- Warren Buffett’s Berkshire Hathaway is hosting its annual meeting of shareholders on Saturday.
- Buffett and his business partner, Charlie Munger, are expected to discuss a wide range of topics.
- Follow live updates from the meeting.
Warren Buffett’s Berkshire Hathaway is hosting its annual in-person shareholder meeting this weekend for the first time in two years. Insider is live at the event, which draws tens of thousands of people from around the world and was advertised as “Woodstock for Capitalists”. Follow live updates on what Buffett, his partner Charlie Munger and the rest of the Berkshire team are saying.
Buffett, perhaps the world’s most famous bargain hunter, has struggled to find deals over the past two years. Shares soared to record highs, private equity firms and special purpose acquisition companies (SPACs) increased the price of acquisitions, and Berkshire’s rising stock price made stocks less attractive to redeem.
However, Berkshire has increased its purchases this year. He invested about $7 billion in Occidental Petroleum shares in 11 days, scooped up $4 billion in HP shares and struck a deal to acquire Alleghany for $11.6 billion in less than two weeks.
Buffett’s company announced its first-quarter results ahead of Saturday’s meeting. He revealed he had invested $41 billion net in stocks, reducing his cash position by 28% to $106 billion. It also slowed share buybacks to $3.2 billion, marking its lowest level of buybacks since the first quarter of 2020.
Berkshire owns dozens of companies, including Geico, See’s Candies and the BNSF Railway, and has multi-billion dollar stakes in Apple, Coca-Cola, Kraft Heinz and other public companies.
Buffett is expected to discuss Berkshire’s latest purchases and comment on concerns rocking financial markets, including runaway inflation, rising interest rates, Russia’s invasion of Ukraine and the ongoing supply chain disruptions due to the COVID-19 pandemic.
Read more: Warren Buffett is on a long-awaited buying spree. 7 experts explain why the investor spent $23 billion on a trio of big buys.
Here is our live blog from the Berkshire Annual Meeting of Shareholders:
9:15 a.m.: The lights come on, revealing Buffett, Munger and Berkshire’s heads of insurance and non-insurance operations, Ajit Jain and Greg Abel.
8:30 a.m.: Buffett kicks off his meeting with a 45-minute video, showcasing ads for Berkshire-owned companies like Geico and Brooks Running and key investments like Apple.
It also includes several sketches. In one, Munger appears with characters from “The Office,” Desperate Housewives” and “Breaking Bad.” In another, Buffett is diverted from his own meeting and taken away by security, then returns dressed as Jimmy Buffett and walks away. push back again.
Plus, there’s a remix of Bruno Mars’ (Berkshire Hatha-lujah!) “Uptown Funk” featuring the bosses of dozens of Berkshire companies.