Warren Buffett holds first Berkshire Hathaway meeting without Charlie Munger

Welcome to “Woodstock for capitalists.”

Welcome to “Woodstock for capitalists.” Tens of thousands of Berkshire Hathaway shareholders and Warren Buffett fans flocked to Nebraska this weekend to consume Berkshire (BRKB)-owned See’s Candies and Dairy Queen Dilly Bars, compete in newspaper-throwing contests and, perhaps most important, to see the Oracle of Omaha speak in person. This year, however, the event will strike a more solemn tone. Buffett will appear for the first time without his longtime business partner and friend Charlie Munger, who died in November. Greg Abel, the expected successor to Buffett who runs Berkshire’s noninsurance operations; and Ajit Jain, who runs the company’s insurance business, are expected to join Buffett on stage. However, the warm back-and-forth and Munger’s whip-smart (and often sarcastic) remarks will be missed. Buffett, 93, opened Berkshire’s 2023 annual report with a dedication to Munger, who died at age 99, just 33 days before the milestone birthday. Buffett said Munger was the “architect” behind the conglomerate they built together. “In the physical world, great buildings are linked to their architect, while those who had poured the concrete or installed the windows are soon forgotten,” he wrote. “Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”