economy
Greg Abel rules out Berkshire break-up, stresses continuity with Buffett's legacy at annual meeting
New CEO Greg Abel did most of the talking at his first Berkshire Hathaway shareholders meeting, but Warren Buffett was still a major presence.
TL;DR
- Greg Abel is leading his first Berkshire Hathaway shareholders meeting as CEO, with Warren Buffett remaining as chairman.
- A tribute video and a 'Buffett jersey' marked Buffett's 60 years as CEO.
- Abel assured shareholders that Berkshire's conglomerate structure will be maintained, with no plans for divestiture.
- Berkshire Hathaway reported an 18% increase in operating profit for the first quarter and holds a record cash reserve of nearly $400 billion.
- The company has resumed stock buybacks after a pause, though repurchases in March were modest.
- Attendance at the meeting was down compared to previous years, but still drew large crowds.
- Paul Tudor Jones expressed regret for previously downplaying Buffett's investment success.
- Charity auctions, including a lunch with Buffett, Stephen Curry, and Ayesha Curry, are being held to benefit various foundations.