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Legendary investor Warren Buffet-led Berkshire Hathaway’s much anticipated Annual General Meeting (AGM) will take place on May 1. The event is famously referred to as the Woodstock of Capitalists and will be held virtually again for the second time due to Covid-19 pandemic.
As has been the case in the past years, the meeting will serve as a forum for Buffett to field questions on Berkshire’s business, markets and the economy. Buffett’s remarks have been known to move markets. Last year, Buffett had disclosed at the AGM that Berkshire had sold stakes in American, Delta, United Airlines etc. in Q1 CY20, which had led to a drop in these stocks at that time.
Berkshire Hathaway Chairman and CEO Warren Buffett will be joined by Vice-Chairman Charlie Munger, who will also field questions from shareholders and journalists.
Market watchers, investors and analysts will be keenly watching their comments on the outlook on stock markets and expectations of economic recovery. He is expected to recall how the global crisis took a toll on some of the company’s wide-ranging businesses while bolstering some others.
Berkshire ended 2020 with more than $138 billion of cash, even after spending a record $24.7 billion on buybacks last year. So, capital management will also be a key topic this time.
Succession talks
Buffett will turn 91 in August, and therefore his succession planning and any hints on the same will be keenly watched. Buffett has previously acknowledged the need for the same assuring investors that life at Berkshire will go on without them. He had written to shareholders in 2020 saying, “Your company is 100% prepared for our departure”
In 2018, he took a step toward addressing the matter, Buffett had promoted Greg Abel and Ajit Jain to vice chairmen roles, both of whom will also be in the meeting. Any further hints on the same will also be keenly watched at the event.
How can you watch?
You, too, can attend Warren Buffett’s address to Berkshire Hathaway’s AGM as Yahoo Finance will exclusively livestream the event on Saturday, May 1, with coverage starting at 12:30 p.m. ET or 10 p.m. IST.