Most shareholders are still in Omaha partaking in the festivities, but the six-hour long Q&A session of Warren Buffett and Charlie Munger is done.
As usual, the Q&A was filled with the usual career-advice-seeking questions from teenagers, questions about the state of the world and whether the stock market will go up or down. As it relates to the stock market, Buffett merely commented that it's inevitable that stocks would go up during a period of such low interest rates.
Most interesting was comment Buffett's comment that going back six years ago and looking at the state of the stock market then, he could have never imagined that stocks would be where they are today. That means once interest rates go back up, expect stocks to correct.
This year's meeting continued to draw an even bigger foreign crowd, notably from China. And both Buffett and Munger commented that the future superpowers of the world would be China and the U.S., and that the China reminds Buffett of the U.S. as it was starting out.
Buffett was asked about activist investing, and he noted that the ability to raise larger sums of money today meant that activists are now targeting bigger companies, even those that were not necessarily broken or underperforming.
After he's gone, Buffett said he was confident that no activist would try and break up Berkshire as he noted that the sum of Berkshire's companies would always exceed individual values.
Buffett defended 3G Capital, the private equity firm that he has teamed up with recently on two major deals involving Heinz (HNZ) and Kraft (KRFT). Buffett maintained his stance on corporate taxes, saying he doesn't shed any tears for American businesses given the unbelievable advantages that the U.S. economic system provides.
Unlike years past, this meeting did not have any controversial questions or shareholder proposals.
Berkshire's fractional jet ownership business NetJets did have some pilots protesting outside the meeting, but that did not elicit any major discussion on the business. Asked by one shareholder if the investment in NetJets was a bad one, the Berkshire chief spoke admirably of the business.