Woodstock was in Omaha again this year. More precisely: The “Woodstock for capitalists”. That’s what the financial world calls the shareholders’ meeting of Berkshire Hathaway, the investment company of the ancient star investor Warren Buffett. And the capitalists’ Woodstock is also about great feelings. Buffett fans get tears in their eyes when they see their idol on stage. “We love you,” one called out to him. Masks were hardly in sight at this meeting, which has been canceled since 2019 due to the pandemic. “We always have so much fun when you guys come over,” Buffett told his shareholders, who also call him the “Oracle of Omaha.”
And so hardly anyone is surprised that Buffett remains chairman of the board of directors and chairman of the board at the same time. At the general meeting, the majority of shareholders rejected the proposal to replace the 91-year-old with an independent CEO. Buffett has run Berkshire Hathaway since 1965.
Because of rising oil prices, Berkshire Hathaway expanded its holdings in oil companies
As far as the business is concerned, however, there was something new: After a long hesitation, Berkshire Hathaway has now invested a large part of its enormous cash assets in acquisitions. Increases in stakes in oil majors Chevron and Occidental Petroleum helped drop $40 billion in cash to $106 billion from January to March. In the past year, the company has repeatedly distributed its money to its shareholders with share buybacks worth billions. As a reason, Buffett had called a lack of attractive investment opportunities. But in recent months, Berkshire Hathaway has used soaring oil prices as an opportunity to increase its holdings in oil companies.
In addition, the investment holding announced a takeover of the insurance group Alleghany for 11.6 billion dollars. And she also increased her stake in Activision Blizzard. The stake in the computer game manufacturer with hits like “Call of Duty” and “Candy Crush” is now 9.5 percent, said Buffett. Berkshire’s stake in Activision is worth $5.6 billion based on current stock prices. Berkshire Hathaway has interests in a variety of companies, including insurance companies and a rail freight company. In the face of weaker insurance business, operating profit stagnated at a good seven billion dollars in the quarter.