At the start of the annual meeting, Warren Buffet wasted no time speaking to the question of the company. He said that it was appropriate for shareholders to see his and his vice chairman Charlie Munger in person.
The implication is that the faithful of the company might need reason to be reassured.
For many shareholders, the fact that Buffett and Munger were able to steer the company in a profitable direction was proof that they were more than capable of retaining control of the company. The shareholders pointed out that the two men answered questions for several hours and offered their opinions on a range of topics.
They pointed to the fact that in a year in which the S&P 500 has dropped by more than 13%, the company has risen more than 7%.
Jack Berdan, a shareholder from San Clemente, Calif., was at the meeting for the first time.
Mitchell Hockenbury, a financial professional and shareholder from Kansas City, Mo., who has been a meeting regular through the years, said that Warren has not lost a step.
Others were slightly more skeptical of how long Buffett talked for.
He is not as sharp. Ron White, a shareholder from Oklahoma City, Okla., and another previous attendee, said that there have been several answers that were long.
He believes that the company that owns and invests in a wide range of businesses, from insurance entities to a candy company, is in a good position to embrace a future without him. The company's disciplined approach will remain in place, he pointed out.
He said that the board of directors understands the culture.
When Greg Abel takes over, some things might change. He said that the board may not give him carte blanche in making decisions.
They will put some more restrictions on him.
The meeting, long celebrated as a kind of Woodstock for capitalists, with a range of social activities and shopping opportunities beyond the big shareholder gathering at the CHI Health Center arena, was the first held in-person since 2019. The meeting has been done as a virtual affair the past two years.
It really feels good to be back, said Warren Buffet at the beginning.
The shareholders gave them a platform to speak about anything. The acquisition of Alleghany Corp. and the purchase of more shares of the company by the company of Warren Buffet was a topic of discussion.
It will always have a lot of cash on hand, so it can be flexible when opportunities arise.
Throughout the event, Buffett and Munger expressed their skepticism aboutcryptocurrencies. Munger responded to a question from a young investor by saying, "When you have your own retirement account and your retirement advisor suggests you put all your money in bitcoin, just say no."
Munger had a few things to say about the financial industry.
A proposal to have an independent chairman for the company was a point of contention in the meeting. Some are questioning whether the conflict is caused by the fact that Buffett is his own boss as chair and CEO.
Munger said that it was the most ridiculous criticism he had ever heard.
The proposal was voted down by shareholders, along with other measures, including one that would require the company to issue a yearly assessment of how it is managing issues related to climate change.
A shareholder asked if there was a stock worth buying right now as a hedge against inflation, and those looking for investment tips fromBuffett and Munger might have taken notice.
The best way to protect yourself against inflation is to simply be good at something, so your talents and services are always in demand regardless of which way the financial wind blows.
David Applegarth, a meeting attendee from Boston, said that Buffett missed an opportunity and could have offered a more apt response.
Applegarth said they were surprised he didn't say to buy the stock.
MarketWatch reporters William Watts and Christine Idzelis contributed to the story.
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