Warren Buffett is set to preside over Berkshire Hathaway Inc's annual meeting for the 59th time on Saturday as investors make their pilgrimage to hear the investing legend, at a time of turmoil for the banking industry and as trouble looms for the economy.
While Berkshire no longer far outperforms markets over long periods as it did in Buffett's early days, in the past decade it has slightly outpaced the Standard & Poor's 500And Berkshire has kept growing, with Buffett spending $19.7 billion since October to buy the Alleghany insurance company and a larger stake in truck stop operator Pilot Travel Centers.
Morningstar analyst Geoffrey Warren this week lauded Berkshire's "decentralized business model, broad business diversification, high cash-generation capabilities and unmatched business strength," while lamenting its "lack of engagement and opaqueness" on governance issues. "It is precisely because Berkshire is decentralized and its businesses have their own CEOs that the company will do well in the post-Buffett era," said James Armstrong, who runs Henry H. Armstrong Associates in Pittsburgh and first invested in Berkshire 35 years ago.
Meanwhile, a proposal from Illinois state Treasurer Michael Frerichs asks Berkshire's board to disclose how the company governs climate risks, including through its audit committee.
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