gifts also.Plus, you get dividends and a lifetime access to free meals !”
If Ben Graham heard this approach to value investing, he would probably turn in his grave !
