About 2024 Annual Meeting

(May 4, 2024) In the first shareholders meeting since the death of Charlie Munger, Warren Buffett answers questions with Vice Chairmen Greg Abel and Ajit Jain by his side. Buffett talks about how his expectation the capital gains tax rate will be rising in future years contributed to his decision to sell 13% of Berkshire's Apple stock holdings. They also cover Buffett's willingness to invest in Canada, why he is concerned that AI could lead to more financial scams, and he takes full responsibility for losing "a lot of money" after selling the remainder of the company's stake in Paramount Global.

Berkshire Hathaway Shareholder Letters

Berkshire Hathaway's per-share market value increased by 15.8% in 2023, but the benchmark S&P 500 index with dividends included did even better, jumping 26.3% as the economy remained strong and corporate earnings were better than expected. Investors were encouraged by the apparent end to a series of Federal Reserve rate hikes designed to bring down inflation. In his letter, Buffett paid tribute to his long-time friend and business partner Charlie Munger, who died in November just before his 100th birthday. Buffett called Munger the true "architect" of Berkshire, citing his advice in 1965 to "abandon" the extreme value investing technique Buffett had learned from his mentor, Ben Graham. Instead, Munger told him to focus on buying "wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices." Buffett wrote that while he was Berkshire's "general contractor" carrying out the "day-by-day construction" of Munger's vision, "Charlie should forever be credited with being the architect" of a great company.

READ 2023 LETTER (DATED FEB. 24, 2024)