- Berkshire Hathaway’s annual meeting in 2024, chaired by Warren Buffett, offered valuable insights into the company’s investment decisions and succession plans.
- This was the first Berkshire meeting without Charlie Munger, Buffett’s long-time business partner and friend, who passed away last year.
- Greg Abel, who will be taking over as CEO, will control Berkshire Hathaway’s investing decisions, including its stock portfolio, after Buffett.
Warren Buffett’s Berkshire Hathaway 2024 annual meeting reveals key investment decisions and succession plans, including the role of Greg Abel as the future decision-maker for the company’s stock portfolio.
Greg Abel to Take Charge of Investment Decisions
Warren Buffett confirmed that Greg Abel, 61, the future CEO of Berkshire Hathaway, will be in charge of the company’s investing decisions, including its stock portfolio. Abel, vice chairman of the non-insurance operation, has been managing a significant portion of Berkshire’s investments, including energy and retail.
Berkshire Trims Stake in Apple
Berkshire Hathaway reduced its stake in tech-giant Apple by around 13 per cent in the first quarter. Despite this, Apple remained Berkshire’s biggest holding at the end of the January-March quarter. Buffett stated that the stake sale was for tax purposes.
AI Scamming: The Next Big “Growth Industry”
Buffett highlighted the potential of artificial intelligence (AI) for scamming people due to its ability to create convincing fake images and messages. He believes that AI scamming could be the next big “growth industry”.
Entire Stake in Paramount Sold at a Loss
Buffett announced that Berkshire sold its entire stake in Paramount Global at a loss. Berkshire owned 63.3 million shares of Paramount at the end of 2023.
Positive Outlook on India
Buffett expressed a positive outlook on India, stating that there were “loads of opportunities” in the country. However, Berkshire does not have immediate plans for large investments in other countries.
Conclusion
The 2024 Berkshire Hathaway annual meeting revealed key investment decisions and succession plans, with Greg Abel set to take charge of the company’s investing decisions. Despite trimming its stake, Apple remains Berkshire’s biggest holding. Buffett also highlighted the potential growth of AI scamming and expressed a positive outlook on India.
