Buffett Reaffirms Succession, Flags Record $347B Cash, Says Will 'Wait for Right Pitch'
Warren Buffett reaffirmed Greg Abel as his successor at Berkshire Hathaway's annual meeting, highlighting the company's record cash holdings of $347 billion. He emphasized the importance of investment discipline and indicated that the firm will wait for the right opportunities amid high market valuations. Buffett also expressed concerns about global trade disputes and their potential impact on corporate earnings. Shareholders engaged in a Q&A session, discussing topics like artificial intelligence and inflation, with executives stressing transparency and value creation as core principles.
Warren Buffett (Trades, Portfolio) offered clarity on succession, record cash holdings, and investment discipline at Berkshire Hathaway's (BRK.A) annual shareholder meeting held May 3 in Omaha.
Buffett, 94, confirmed Greg Abel, Vice Chairman of Non-Insurance Operations, remains his designated successor. He stressed that Berkshire's decentralized structure and long-standing investment strategy will continue under Abel's leadership.
Berkshire's cash and equivalents reached a new high of $347 billion. Buffett said the sizable war chest provides flexibility amid lofty market valuations, noting the firm will act when the right opportunities arise.
Addressing recent moves in the portfolio, Buffett explained the partial sale of Apple shares was primarily tax-driven. He reaffirmed Apple remains one of Berkshire's strongest holdings.
On the broader economy, Buffett flagged concerns over global trade disputes. He cautioned that rising protectionism could disrupt corporate earnings and long-term growth.
During an extended Q&A, shareholders questioned the leadership trio, Buffett, Abel, and Vice Chairman Ajit Jain, on topics including artificial intelligence and inflation. The executives emphasized discipline, transparency, and value creation as Berkshire's guiding principles.
