OMAHA, Nebraska (Reuters) –
As shareholders gather for Berkshire Hathaway’s annual meeting, all eyes are on Warren Buffett, the renowned investor, and his anticipated successor. Buffett, 93, will be at the forefront of the meeting, marking his 60th appearance since assuming control of Berkshire in 1965. While he has scaled back public appearances, investors eagerly await his insights into the company’s trajectory and future prospects.
Jeff Farmer, a 59-year–
old public safety worker from Omaha, expressed his excitement, stating, “It’s just fun to be a part of it,” as he browsed Berkshire’s offerings at an exhibit hall. Meanwhile, anticipation is high for Vice Chairman Greg Abel, Buffett’s expected successor, who will join Buffett along with Vice Chairman Ajit Jain in answering shareholders’ questions.
Min Zhuang, a 51-year–
old shareholder from Chicago, drove seven hours to attend the meeting, eager to hear Abel’s vision for the company and his potential divergence from Buffett’s strategies. Zhuang remarked, “I am not afraid of change.”
Investors are particularly interested in Berkshire’s evolution amidst challenges such as strategic growth, dividend policies, and the utilization of its substantial cash reserves of $167.6 billion. Additionally, this meeting marks the first without Charlie Munger, Buffett’s longtime confidant, who passed away last November at the age of 99.
Paul Lountzis, attending his 32nd Berkshire meeting, noted the absence of Munger, stating, “It’s going to be hard for Warren to not have Charlie there.”
Succession Top of Mind
As a conglomerate valued at $862 billion, Berkshire encompasses diverse businesses, including BNSF railroad, Geico car insurance, and Apple stocks worth over $300 billion. Despite a 23% increase in its stock over the past year, questions linger about Berkshire’s future direction, particularly regarding major investments like Apple and Occidental Petroleum.
Steven Check, president of Check Capital Management, attending his 27th meeting, expressed interest in Buffett’s energy and welcomed the presence of Abel and Jain. Alongside discussions on investments, Berkshire will release its first-quarter results and shareholders will vote on proposals related to climate, diversity, and China, all of which Buffett opposes.
The meeting also offers opportunities for shareholders to indulge in Berkshire-branded merchandise and products from its subsidiaries. Ruth Gearhart, a 72-year-old shareholder from Omaha, expressed confidence in Buffett’s succession plans, stating, “I trust him,” and emphasizing his brilliance and the preparedness of Berkshire’s team for the transition.
