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The annual Berkshire Hathaway (BRK-A, BRK-B) shareholder meeting is here.
Called "Woodstock for Capitalists," the weekend's main event is set to kick off this morning with Warren Buffett taking questions from CNBC's Becky Quick as well as Berkshire shareholders.
On Saturday morning, Berkshire reported earnings that showed lower operating profit in the first quarter, down 14.1% year over year to $9.64 billion, with the drag coming from insurance operations. The company's cash pile grew to a record $347.7 billion as of March 31.
Buffett will again be joined onstage by Greg Abel and Ajit Jain, Berkshire's vice chairmen. Abel, who runs Berkshire's operating businesses, is set to take over as CEO of Berkshire after Buffett. Jain runs Berkshire's insurance operations.
One topic seems to be at top of mind: tariffs.
“Warren Buffett has steered away from discussing tariffs, and people are clamoring to hear what he thinks," Robin Nasser, a certified public accountant who is attending the meeting, told Reuters. "He obviously knows something we don't because he's stockpiling cash.”
This year's Q&A session is set to be a bit tighter than in year's past. Buffett, Abel, and Jain are set to take questions from 9:00 a.m. ET to 11:30 a.m. ET. After a 30-minute break, Buffett and Abel will take questions for another two hours.
The company's stock has been an outperformer this year, rising more than 18% year-to-date against a 3% drop for the S&P 500.
In February, Berkshire's annual report revealed the company's cash pile nearly doubled to $334 billion as it sold down some stock positions, though Buffett noted in his letter to shareholders that "the great majority of your money remains in equities. That preference won't change."
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Buffett also declined to buy Berkshire Hathaway stock in the first quarter, too
The big headline to emerge from Berkshire's first quarter results posted Saturday was continued growth in the company's cash pile, which now exceeds $347 billion. That's up from around $188 billion a year ago.
In its first quarter report, the company also disclosed that it declined to repurchase any shares of the company.
Buffett had said in the past he would only repurchase shares if the stock fell below 1.2 times book value; the stock trades closer to 1.8 times book value per share today. And though Buffett softened his stance on this rule, the decision not to repurchase Berkshire shares — while also paring the company's other equity holdings — shows there are simply very few assets the Oracle of Omaha finds interesting right now.
We expect this theme to dominate the proceedings on Saturday.
Some Buffett and Berkshire facts
Reuters published a "Factbox" with some details about 94-year-old CEO Warren Buffett and the Berkshire Hathaway empire.
Via Reuters:
Berkshire Hathaway's operating profit falls in Q1, cash pile rises
NEW YORK (Reuters) -Warren Buffett's Berkshire Hathaway on Saturday reported a lower operating profit in the first quarter, hurt by weaker results from its insurance operations, while its cash pile continued to grow.
Operating profit for the Omaha, Nebraska-based conglomerate dropped 14.1% to $9.64 billion from $11.22 billion a year earlier.
Net income, including unrealized gains and losses from Berkshire's common stock investments, was down roughly 64% to $4.6 billion, or $3,200 per Class A share, from $12.7 billion a year earlier.
Berkshire's cash stake set a new record, rising to $347.7 billion as of March 31 from $334.2 billion at year-end.
Berkshire was a net seller of stocks for a 10th straight quarter, as it bought $3.18 billion and sold $4.68 billion.
Investors want to hear Buffett talk tariffs
As investors and observers await legendary investor and Berkshire Hathaway CEO Warren Buffett speak at the Berkshire's annual shareholders meeting, one topic is at top of mind: tariffs.
"The far-reaching nature of their businesses and investments make them a microcosm for the whole economy," Cathy Seifert, an analyst at CFRA, told Reuters. "The overarching concern is we need insight into the degree to which tariffs will cause demand destruction or a slowdown in the economy."
Robin Nasser, a certified public accountant who is attending the meeting, told Reuters: “Warren Buffett has steered away from discussing tariffs, and people are clamoring to hear what he thinks. He obviously knows something we don't because he's stockpiling cash.”
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