Buffett opens meeting to applause
Audience members cheered as Warren Buffett began speaking. He said the meeting, which is his 60th, should be his biggest and best yet.
“In every aspect, we set records,” Buffett said of this year’s event, citing sales from holding companies at the bonanza and runners signed up for Sunday’s 5-K.
— Alex Harring
Berkshire net sold stocks for 10 quarters in a row
Berkshire Hathaway has sold more stock than it’s bought for 10 straight quarters, according to its earnings report released Saturday morning.
The conglomerate dumped more than $134 billion worth of stock in 2024, mainly due to reductions in Berkshire’s two largest equity holdings — Apple and Bank of America. As a result of the selling spree, Berkshire’s enormous pile of cash grew to yet another record, at $347 billion.
— Yun Li
What this investor says he’s most excited to hear from Buffett
David Samra, managing director of Artisan Partners, speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.
David A. Grogen | CNBC
Investor David Samra said that tariffs are the “topic of the moment” ahead of the start of Berkshire Hathaway’s annual shareholder meeting.
“I think that it will be interesting to hear, of course, Warren’s thoughts around tariffs — that is the topic of the moment,” Samra, a portfolio manager at Artisan Partners, told CNBC’s Becky Quick and Mike Santoli.
He added that he was also excited to hear from Ajit Jain, Berkshire’s vice chairman of insurance operations.
“It’s fantastic to have Ajit [Jain] up on the stage to be able to address those issues. There are some wildfire issues that have been impacting the energy business,” he added. “So it will be interesting to see if they have any commentary around that.”
— Lisa Kailai Han
Berkshire earnings decline, hurt by weakness at insurance business, foreign exchange
Berkshire Hathaway posted some disappointing results before its annual meeting was set to begin:
- Operating earnings, which include the conglomerate’s fully owned insurance and railroad businesses, fell 14% to $9.64 billion during the first three months of the year. In the first quarter of 2024, they totaled $11.22 billion.
- On per share basis, operating earnings were $4.47 last quarter, down from $5.20 per class B share in the same period one year ago. That compares to an estimate of $4.89 per class B share from UBS and an overall consensus estimate from four analysts of $4.72 a share per FactSet.
- The decline was driven by a big drop in insurance underwriting and foreign exchange losses.
- Berkshire warned that rapidly changing trade policies including tariffs could affect operating results, but it was unable to “reliably predict” that impact at this time.
- Its cash hoard ballooned to more than $347 billion, a record, as Buffett was a net seller of stocks for a 10th quarter in a row.
—John Melloy, Fred Imbert
In earnings report, Berkshire says tariffs create ‘considerable uncertainty’
Berkshire said President Donald Trump’s tariffs and other geopolitical risks created an uncertain environment for the conglomerate, with its vast array of insurance, transportation, energy, retail and other businesses. The firm said it’s not able to predict any potential impact from tariffs at this time.
“Our periodic operating results may be affected in future periods by impacts of ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events,” Berkshire said in the earnings report. “The pace of changes in these events, including international trade policies and tariffs, has accelerated in 2025. Considerable uncertainty remains as to the ultimate outcome of these events.”
“We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs and efficiency, and customer demand for our products and services,” it said.
— Yun Li
Inside Berkshire’s shopping extravaganza
Squishmallows signage at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
David A. Grogen | CNBC
This year’s shopping event in Omaha is more interactive than ever.
Featuring a gigantic claw machine, a signed book auction and private jet tours, shareholders are able to see displays and buy merchandise from the different holding companies under Berkshire. Some of the longest lines were for specialty Squishmallow toys that resemble Warren Buffett and Charlie Munger.
Click here to go inside the “Berkshire Bazaar of Bargains” held Friday and Saturday with CNBC reporters on the ground.
— Alex Harring, Yun Li
Berkshire Hathaway shares at record highs
Berkshire Hathaway is kicking off its annual meeting on a high note with shares hitting a record high Friday.
Class A shares…
Read More: Warren Buffett at the Berkshire Hathaway annual meeting 2025: Live updates