"In 1790 we had one-half of 1% of the world's population," Buffett said. "I like banks generally, I just didn't like the proportion compared to the possible risk," Buffett said. "We happen to have a large group of people that didn't pick stocks but they picked Charlie and me to manage money for them 50, 60 years ago. Livestream Q&A with Buffett, Munger, Greg Abel, and Ajit Jain … Q1 2021 hedge fund letters, conferences and more. This included stakes in United, American, Southwest and Delta Air Lines, which were worth north of $4 billion combined. "We do not interact with each other as often as Warren and Charlie do. "There’s nothing, you know, there’s nothing illegal about it, there’s nothing immoral. Got a confidential news tip? Nor do I like shoveling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. It was resurrected in an extraordinarily effective way by Federal Reserve action and later on the fiscal front by Congress," Buffett said in opening remarks at Berkshire's annual shareholder meeting.". Get this delivered to your inbox, and more info about our products and services. Buffett conceded that selling some of Apple's stock in 2020 was "probably a mistake," with shares rising even further this year following the tech-led 2020 in the markets. ", "You're repurchasing stock. One shareholder asked Buffett about Berkshire's decision to invest in the oil and gas industry, and queried whether we might have "build our own unrealistic consensus on the pace of change" to clean energy solutions. "It's not going to be duplicated, certainly not by me and Greg. I mean you could come to me on Monday morning with something that involved $30, or $40 billion or $50 billion. Munger resides in Los Angeles and missed the last annual meeting due to travel restrictions. Microsoft and partners may be compensated if you purchase something through recommended links in this article. I would hate to have all the hydrocarbons banned in three years," Buffett said. "It's not an accident. More than 500 blank-check deals with over $138 billion funds are seeking their target companies currently, according to SPAC Research. And it’s just a dumb equation.". "I’m quite comfortable holding Berkshire. "I recommend the S&P 500 index fund … I’ve never recommended Berkshire to anybody because I don’t want people to buy it because they think I’m tipping them into something," he said. Most investors would benefit from simply purchasing an S&P 500 index fund over the long run rather than picking individual stocks, even including Berkshire Hathaway, Buffett said during the question-and-answer session Saturday. "They're a way, essentially, of distributing the cash to the people that want the cash when other co-owners mostly want you to reinvest," Buffett said. Buffett attends one of Berkshire's annual shareholders meeting. However, last year, business virtually ground to a halt. 2021 Berkshire Hathaway Annual Meeting Information. Berkshire Hathaway reported first-quarter results Saturday morning, underscoring a rebound in profits across the firm's businesses amid the COVID-19 recovery. Warren Buffett will kick off Berkshire Hathaway's annual shareholder meeting on Saturday riding high, with shares of the conglomerate at a record and its myriad of operating businesses and equity investments primed to benefit from the U.S. economy reopening from the pandemic. Berkshire's other vice chairmen, Ajit Jain and Greg Abel, will also be on hand to answer questions during the 3½-hour event. The CEO of See's Candies, one of the longstanding companies owned by Berkshire Hathaway, told Yahoo Finance that the company has seen a strong rebound at the start of 2021. "If you're running money from somebody else and you get a fee and you get the upside and you don't have the downside, you're going to buy something," he added. Shanahan estimated that Berkshire bought back another $5 billion of its own shares in the first quarter, based on proxy filings. Net earnings attributable to Berkshire shareholders swung back to a profit of $11.71 billion, compared to a loss of $49.75 billion in the same quarter last year. Russia had five times as many people. And we’ve probably got two people that are short. And on the other hand, what's happening will be adapted to over time just as we've adapted to all kinds of things. Here are some of the big topics shareholders will want answers on: At the last annual meeting, Buffett revealed Berkshire sold the entirety of its equity position in the U.S. airline industry. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. And they sell cigarettes, it's a big item," he added as an analogy. 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