- Berkshire Hathaway (NYSE:BRKa) is holding its annual shareholder meeting today in Omaha.
- Later this morning, Warren Buffett and Charlie Munger will take questions from shareholders. Watch the live steam here beginning at 9:45 ET.
- Ahead of the Capitalist Woodstock event, Buffett told CNBC that he bought an extra 75M shares of Apple in Q1. Expect a few more market-moving revelations as the meeting progresses.
- Check this page throughout the day for the latest updates.
- A couple of Buffett quotes early in the morning get things started in Omaha.
- Buffett on cryptos: "When you buy Bitcoin, you are just hoping that the next guy will pay more; it will not produce profit itself. That is not investing, that is one kind of game."
- Buffett on succession: "We have to have the right person for Berkshire CEO. We may find it in a month or it may take six months. But it's important to have the right person."
- Keeping it simple: "Index funds are the best form of equity investing. If you consistently stick with them over decades, they will do wonders. We have not invested our cash holding in ETF because we would rather like to buy entire business."
- Q&A highlights: "The decline is faster than we thought it was going to be," says Charlie Munger, talking about the big drop in circulation at many of the local newspapers owned by Berkshire. Economically, it's not a huge deal for Berkshire, says Buffett, but he and Munger worry about the consequences for society.
- Asked why Berkshire has such a large position in American Express (NYSE:AXP), but not so much Visa (NYSE:V) and Mastercard (NYSE:MA), Buffett says the V and MC purchases were done by Todd Combs and Ted Weschler, and yes, he should have bought earlier and bigger.
- Of Apple's (NASDAQ:AAPL) massive share buyback, Buffett says he's a big fan. Both he and Munger don't believe Apple could find suitable acquisition targets, so share repurchases are a better idea. Why never an owner of Microsoft (NASDAQ:MSFT)? "Stupidity" at first, says Buffett, but now the close personal relationship between he and Bill Gates keeps him on the sidelines for that name.
- Now read: Basic Guide To Successful Investing - Part II
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