Berkshire Hathaway 2024 shareholders meeting: What you need to know

Warren Buffett

Berkshire Hathaway's annual meeting is scheduled for May 4, where the Oracle of Omaha Warren Buffett will address enquiries following the company's first-quarter earnings announcement.

This is the first AGM without Buffett's longtime friend and partner, Charlie Munger, who passed away last year, putting the spotlight on Vice Chairmen Greg Abel and Ajit Jain. Shareholders are eager for insights into succession planning and Berkshire's growth strategies going forward.

Berkshire without Munger

The absence of Charlie Munger, Buffett's trusted partner at Berkshire, will significantly alter the texture of the meeting. Munger, instrumental in shaping Berkshire's ethos of acquiring exceptional businesses at reasonable valuations, passed away in November 2023 at the age of 99.

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Munger's presence will be keenly missed at the annual meeting, where he and Buffett traditionally not just fielded investor queries but delighted them with their wit and wisdom. Ironically, Munger's most frequent and characteristic response "nothing to add" will also be sorely missed.

Focus on succession plan

Given Munger's demise and Buffett's age of 93, stakeholders seek clarity regarding Berkshire's succession blueprint. Abel and Jain, appointed vice chairmen in 2018 to oversee Berkshire's non-insurance and insurance sectors respectively, have assumed more prominent roles in recent years. Munger previously hinted at Abel as Buffett's potential successor during the 2021 annual meeting, a notion subsequently confirmed by Buffett to CNBC.

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Buffett told CNBC, "The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning."

Earnings and prospects

Berkshire is poised to unveil its first-quarter earnings just ahead of the AGM. The spotlight will be on the company's substantial cash reserves, which have swelled to record levels in recent quarters.

Focus on Apple, mystery stock

Investors await Berkshire's Form 13-F, disclosing any alterations to its portfolio in the first quarter, eagerly seeking insights into Buffett's investment philosophy. The deadline for Form 13-F submissions for the first quarter is May 15.

Of particular intrigue is a mystery stock acquired by Berkshire late last year. The company requested confidentiality from the U.S. Securities and Exchange Commission (SEC).

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In prior disclosures, Berkshire reduced its holdings in Apple, Paramount Global, and HP while increasing stakes in Chevron, Occidental Petroleum, and Sirius XM Holdings as of December 2023. Coca-Cola and American Express are expected to retain their positions within the portfolio.

Buffett's significant bet on five Japanese conglomerates known as trading houses — Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo — will be in focus as well.