OMAHA, NEBRASKA – Berkshire Hathaway’s annual shareholders meeting marked a significant shift for the conglomerate as Warren Buffett stood alone to field questions from investors for the first time in decades. The absence of vice chairman Charlie Munger, who passed away at the age of 99 last year, was deeply felt during the event.
In his annual letter to Berkshire shareholders, Buffett paid tribute to Munger, describing him as the “architect” of the modern Berkshire Hathaway. The meeting, a longstanding tradition for the company, kicked off with Buffett, alongside vice chairs Greg Abel and Ajit Jain, engaging in discussions with shareholders.
During the Q&A session, Buffett addressed various topics including the company’s decision to reduce its holdings of Apple in the first quarter. Despite selling shares, Buffett expressed confidence that Apple would likely remain the company’s largest equity investment by the end of the year. Additionally, he discussed Berkshire’s substantial cash and Treasury holdings, revealing that their value is expected to exceed $200 billion by the current quarter.
When asked about expanding investments overseas, particularly in China, Buffett reaffirmed his commitment to primarily investing in the United States. He emphasized the company’s focus on American investments while acknowledging the potential for growth internationally.
The meeting also featured a tribute to Munger through a video montage showcasing some of his memorable quotes and moments from previous shareholder meetings. The event highlighted Munger’s contributions to Berkshire Hathaway and his influence on the company’s trajectory over the years.
Overall, the meeting symbolized a shift in leadership at Berkshire Hathaway following Munger’s passing, with Buffett now taking on a more prominent role in guiding the conglomerate’s future direction. The event served as a moment of reflection on the legacy of Munger and the enduring impact of his partnership with Buffett on the company’s success.