Omaha, Nebraska – This year’s Berkshire Hathaway shareholders meeting marks a somber occasion as Warren Buffett takes the stage without his longtime business partner and friend Charlie Munger, who passed away in November. The absence of Munger, who played a pivotal role in the conglomerate they built together, is deeply felt as tens of thousands of shareholders and fans gather to hear Buffett speak in person.
Greg Abel, expected successor to Buffett, and Ajit Jain, who heads the company’s insurance business, are set to join Buffett on stage. The dynamic between Buffett and Munger, known for their banter and wisdom, will be noticeably absent from this year’s event. In his 2023 annual report, Buffett dedicated the milestone birthday of Berkshire to Munger, acknowledging his crucial role as the architect behind the company.
The deep bond between Buffett and Munger, forged over decades of collaboration and mutual respect, is evident in Buffett’s words. Munger’s passing has raised questions about the succession plan at Berkshire, with Abel identified as the heir apparent in 2021. Buffett has expressed full confidence in Abel’s ability to lead, ensuring investors of a strong plan in place for the company’s future.
During the meeting, Berkshire is also expected to reveal its 2024 first quarter earnings, with operating profits projected to increase significantly. The company’s stock performance has been robust, outpacing the S&P 500 index. In the fourth quarter of the previous year, Berkshire reported a notable uptick in operating earnings, demonstrating its resilience and growth despite challenges.
As shareholders gather for the meeting, they reflect on Munger’s legacy and the lasting impact he had on Berkshire Hathaway. The void left by his absence is a poignant reminder of the enduring partnership between Buffett and Munger, one that shaped the company’s success and reputation. Amidst the tributes and reflections, shareholders look to the future with optimism, trusting in the leadership of Abel and the continued growth of Berkshire Hathaway.