“Making Money” host Charles Payne reflects on Warren Buffett’s annual shareholder report praising Charlie Munger.
warren buffett He discussed Berkshire Hathaway’s succession plans and paid tribute to his longtime business partner and friend Charlie Munger at the conglomerate’s annual meeting in Omaha, Nebraska, on Saturday.
Buffett, 93, appeared alongside Vice Chairman Greg Abel, 61, and Vice Chairman Ajit Jain, 72, and answered questions for about five hours. berkshire hathaway Shareholders come from all over the world. This marks Mr. Buffett’s 60th meeting since he took over the company in 1965, and although the billionaire has handed over many responsibilities to Mr. Abel and Mr. Jain, Compatible with
“I don’t really do much, and I don’t operate at the same level of efficiency as I did 30 or 40 years ago,” Buffett said. “Why settle for me when you have guys like Greg and Ajit? It worked out very well.
“The number of calls I get from managers is basically zero. Greg is answering the calls. I don’t really know how he does his job, but we have the right team. We have the talent, I can tell you that,” he said. Added. Buffett said he felt fine, but joked that he shouldn’t have signed a four-year contract.
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Warren Buffett and the late Charlie Munger attend the 2019 Berkshire Hathaway Annual General Meeting. (Johannes Eisel/AFP via Getty Images/Getty Images)
About the future of Berkshire Hathaway Capital allocation decisionsBuffett said, “If I were to be on that board and make that decision, I would probably leave the capital allocation to Greg, knowing Greg. He understands the business very well.” “If you understand business, you will understand common stocks.”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BRK.A | Berkshire Hathaway Company | 602,911.01 | -3,502.44 | -0.58% |
| BRK.B | Berkshire Hathaway Company | 400.77 | -0.01 | -0.00% |
Abel, who was ultimately named Berkshire’s CEO to succeed Buffett in 2021, said: “As we go through some kind of transition, I hope that the capital allocation principles that Berkshire follows today will continue to exist for Warren.” It’s important to know.”
Jain expressed a similar opinion, saying that he was not irreplaceable as head of Berkshire’s insurance business. Apple CEO Tim Cook Steve Jobs’ successors have shown that no manager is irreplaceable, even iconic figures like Buffett and Jobs.
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A participant holds a cardboard cutout of Berkshire Hathaway Chairman and CEO Warren Buffett inside the CHI Health Center during the 2024 Berkshire Hathaway Annual General Meeting in Omaha, NE. . (Dan Brouillette/Bloomberg via Getty Images/Getty Images)
Buffett also paid his respects. the late charlie mungerHe died in November at age 99, hailing him as “the architect of today’s Berkshire.”
“An architect is someone who dreams up, designs, and ultimately supervises the construction of great structures. It takes a carpenter, a beaver, me, but an architect is a Berkshire genius,” Buffett said. . He added that Munger’s designs “will live on beyond his lifetime and will live on far beyond my lifetime.”
The company opened the conference with a video tribute to the two friends, who first met in 1959 and have worked together for decades. Also on sale at the convention were copies of Munger’s collection of wit and wisdom, Poor Charlie’s Almanack.
Warren Buffett pays tribute to friend Charlie Munger as ‘architect’ of Berkshire Hathaway
A cardboard cutout of Berkshire Hathaway Chairman and CEO Warren Buffett greets visitors on the exhibit floor during Berkshire Hathaway’s annual shareholder meeting. (Dan Brouillette/Bloomberg via Getty Images/Getty Images)
“Charlie, in all the years we’ve worked together, not only have you never once lied to me, but you’ve shaped things to the point of half-lies and half-lies to stack the deck in the direction you want. I didn’t even say, ‘Go,” Buffett said.
At the first annual meeting since his friend’s death, where his respect for Munger’s legacy and accomplishments was evident, Buffett also spoke broadly about his own views on life.
“I don’t know where life’s path will take me. I can’t blame myself. I try to do what’s important to me. I’m having fun.” money management For those who trust me. I like the feeling of being trusted. I’m not looking for much change. I believe that it is important to make an effort to find what you are good at and what you enjoy. I think one of the things you should strive for is to be kind,” Buffett said.
Bobbleheads depicting Berkshire Hathaway CEO Warren Buffett and former vice chairman Charlie Munger are on display at a shareholder meeting. | Getty Images
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At the end of the Q&A, Buffett joked to the packed arena, “Thank you so much for coming. Not only do I hope you’ll come next year, but I hope you’ll come next year.” .
Reuters contributed to this report.
