Berkshire Hathaway will hold its annual shareholders meeting on Saturday, May 3. What used to be a simple gathering 60 years ago when billionaire Warren Buffett took over has now evolved into a globally anticipated investment extravaganza.
In 1965, Warren Buffett took over the bankrupt textile company, and today Berkshire Hathaway has grown into a large conglomerate covering industries such as railroads, insurance, energy, real estate, and consumer goods. This year’s meeting coincides with Buffett’s 60th year at the helm. According to CNBC, what started as a gathering of just over ten people now attracts up to 40,000 investors annually in Omaha, Nebraska.
At 94 years old, Buffett remains the center of attention at the shareholders meeting. On the Saturday morning of the meeting, a large number of attendees line up at the CHI Health Center just to hear the Omaha investor share his wisdom on investments, business, and life.
Despite market volatility, Berkshire Hathaway’s stock price has risen by 18.9% this year, far outperforming the 3.3% decline in the S&P 500 index. Due to its extensive business covering various industries, its operational performance is widely seen as a microcosm of the U.S. economy.
This year’s meeting marks the second shareholders meeting without Buffett’s close friend and long-time partner, Charlie Munger, who passed away in 2023. Greg Abel, Berkshire Hathaway Energy Chairman and successor, will join Buffett in answering shareholder questions, while Ajit Jain, head of the insurance business, will also participate in some Q&A sessions.
The meeting has now expanded to a weekend-long event, including the “Berkshire Hathaway Shareholder Discount Marketplace,” a five-kilometer charity run, and a value investing forum. Christopher Bloomstran, President of Semper Augustus Investment Group, describes the meeting as a “rite of passage for investors,” having attended for over twenty years.
In honor of Buffett’s 60 years of leadership, Berkshire Hathaway has released a limited edition of 5,000 books titled “60 Years of Berkshire,” with auction versions signed by Buffett and author Carrie Sova to support the local charity organization Stephen Center.
According to the 2024 shareholders’ letter, this year’s meeting agenda has been adjusted: Buffett will deliver the opening remarks at 8:00 a.m. on Saturday without showing the usual opening video from previous years. Only a half-hour break is scheduled during the Q&A session, which will conclude at 1:00 p.m., while the exhibit area will remain open until 4:00 p.m.
Before the meeting begins, Berkshire Hathaway will release its first-quarter financial report, including details on cash reserves and stock trading activities. In March of this year, the company increased its stakes in five Japanese trading companies (Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo) to a maximum of 9.8%.
Following the Q&A session, there will be voting on seven shareholder proposals covering diversification, environmental, and artificial intelligence issues. Buffett and the board have expressed opposition to all proposals.