Berkshire Hathaway investors are eager to attend this Saturday’s annual meeting in Omaha, Nebraska, because it’s the only time they hear CEO Warren Buffett detailing the company’s annual meeting.
It could also be one of the last meetings of Buffett, 94, who told shareholders in an annual letter of the company earlier this year that a successor took over as CEO “soon after” could be Berkshire director Greg Abel.
Up to 30,000 investors will head to Omaha to find what Buffett calls “the capitalist Woodstock” to absorb the scene and enjoy Buffett’s financial wisdom, humor and life lessons. Berkshire investors should be full of enthusiasm, stocks rose 17% this year, while recent records are close, while the S&P 500 has fallen 5%.
Buffett will answer 4½ hours of questions starting at 9 a.m. ET, and will last until 2 p.m., with a half-hour break.
He will accompany Berkshire Vice President Berkshire Vice Chairman, Berkshire Vice Chairman, Berkshire Vice Chairman, Berkshire’s non-insurance business leader and Ajit Jain head. Jain, 73, is responsible for overseeing the company’s insurance business and will be on the way for about half the time. Both appeared in previous meetings and impressed investors under the direction of investors.
Buffett pointed out in his annual meeting manual that CNBC host Becky Quick will ask shareholders for written questions submitted by them and listeners will be able to check him.
“We know you, Becky will pick some tough guys, and that’s how we like it,” he wrote, adding that he won’t address politics.
Prior to last year’s meeting, Barron asked 10 questions for Buffett, including whether he was considering selling a portion of Berkshire’s Big Apple stake. This is the summary of this year 10.
1) Many investors believe that Berkshire’s Apple equity will be “forever” holdings such as Coca-Cola or American Express. Why did Berkshire sell two-thirds of its huge Apple stake last year?
2) Your possible successor, Abel, is 62, and Ja, is 73 years old. Who is the key figure in Berkshire’s next generation of leadership?
3) What role will Todd Combs and Ted Weschler play in managing a $300 billion equity portfolio after you are no longer CEO, and what are their investment performances since joining Berkshire a decade ago?
4) Berkshire has never acquired its shares since May 2024. Do you think it has been overvalued after the results of the stock this year?
5) Given that Berkshire’s huge cash position exceeds $300 billion and there is no buyback, would you consider paying cash dividends? Is there a dividend after leaving?
6) Burlington’s northern Santa Fe department has the lowest profit margin among major North American railways. Can it be solved?
7) In your annual shareholder letter, you praise the “spectacular” improvements in the Berkshire Geico division led by Comb. However, it lags behind rapidly growing competitors in using technology, including real-time driving price policies. Does Geico have a permanent disadvantage over gradual?
8) Occupy Oil President and CEO Vicki Hollub recently said that if Berkshire bought the entire company, it would be a “dream come true.” Would you reconsider your previously stated reluctance to buy the rest of the West?
9) Berkshire paid Walter Scott’s legacy for shares in Berkshire Hathaway Energy last year, which is much lower than Greg Abel’s interests in 2022. Why? Is it worth less now?
10) What is your biggest personal investment outside of Berkshire Stock?
Write to Andrew Bary, visit andrew.bary@barrons.com
