This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

What's Happening At Buffett's Annual Meeting

By The Associated Press

Dubbed "Woodstock for Capitalists," Saturday's annual meeting of Berkshire Hathaway shareholders revolves around Warren Buffett, the company's chairman and CEO and a billionaire investor. Here's a rundown of what happened at the day-long event in Omaha, Nebraska:

___

BUFFETT'S SUCCESSOR:

Berkshire's board knows who it would pick as CEO if Buffett died tonight, but the top candidates could change over time, Buffett said. He has no plans to retire.

He spends plenty of time thinking about the future of his company after he is gone, he said. He told shareholders Saturday that he's confident that the conglomerate will continue to thrive.

The leaders of Berkshire's roughly 80 subsidiaries and all the operating companies would reject a leader that tried to change the way the company works, he said.

Buffett leads Berkshire with a tiny staff of roughly two dozen at its headquarters, and he largely lets the CEOs of all Berkshire's subsidiaries make all the operating decisions.

___

BUFFETT'S BENEVOLENCE:

Warren Buffett has pledged to eventually give away all of the Berkshire Hathaway stock that made him one of the world's richest men, but he doesn't want to spoil his children.

At Saturday's Berkshire shareholder meeting, an estate planning lawyer asked Buffett for advice on how his clients should determine how much is too much to leave their children.

Buffett says the size of an inheritance probably isn't the most important factor in determining what kind of people children grow up to be.

"I think more kids are ruined by the behavior of their parents than by their inheritance," Buffett said.

The 82-year-old Buffett says he has been getting more generous as he ages, so every time he revises his will these days he tends to leave more to his children.

And Buffett says he lets his kids read his will each time it's changed.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs