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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Buffett Optimistic about Apple Despite Stake Reduction, Trusts Berkshire’s Future

Buffett Optimistic about Apple Despite Stake Reduction, Trusts
GettyImages GettyImages
Buffett Optimistic about Apple Despite Stake Reduction, Trusts
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Buffett Optimistic about Apple Despite Stake Reduction, Trusts Berkshire’s Future

Warren Buffett, addressing Berkshire Hathaway shareholders at the company’s annual meeting, expressed confidence in the executives poised to succeed him and praised Apple despite trimming the conglomerate’s stake in the tech giant. Speaking at the 60th annual gathering, Buffett paid tribute to his late business partner, Charlie Munger, highlighting Munger’s pivotal role in shaping Berkshire’s success.

Buffett, at 93, assured shareholders that Vice Chairmen Greg Abel and Ajit Jain are well-prepared to lead Berkshire after his departure. He commended their leadership and highlighted Abel’s role in future capital allocation decisions regarding Berkshire’s portfolio of public stocks.

The meeting marked the first since Munger’s passing in November, with Buffett fondly remembering him as the “architect of today’s Berkshire.” Despite his advanced age, Buffett showed no indication of stepping aside, quipping about his employment contracts and expressing his well-being.

Berkshire reported a 39% increase in operating profit for the first quarter, reaching a record $11.2 billion. However, in a surprising move, the company disclosed a 13% reduction in its Apple shares, citing a decline in the tech giant’s stock price during the quarter. Nonetheless, Buffett praised Apple’s resilience and its status as one of Berkshire’s top investments.

Abel addressed challenges facing Berkshire’s utility unit, PacifiCorp, promising to tackle lawsuits related to Oregon wildfires in 2020. Shareholders reelected all 14 Berkshire directors and rejected six shareholder proposals.

The meeting, often dubbed “Woodstock for Capitalists,” drew thousands of shareholders, some waiting in line for hours to secure seats. The event featured exhibits by Berkshire-owned companies, adding to the festive atmosphere.

Buffett, known for his insightful commentary on wealth and life, reiterated his commitment to managing money for shareholders who trust him. Despite his advanced age, he expressed a desire to continue his work for several more years.

The meeting showcased Berkshire’s enduring appeal to investors, with lines forming early and shareholders traveling from around the world to attend. Buffett’s insights and the camaraderie among shareholders contributed to the event’s enduring popularity.


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