Warren Buffett, the 94-year-old chairman of Berkshire Hathaway, emphasized the importance of balanced trade during the company’s annual meeting, stating that trade should not be used as a weapon. Buffett argued that fostering global prosperity benefits everyone and criticized the notion of a few countries claiming superiority.
Berkshire Hathaway has maintained a cautious stance toward markets, with its cash holdings reaching a record $347.7 billion in the first quarter. During the meeting, Buffett addressed shareholder concerns alongside vice chairmen Greg Abel and Ajit Jain.
Buffett warned against federal budget deficits, calling them “unsustainable” and urging the U.S. government to address fiscal issues. He encouraged patience among investors worried about economic trends, reiterating his long-term optimism for the United States.
Berkshire reported a 14% decline in operating profit to $9.64 billion in Q1 due to insurance losses from California wildfires. The company has been a net seller of stocks for 10 consecutive quarters and has not repurchased shares since last May.
Greg Abel echoed Buffett’s philosophy on cash management, describing it as a strategic asset that allows Berkshire to navigate difficult times. Ajit Jain highlighted advancements in Geico’s technology for assessing driver behavior and pricing policies accurately.
Thousands of shareholders attended the meeting in Omaha, Nebraska, braving cold weather to hear Buffett’s insights. Many expressed a desire to witness his wisdom firsthand before he steps down.
— new from Reuters
