Warren Buffett is planning to lead an unusual annual meeting without any of the roughly 40,000 shareholders who typically attend, but the investor will offer some of the commentary that draws the huge crowds.
FILE - In this May 5, 2019, file photo Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb. Buffett will hold a drastically scaled-back version of Berkshire Hathaway's annual meeting on Saturday, May 2, 2020, because of the coronavirus outbreak.
"We do not know exactly what happens when you voluntarily shut down a substantial portion of your society," Buffett said because it has never been done. He said it may take several years to understand all the economic implications of the coronavirus outbreak, but it hasn't changed his long-term view because the country has endured wars and depressions before.It's not clear how long the virus will continue to weigh on the economy, Buffett said.
All of the events surrounding the annual meeting, including a trade show where Berkshire companies sell their products, were cancelled this year because of the coronavirus pandemic, and Buffett had a different partner for the question session. The fact that Abel appeared alongside Buffett will add to speculation that he could one day succeed the 89-year-old billionaire as CEO, but it likely also reflects the fact that Abel is based relatively close to Omaha, in Des Moines, Iowa. Abel and fellow longtime executive Ajit Jain, who oversees Berkshire's insurance businesses, are seen as the two most likely successor candidates although Buffett has no plans to retire.
Berkshire said it lost $49.7 billion, or $30,653 per Class A share, during the first quarter. That's down from last year's profit of $21.66 billion, or $13,209 per Class A share.
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