• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Warren Buffett set for 59th Berkshire Hathaway shareholder marathon as big questions loom
Business

Warren Buffett set for 59th Berkshire Hathaway shareholder marathon as big questions loom

May 7, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

OMAHA, Nebraska, May 4 (Reuters) – Warren Buffett is set to preside over Berkshire Hathaway Inc’s (BRKa.N) annual meeting for the 59th time on Saturday as investors make their pilgrimage to hear the investing legend, at a time of turmoil for the banking industry and as trouble looms for the economy.

Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls “Woodstock for Capitalists.” Attendance is expected to be up significantly from last year, which was the first in-person meeting since the pandemic began, Buffett’s assistant said.

While Berkshire has a succession plan in place, with Vice Chairman Greg Abel slated to succeed Buffett as CEO, investors know that their time to see and hear Buffett and longtime Vice Chairman Charlie Munger is limited.

“Even though I’ve gone for 32 or 33 years, it’s enjoyable, uplifting, and you’re always learning something new,” Paul Lountzis, who makes Berkshire his largest investment at Lountzis Asset Management LLC in Wyomissing, Pennsylvania.

“Charlie is 99 and Warren turns 93 on Aug. 30,” Lountzis added, “and you just don’t know how many more you’re going to have.”

Buffett and Munger are due to answer five hours of shareholder questions at the meeting. Abel, who oversees Berkshire’s dozens of non-insurance businesses, and Vice Chairman Ajit Jain, who oversees insurance operations, will join in the morning.

Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders his board would “show me the door” if his “decay” required it.

See also  Alexander McQueen's creative director Burton to leave

Under that plan, Buffett’s eldest son Howard would become non-executive chairman, in part to preserve Berkshire’s culture. Todd Combs and Ted Weschler, who oversee some of Berkshire’s investment portfolio, may take over all of it.

INVESTMENT QUESTIONS ARE LOOMING

Buffett may be asked to address recent U.S. bank seizures, Federal Reserve efforts to fend off inflation while avoiding recession, and the potential fallout if lawmakers in Washington do not raise the ceiling on how much debt the federal government can take on.

Among Berkshire’s largest bank and financial services investments as of Dec. 31 were Bank of America Corp (BAC.N), American Express Co (AXP.N), Citigroup Inc (C.N) and Bank of New York Mellon Corp (BK.N).

Other questions may address Buffett’s own huge investments in Apple Inc (AAPL.O) and Occidental Petroleum Corp (OXY.N), or his now-uncertain bet that video game maker Activision Blizzard Inc (ATVI.O) can be acquired by Microsoft Corp (MSFT.O).

While Berkshire no longer far outperforms markets over long periods as it did in Buffett’s early days, in the past decade it has slightly outpaced the Standard & Poor’s 500 (.SPX) including dividends, often with less volatility.

And Berkshire has kept growing, with Buffett spending $19.7 billion since October to buy the Alleghany insurance company and a larger stake in truck stop operator Pilot Travel Centers.

Analysts expect Berkshire on Saturday to report more than $7 billion of first-quarter profit from its dozens of businesses including the BNSF railroad, Geico car insurance and many energy, manufacturing and retail operations.

Morningstar analyst Geoffrey Warren this week lauded Berkshire’s “decentralized business model, broad business diversification, high cash-generation capabilities and unmatched business strength,” while lamenting its “lack of engagement and opaqueness” on governance issues.

See also  Japan's Warabeya shares drop after cockroach found in 7-Eleven rice balls

While it is unclear whether Abel could ever command the trust that investors have in Buffett, many hope he would maintain the culture that Buffett views as a key to Berkshire successes.

“It is precisely because Berkshire is decentralized and its businesses have their own CEOs that the company will do well in the post-Buffett era,” said James Armstrong, who runs Henry H. Armstrong Associates in Pittsburgh and first invested in Berkshire 35 years ago.

SIX PROPOSALS TO BE PRESENTED

Still, some shareholders do want change.

At the meeting, shareholders are due to present six proposals for Berkshire to address including on climate change, diversity and political advocacy, and a renewed call for Berkshire to install someone other than Buffett as chairman.

Buffett opposes all six proposals.

The largest U.S. public pension fund, the $455 billion California Public Employees’ Retirement System (CalPERS), for a third straight year wants Berkshire to report annually on how it addresses climate change. Just over a quarter of votes in 2021 and 2022 supported the idea.

“CalPERS views climate risk as a risk to our portfolio over the long term,” and is not singling out Berkshire, Drew Hambly, a CalPERS investment director and head of corporate governance in equities, said in an interview.

Meanwhile, a proposal from Illinois state Treasurer Michael Frerichs asks Berkshire’s board to disclose how the company governs climate risks, including through its audit committee.

“We believe in constructive engagement and dialogue, whether it’s Warren Buffett or another company,” Frerichs said in an interview. “By the nature of who he is, a lot of investors would follow his lead. We would like to see him lead.”

See also  "I’m really baffled by this plan"- Eoin Morgan questions England's short-ball tactics to Travis Head on Day 3

Buffett’s control of 32% of Berkshire’s voting power makes passage of the proposals an uphill battle.

Not all shareholders consider such proposals necessary.

“They are important issues but they are not paramount,” Lountzis said.

Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Will Dunham and Megan Davies

: .

59th Berkshire big Buffett Hathaway loom Marathon questions Set Shareholder Warren
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

NWSLPA Demands FIFA Take Action to Correct ‘Offensive and Inauthentic’ Portrayal of ‘Players of Color’

March 31, 2023

Amid Diplomatic Standoff, US Says “In Constant Touch With Canada And India”

September 21, 2023

Illinois Gov. Pritzker signs anti-book ban bill; blasts DeSantis, Republicans’ ‘extreme views’ on sexually explicit materials

June 14, 2023

Making Excuses for Hamas Mass Murder in Israel Show ‘Propaganda Is Working’

October 11, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

US minority-owned businesses have $1.3 trillion growth potential, JPMorgan says

November 29, 2023

Jonathan Van Ness Cries While Discussing Trans Issues With Dax Shepard

September 26, 2023

How Did Egypt Eliminate Hepatitis C In Less Than One Year?

May 21, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.