In a year in which the S&P 500 has dropped by more than 13%, Berkshire is up more than 7%. For many shareholders, Warren Buffett, 91, and Charlie Munger, 98, proved they were more than capable of retaining control of the company:
OMAHA, Neb. — At the start of the Berkshire Hathaway BRK.B, -2.55% BRK.A, -2.94% annual meeting on Saturday, chairman and chief executive officer Warren Buffett wasted no time speaking to the question of the company’s aging leadership. He noted, in fact, that his and vice chairman Charlie Munger’s combined age was roughly 190 years — and that it was only appropriate that shareholders “see them in person.
And, of course, they pointed to Berkshire’s recent track record: In a year in which the S&P 500 SPX, -3.63% has dropped by more than 13%, Berkshire is up more than 7%. Others were slightly more skeptical, pointing to how Buffett, always known for talking at length, went on longer than usual. Buffett said Berkshire “will always have a lot of cash” on hand, particularly so it can be nimble when opportunities arise.
A contentious point of the meeting involved a proposal for Berkshire to have an independent chairman, stripping Buffett of one of his dual roles. As chair and CEO, Buffett is essentially his own boss, leading some to question whether that poses an inherent conflict.
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