At the Berkshire Hathaway annual general meeting, Buffett discussed his successors, the finite nature of life, and why he is not concerned about his high cash reserves. The meeting started with a tribute film for Charlie Munger, Buffett’s late friend and business partner. Munger passed away in November last year at the age of 99. This was the first time in 46 years Buffett faced shareholder questions without Munger by his side. Shareholders were eager to hear Buffett’s thoughts on spending time with loved ones and reflecting on life.
Buffett and Munger transformed Berkshire Hathaway into one of the country’s largest companies. They shared a unique friendship that extended beyond business. Their annual general meetings in Omaha, Nebraska, had become legendary, drawing 40,000 shareholders. Munger’s absence was strongly felt during this year’s meeting as shareholders remembered his presence alongside Buffett.
During the meeting, Buffett laid out his succession plan, designating Ajit Jain and Greg Abel as his successors in top management roles. He outlined how responsibilities will be shared among different individuals to ensure continuity and success for Berkshire Hathaway. Buffett also touched on the company’s financial performance and investment decisions, including a record-high cash reserve of $189 billion.
Despite the cash reserve, Buffett expressed confidence in his investment decisions and highlighted the benefits of diversification. He remains optimistic about the future performance of Berkshire Hathaway. Additionally, Buffett emphasized the importance of corporate social responsibility and philanthropy, urging companies to pay their fair share of taxes for the betterment of society.
At the end of the meeting, Buffett shared valuable life advice and reflected on his own mortality. He expressed his hope for the future and received a standing ovation from shareholders. The meeting served as both a business strategy session and a tribute to Charlie Munger, showcasing Buffett’s dedication to his company and the legacy they have built together.