Berkshire shareholders arrive in Omaha as annual meeting begins By Reuters

By Jonathan Stempel and Koh Gui Qing

OMAHA, Nebraska (Reuters) – Warren Buffett will take center stage at Berkshire Hathaway's (NYSE:) annual meeting on Saturday, as shareholders flock to watch the famed investor as well as his expected successor.

The meeting is the 60th for Buffett, 93, since he took over Berkshire in 1965. He has largely stopped appearing publicly to talk about the company. In November he told investors that he felt fine but knew he was “playing extra innings.”

“It's just fun to be a part of this,” said Jeff Farmer, a 59-year-old public safety worker from Omaha, at a showroom where Berkshire products were being sold on Friday. “We just want to know that the company is on the same trajectory and to know what they predict for the future.”

In a downtown stadium, Buffett and Vice President Greg Abel, 61, will answer about five hours of questions. Vice President Ajit Jain, 72, will also join. Abel was named Buffett's successor as CEO in 2021.

“I want to hear from Greg Abel,” said Min Zhuang, 51, who drove seven hours from Chicago to attend the meeting and has owned Berkshire stock for more than a decade.

“I want to see what kind of person he is, what his vision for the company is and if it's different from Buffett's. I'm not afraid of change.”

Investors are focused on how the conglomerate will evolve as it faces challenges including how best to grow without paying too much for acquisitions, whether to pay a dividend and how to use the $167.6 billion of cash on hand at the end of the year.

The shareholder meeting is also the first since Charlie Munger, Buffett's longtime friend, business partner and foil, died in November at age 99.

Munger was known for his laconic and pointed responses to Buffett's often lengthy assessments of Berkshire, the economy, Wall Street and life.

“It's going to be difficult for Warren not to have Charlie there,” said Paul Lountzis, president of Lountzis Asset Management, attending his 32nd meeting in Berkshire.

SUCCESSION IS MAIN Berkshire is an $862 billion conglomerate with dozens of businesses, including BNSF railroad, Geico auto insurance, Dairy Queen and Fruit of the Loom. He also owns more than $300 billion in stocks, about half of which are Apple (NASDAQ:).

Over the past year, Berkshire shares are up 23%, trailing a 25% gain. Over the past decade, Berkshire is up 218% compared to the S&P's 172% rise.

Buffett is expected to face a wide range of questions on Saturday about everything from big investments like Apple and Occidental Petroleum (NYSE:) to how high interest rates have affected the company. “I want to see Warren's energy,” Steven Check, president of Check Capital Management, said at his 27th meeting. “It's good that Greg and Ajit are at the helm.” Berkshire will also release first-quarter results on Saturday, while shareholders will vote on six proposals on climate, diversity and China. Buffett opposes all six. The weekend offers opportunities for shareholders to purchase items such as Berkshire T-shirts and Squishmallows toys at displays of Berkshire-owned companies. Ruth Gearhart, 72, of Omaha, filled her bags with See's Candies plus tongs and spatulas from Pampered Chef. Gearhart, a shareholder for 15 years, said she was primarily concerned about what Buffett might say about her succession. “I trust him,” she said. “He's a brilliant man and he has a lot of brilliant people. He's going to get us through this. I'd hate to see him go, but I think they prepared well for it.”