If Warren Buffett, Charlie Munger, and the Berkshire Hathaway (NYSE: BRK-B) annual meeting are the main dish in Omaha, the Value Investing Congress is that delightfully indulgent dessert -- with a foodie twist. Investors from far and wide flock to Omaha to hear the sage's words of wisdom, his thoughts on life, and Munger's sometimes cynical, often thoughtful musings on what's wrong with the world. The hardcore among them stick around for the Value Investing Congress, where this generation's elite value managers share their thoughts on how the value sausage is packed.

This year's cast is jammed full of some of the value investing community's best and brightest: David Nierenberg of D3 Family Funds; Keith Trauner and Larry Pitkowsky of GoodHaven Capital (formerly of Fairholme Capital); Tom Russo of Gardner Russo & Gardner; and Bruce Zessar and Matthew Swaim of Advisory Research.

What follows are the ideas, personalities, and witticisms that I found compelling.

We'll be back with the details of Day 2 tomorrow, but if you're finding yourself jealous, hankering for value, or otherwise preoccupied, know that you too can be a part of the fun. The Value Investing Congress comes to New York City in October, and interested Fools can get in for half-price. Get the details here, and be sure to enter discount code NY12FOOL.

Mike Olsen owns shares of Aon. The Motley Fool owns shares of W.R. Berkley, Berkshire Hathaway, White Mountains Insurance Group, and Aon. Motley Fool newsletter services have recommended buying shares of Aon, Alleghany, and Berkshire Hathaway. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.