Current Events: Berkshire Hathaway and Warren Buffett

Here are the key takeaways from the recent news about Berkshire Hathaway and Warren Buffett:

Berkshire Hathaway reported strong first quarter 2024 earnings, with operating profits surging 39% to a record high. However, net earnings declined 64% due to investment losses.

Warren Buffett's company trimmed its massive stake in Apple by 12.9% during Q1 for tax reasons. Buffett still praised Apple at the annual meeting despite the stake reduction.

Berkshire's cash pile reached nearly $200 billion, as Buffett was a net seller of $17 billion in stocks during the quarter. The company is sitting on a formidable cash stockpile.

At the annual shareholders meeting, the first since Charlie Munger's passing, Buffett said Berkshire is in good hands with his likely successor Greg Abel. He expects Abel to largely preserve Berkshire's culture.

Buffett warned about potential AI scams and owned up to a costly bet on Paramount Global. Berkshire shareholders rejected proposals related to climate change, diversity and China.

A multi-day phone outage at Berkshire's headquarters forced Buffett to work from his iPhone, jokingly making him glad he didn't sell all their Apple stock.

In summary, Berkshire posted mixed Q1 results, trimmed its Apple stake, and is well-positioned for the future under Abel's expected leadership, as Buffett navigates the evolving business landscape at age 92. The annual meeting provided insights into his current perspectives.