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Berkshire AGM this year in Los Angeles, not Omaha; Charlie Munger to field questions

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NEW DELHI: Warren Buffett‘s Berkshire Hathaway on Saturday said the company’s annual general meeting this year on May 1 will be held in Los Angeles and not Omaha. The even is also known as “Woodstock for Capitalists.”

In his annual letter to the company shareholders, legendary investor and Berkshire’s Chairman Buffett said that Vice Chairman Charlie Munger, who was not a part of AGM last year, will be on stage with him offering answers and observations throughout the three-and-a half -hour question period.

“I missed him last year and, more important, you clearly missed him. Our other invaluable vice-chairmen, Ajit Jain and Greg Abel, will be with us to answer questions relating to their domains,” Buffett wrote in his annual letter.

Buffett said: “Better yet, of course, will be the day when we see you face to face. I hope and expect that will be in 2022. The citizens of Omaha, our exhibiting subsidiaries and all of us at the home office can’t wait to get you back for an honest-to-God annual meeting, Berkshire-style.”

The formal meeting will commence at 5 pm EDT ((eastern day time) and should finish by 530 pm.

“Earlier, between 1:30-5:00, we will answer your questions as relayed by Becky. As always, we will have no foreknowledge as to what questions will be asked,” Buffett said.

In his letter, Buffett said that Berkshire has repurchased $24.70 billion worth of the company’s shares in 2021, and is likely to further reduce its share count in the future.

Berkshire Hathaway reported a 14 per cent increase in operating income to $5.02 billion in December quarter from $4.42 billion a year earlier. Net income, reflecting the stock gains, rose 23 per cent to $35.84 billion from $29.16 billion a year earlier, thanks to soaring prices of stock holdings such as Apple Inc led to a higher overall profit.

Buffett, meanwhile, said he paid too much when his conglomerate bought Precision Castparts, its largest acquisition in 2016.