Warren Buffett takes stage without Charlie Munger for first time
Berkshire Hathaway’s (BRK-A, BRK-B) annual shareholder meeting on Saturday will be the first of a new era for the conglomerate.
For the first time in decades, Warren Buffett is not accompanied by Vice Chairman Charlie Munger as he answers questions from Berkshire shareholders for several hours. Munger died last year at the age of 99.
In his annual letter to Berkshire shareholders, Buffett called Munger the “architect” of the modern Berkshire Hathaway, which took its name from a now-defunct New England textile company and became the largest conglomerate of the S&P 500.
Buffett, along with Berkshire vice chairmen Greg Abel and Ajit Jain, began fielding several hours of questions from shareholders around 10:15 a.m. ET.
For the first time, non-shareholders were also able to watch the annual shareholder film, which featured a montage of some of Munger’s most impactful quotes over the years, as well as some of the celebrity cameos that have been featured in these movies. over the years.
At the start of the Q&A session, Buffett discussed the company’s decision to reduce its stakes in Apple (AAPL) during the first quarter, saying that while the company sold shares, it is, in his opinion, opinion, “extremely likely” that the company will remain its subsidiary. biggest investment in stocks at the end of the year.
As for the company’s growing accumulation of cash and Treasuries, Buffett said it was likely the value of those holdings would exceed $200 billion in the current quarter, noting that it was “quite satisfied” with this position.
Asked about Berkshire’s appetite to increase its investments abroad, and in China in particular, Buffett said: “Our main investments will always be in the United States.”
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News Source : finance.yahoo.com
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