Warren Buffett took the stage for the 60th time at Berkshire Hathaway's annual meeting Saturday, with investors and analysts keen to hear the legendary investor's views as President Donald Trump's tariff policies cause uncertainty for business and the economy.
Ahead of the meeting, Berkshire reported its first-quarter results that indicated Buffett is still cautious. The company was a net seller of stocks for a 10th straight quarter, as it bought $3.18 billion and sold $4.68 billion.
Meanwhile, its cash pile continued to grow, setting a new record of $347.7 billion as of March 31 from $334.2 billion at year-end.
The conglomerate reported a lower operating profit in the first quarter, hurt by weaker results from its insurance operations.
Berskhire's share price has so far weathered a turbulent period for markets, rising 18.9% this year while the Standard & Poor's 500 was down 3.3%.
For many, Berkshire's diverse portfolio of businesses offers a mirror into the broader U.S. economy, including the BNSF railroad, Geico insurance, energy businesses, real estate brokerage HomeServices and Fruit of the Loom underwear.
"The far-reaching nature of their businesses and investments make them a microcosm for the whole economy," said Cathy Seifert, an analyst at CFRA. "The overarching concern is we need insight into the degree to which tariffs will cause demand destruction or a slowdown in the economy."
The U.S. economy shrank for the first time in three years in the first quarter, the Commerce Department said, as companies raced to import goods to avoid higher tariffs.
Berkshire's meeting is expected to see the 94-year-old Buffett answer shareholder questions for more than four hours.
Topics typically cover operating businesses, the economy, markets, life lessons and Berkshire's future after the Oracle of Omaha departs.
Vice Chairman Greg Abel, who was designated Buffett's successor as chief executive in 2021, and Vice Chairman Ajit Jain will also answer questions.
Investors may also question Buffett's desire to deploy capital.
"Warren Buffett has steered away from discussing tariffs, and people are clamoring to hear what he thinks," said Robin Nasser, a certified public accountant from Newport Beach, California who is attending the meeting. "He obviously knows something we don't because he's stockpiling cash."
In March, Berkshire raised its stakes in Japanese trading houses Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo to as high as 9.8%.
What Berkshire will look like after Buffett departs is also on investors' minds.
Lead independent director Susan Decker told CNBC that Abel is taking on more of the capital allocation responsibilities that Buffett normally handled. The role that portfolio managers Todd Combs and Ted Weschler will play is unclear.
After the question-and-answer session ends, there will be votes on seven shareholder proposals, including matters related to diversity, the environment and artificial intelligence. Buffett and Berkshire's board oppose all seven.
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