Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, took the stage at the company’s annual meeting on Saturday, paying tribute to his longtime business partner Charlie Munger. Despite cutting its stake, Buffett reiterated Berkshire’s commitment to holding Apple as an investment.
This year marks the 60th annual meeting for Buffett, who took over Berkshire in 1965. The meeting comes after the passing of Charlie Munger, Buffett’s close friend and business partner, in November at the age of 99. Munger was known for his sharp wit and insightful commentary, often providing a counterbalance to Buffett’s more verbose style.
During the meeting, Buffett spoke about the legacy of Charlie Munger and how his influence shaped the direction of Berkshire Hathaway. He also addressed Berkshire’s first-quarter earnings, which showed a significant increase in the company’s cash pile.
Despite concerns from some investors about the size of Berkshire’s stake in Apple, Buffett reaffirmed his confidence in the tech giant’s leadership and market dominance. He also hinted at the possibility of increasing Berkshire’s cash stake in light of global uncertainties.
The meeting also featured Vice Chairman Greg Abel, who has been designated as Buffett’s successor as CEO in 2021. Abel discussed challenges facing Berkshire’s energy business, including litigation related to wildfires.
Overall, shareholders expressed optimism about Berkshire’s future and eagerly awaited Buffett’s insights on various topics, including potential acquisitions, dividend payments, and the company’s cash deployment strategy. The meeting also featured exhibits showcasing products from Berkshire-owned companies, adding to the festive atmosphere of the event.