As has been the case in years past, the meeting will serve as a forum for Buffett to field questions on Berkshire’s business, markets and the economy in an hours-long event. These remarks have been known to move markets, in securities both included and absent from the famed Berkshire portfolio. Last year, Buffett disclosed at the annual meeting that Berkshire had sold out of its entire interest in the airline stocks American Airlines (AAL), United Airlines (UAL), Delta Air Lines (DAL) and Southwest Airlines (LUV) in the first quarter of 2020, sparking a drop in the stocks at the time.
The Oracle of Omaha has typically also used his remarks to impart broader advice about finding success and living a well-rounded life, with these maxims offered in a characteristically optimistic tone.
But in many ways, this year’s meeting will look different from those in the past. The annual event will be held in a hotel conference room in Los Angeles rather than in an arena in Omaha, Nebraska, due to the ongoing COVID-19 pandemic.
Buffett’s long-time business partner Charlie Munger will return onstage this year to co-lead the event, after sitting out last year due to the pandemic. And in a new move, Buffett and Munger will be joined by Berkshire’s Vice Chairmen Gregory Abel and Ajit Jain, in a signal of potential succession plans at the company.
Yahoo Finance will exclusively livestream the event on Saturday, with coverage starting at 12:30 p.m. ET. Check back here for real-time updates.
8:20 a.m. ET: Berkshire Hathaway reports 20% jump in Q1 operating profit, additional stock buybacks
Berkshire Hathaway reported first-quarter results Saturday morning, underscoring a rebound in profits across the firm’s businesses amid the COVID-19 recovery. Berkshire also reported that it conducted another $6.6 billion of stock buybacks, extending its ramped-up share repurchase program from 2020.
Operating income during the first three months of the year increased to $7.02 billion, rising 19.5% compared to the $5.87 billion posted in the first quarter of 2020. Net earnings attributable to Berkshire shareholders swung back to a profit of $11.71 billion, compared to a loss of $49.75 billion in the same quarter last year.
Consolidated shareholders’ equity rose by $4.8 billion to $448 billion by the end of March compared to the fourth quarter of 2020.
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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck