The Berkshire Hathaway Inc. (BRK.A  ) (BRK.B  ) Annual Meeting, often called the "Woodstock for Capitalists," has long been a must-attend event for investors and business enthusiasts worldwide.

This year's gathering, held in Omaha, Nebraska, attracted thousands eager to hear the wisdom of Warren Buffett, Charlie Munger, and their successor, Greg Abel.

Here are the top takeaways from the meeting:

Scarce Opportunities for Large-Scale Deals: Buffett lamented the difficulty of finding suitable investment opportunities, despite Berkshire Hathaway holding nearly $130 billion in cash and Treasury bills. He expressed his preference for private companies over more complex public transactions but acknowledged the availability of such businesses is limited.

Buffett's Criticism of Recent Bank Failures: Buffett criticized the management teams of several U.S. banks that failed this year, including First Republic Bank. He emphasized the importance of regulation in the banking industry and the need for better communication with the public to maintain confidence in the financial system.

In the digital age, Buffett said, "Fear is contagious," and it's better to avoid unwarranted panic.

Abel to Uphold the Buffett Legacy: Buffett's successor, Abel, will continue his mentor's value-oriented approach and long-term outlook. Abel plans to maintain Buffett's capital allocation strategy, including the repurchase of Berkshire stock when its price falls below the estimated intrinsic value.

Berkshire bought back $4.4 billion of stock in the first quarter of 2023, up from $2.6 billion in the fourth quarter of 2022.

Buffett's Continued Advocacy for Index Funds: Buffett reaffirmed his belief in the benefits of low-cost index funds as an investment tool, noting their cost efficiency and potential for long-term growth, which is in line with his longstanding advice to invest in S&P 500 index funds.

Avoiding Stupid Mistakes and Staying Rational: Buffett advised shareholders to learn from others' mistakes and maintain a rational mindset when making investment decisions. He also emphasized the importance of living within one's means to avoid debt.

Commercial Real Estate Market Concerns: Buffett expressed concern about the future of the commercial real estate market, noting that the value of the sector largely depends on non-recourse borrowing. He also alluded to the potential consequences of reliance on that type of debt.

Old-Fashioned Intelligence: Munger highlighted the value of old-fashioned intelligence in a world increasingly driven by technology and AI. He also encouraged companies to have strong management in place for daily operations and emphasized the need for long-term stock holding, with Buffett saying that "The best opportunities arise when other people are doing dumb things."

Buffett's insights on banking, Abel's commitment to the Berkshire legacy and Munger's emphasis on traditional wisdom all serve as valuable lessons for investors and the business community at large.