The Berkshire Hathaway annual shareholders meeting on Saturday marks the beginning of a new chapter for the conglomerate as CEO Warren Buffett takes the stage without his longtime partner, Charlie Munger, for the first time in decades.
Buffett, along with vice chairs Greg Abel and Ajit Jain, will be fielding questions from shareholders starting at 10:15 a.m. ET. In his annual letter to shareholders, Buffett paid tribute to Munger, calling him the “architect” of the modern Berkshire Hathaway.
This year, non-shareholders will also have the opportunity to watch the annual shareholders’ movie, a tradition previously reserved for those attending the meeting in Omaha. The film, which often features celebrity cameos, will kick off at 9:30 a.m. ET.
Ahead of the meeting, Berkshire Hathaway reported record operating profits of $11.22 billion for the first quarter, up from $8.1 billion in the same period last year. However, investment gains were down significantly, totaling just $1.48 billion compared to $24.75 billion last year.
The decline in investment gains was largely attributed to Apple’s 10% drop in the first quarter, as the tech giant accounts for around 40% of Berkshire’s equity holdings. Despite this, Buffett reassured investors that Apple’s performance does not accurately reflect its overall impact on Berkshire’s diverse portfolio.
As shareholders and onlookers eagerly await the insights and updates from the meeting, the absence of Munger will undoubtedly be felt as Berkshire Hathaway enters this new era.