This translation has been automatically generated and has not been verified for accuracy.Berkshire Hathaway Inc’s annual meeting will be nothing like the extravaganzas of years past, but will give Warren Buffett a chance to show how resilient his cash-rich conglomerate may be to the coronavirus pandemic, and the investment opportunities it offers.
He has also eschewed the kind of splashy investments, such as in Goldman Sachs Group Inc, he made during in the 2008 financial crisis. Abel and Ajit Jain, another vice chairman, have long been viewed as Buffett’s likeliest successors as CEO.Vice Chairman Charlie Munger, 96, who normally answers shareholder questions with Buffett, and Jain, 68, will not be in attendance. Unlike Abel, both live far from Omaha.
The pandemic’s impact may be evident in falling volumes at the BNSF railroad, premium waivers and lower accident claims at the Geico auto insurer, and store closures by retailers such as See’s Candies and the Nebraska Furniture Mart. Bill Smead, chief executive of Smead Capital Management in Seattle, likened the environment to the 1974 bear market, when Buffett told Forbes magazine he felt like an “oversexed man in a harem” when looking for investment opportunities.“You can’t pour water from a barrel into a teacup,” Smead said, while adding he wished Buffett would admit stockpiling cash was a mistake: “He needs to work for the benefit of those who, like him, have over 90% of their net worth in the company.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »
Source: globeandmail - 🏆 5. / 92 Read more »