Warren Buffett assures Berkshire shareholders of succession plan, praises Apple

Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, reassured shareholders at the company’s annual meeting that his successors were ready to take the helm. Speaking at the meeting in Omaha, Nebraska, Buffett praised Vice Chairmen Greg Abel and Ajit Jain, stating that they were the right people to lead Berkshire Hathaway after he departs.

Buffett, who has transformed Berkshire Hathaway into an $862 billion conglomerate since taking over in 1965, expressed confidence in Abel and Jain’s abilities to manage the company’s vast portfolio of businesses. He highlighted Abel’s role in capital allocation decisions regarding Berkshire’s public stocks, signaling his trust in Abel’s leadership.

Despite trimming its position in Apple, one of its largest investments, Berkshire Hathaway reported a record operating profit in the first quarter. Buffett praised Apple as “an even better business” than some of Berkshire’s oldest investments, such as American Express and Coca-Cola. He described the iPhone as “one of the greatest products of all time,” emphasizing the company’s strong pricing power and loyal customer base.

The meeting, which marked the 60th for Buffett, was the first since the passing of his longtime business partner Charlie Munger. Buffett paid tribute to Munger, describing him as the “architect of today’s Berkshire.” Shareholders reelected all 14 Berkshire directors and rejected six shareholder proposals, all of which Buffett opposed.

Thousands of shareholders lined up in rainy weather to attend the meeting, eager to hear Buffett’s insights on investing and life. The weekend also featured an exhibit hall where shareholders could purchase merchandise from Berkshire-owned companies.

Overall, the meeting showcased Buffett’s continued leadership and the strength of Berkshire Hathaway under his guidance. With Abel and Jain poised to take over in the future, shareholders can rest assured that the company is in good hands. Buffett’s optimism about the future of Berkshire Hathaway and his praise for Apple demonstrate his unwavering confidence in the company’s long-term success.