Some folksy wisdom from Warren Buffett during Berkshire Hathaway\u0027s annual meeting on May 6 could help quell investors\u0027 anxiety. Read on.
Since then, Berkshire has been less active. There haven’t been major announcements in line with the Alleghany deal, though Buffett made news in April when he joined CNBC for a three-hour block of programming from Japan, joined for the first hour by heir apparent Greg Abel.
Abel, who’s also a vice-chairman, became Buffett’s clear successor in 2021. He’s built Berkshire’s energy business into one of the largest in the U.S. Buffett joked during his appearance on CNBC that Abel does “all the work,” and investors will likely take the annual meeting as an opportunity to assess that comment.Article content
“When I think of the talent there, it’s just amazing,” Abel said. “And their leadership skills are remarkable.”Another topic Buffett might address is banks. Buffett was long a major buyer of financial stocks, becoming the largest shareholder of companies including U.S. Bancorp. But he’s been shrinking his exposure to the sector, exiting a position in Wells Fargo & Co. and trimming his U.S. Bancorp stake. Berkshire remains the biggest shareholder of Bank of America Corp.
Buffett said during his CNBC appearance that we hadn’t seen the last of bank failures, and that his enthusiasm for the sector was cooling.Berkshire and its diverse subsidiaries function as a proxy for the state of the U.S. economy, and Buffett has repeatedly linked the firm’s growth and his own financial success to the nation’s performance.Article content
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