The 2014 Annual Meeting will be held at: CenturyLink Center Omaha. Nebraska Furniture Mart welcomes shareholders to the 2014 Annual Meeting. Hit it out of the park with fun from 5:30-8pm at Berkshire's Big.
Munger is even more skeptical: “I think a lot of the people who claim that climate change is going to cause more hurricanes and natural disasters are over-claiming,” he said, to much applause. OMAHA, Nebraska (Reuters) - Warren Buffett on Saturday defended his recent controversial vote on executive pay at Coca-Cola Co and disappointing performance at railroad BNSF, as investors grilled him on his Berkshire Hathaway Inc conglomerate at its annual shareholder meeting.
The annual meeting in Omaha draws tens of thousands of people to hear Buffett and Munger talk about business, the economy, and even politics and life. The billionaire investor also said that his regard for Bank of America wasn't diminished after the bank revealed an error in its recent reports to the Federal Reserve. The carnivale for capitalists is on. The devoted shareholders of Warren Buffett’s Berkshire Hathaway Inc.
Berkshire, which has 400 million shares of the beverage company, abstained from voting against that compensation plan, although Buffett has advocated against exorbitant executive pay and called Coke's plan "excessive" in a CNBC interview. Bershire Hathaway's annual meeting kicks off today, with thousands flocking to Omaha to hear what the conglomerate famed chair, Warren Buffett, has to say Check out this story on USATODAY. Billionaires are flying private more often.
Buffett continued to be demure about his pick, but said Weschler and Combs, who currently manage roughly $7 billion, “will be handling more money in the future than they are now. Buffett is a huge fan of longtime holding GEICO, the auto-insurer. Buffett said he believes that reinvesting Berkshire's cash is worth more for shareholders than they would receive in a dividend.
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Berkshire Hathaway shareholders listen to CEO Warren Buffett and vice-chairman Charlie Munger seen on a projection screen in the background at the annual meeting in Omaha, Nebraska May 3, 2014. Berkshire Hathaway's annual meeting kicked off Saturday, with more than 30,000 people flocking to Omaha to hear what the conglomerate's famed CEO, Warren Buffett, had to say.
Later, he added: ”What we really want to do at our present size and scope (is) buy big businesses with good management and prices, and then build them over time. Michael Rodin, owner of Impact Promotional Marketing Products in Des Moines, Iowa, said he arrived at 1 a. Monetary policy and politics. More than 30,000 shareholders fill the CenturyLink Arena to hear Buffett and Berkshire Vice Chairman Charlie Munger discuss their business.
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- After having attended more than 20 prior meetings.
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- An early question addressed a hot topic: Coca-Cola's pay plan for its executives.
- And if futuristic cars do put GEICO out of business, says Buffett, “at least I won’t be there to see it.
- And on the plane -- perhaps the only weekend of the year where Omaha-bound flights are completely full, with most passengers in suits -- the chatter was all Berkshire.
Throughout the meeting, many attendees tweeted and blogged live updates. To talk about the company's service challenges. Todd and Laura McCollough of Denver get their picture taken by Melody Dunbar, also of Denver, as they pose behind a cutout featuring Warren Buffett. Wall Street also came under the spotlight from a person complaining about why more individuals were not being held criminally responsible for recent misconduct, such as from the 2008 financial crisis.
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That report noted weather-related disruptions at railroad BNSF - another topic of concern on Saturday. That revelation drew sharp criticism in the run-up to the meeting - particularly since Buffett has in the past called options wasteful and akin to a free lottery ticket. The Oracle may be a great boss in many aspects -- he doesn’t micromanage and rarely makes layoffs, for example (more on that later) -- but he seems to prefer employees who accept their salaries without complaint.
We live-blogged this year’s shareholder meeting from the first sip of Cherry Coke to the last bite of See’s candy. We made a very clear statement about the excessiveness of the plan and, at the same time, we in no way went to war with Coca-Cola,” Buffett said. Were back in Omaha and nearly 40,000 strong. We’re making significant investments,” Rose reassured the audience.
Indeed, much of Berkshire’s growth as a company has come through acquisitions, but it now takes bigger transactions to move the needle. Its stock holdings include Wells Fargo, Coca-Cola, American Express, IBM, ExxonMobil and Wal-Mart Stores. Last year, Berkshire underperformed for the first time in nearly 50 years by Buffett’s own preferred measure: gains in the company’s book value, or worth, lagged the S&P 500.
She, and many others, also tweeted about a videotaped skit with Buffett and singer Paul Anka performing "My Way" with their own lyrics. Still, only a small segment of wealthy individuals can afford their own planes, and Buffett was encouraged by the fact that current owners appear to be using their jets more often, something that declined during the recession: “The flights have picked up -- the owners are using the planes more in the last six months to a year,” Buffett said.
Still, there’s one development that could put pressure on Berkshire, according to Buffett: self-driving cars. Ted and Todd are being groomed for management. Ted and Todd have both been very helpful in doing things beyond their investment management duties -- they like doing it, they want to do it, they don’t ask for extra compensation for doing it,” Buffett said. That duet was one of many offbeat performances and activities for attendees.
- "On corporate boardroom behavior: if you keep belching you'll be eating in the kitchen," Gharib tweeted.
- "There will be loads of capital left over" for her, Buffett said.
- A miniature billboard with the cartoon figures Warren Buffett, right, and Charlie Munger as catcher, is part of a Burlington Northern Santa Fe ballpark display.
We’re very likely to partner with them, perhaps on some things that are very large,” Buffett said. Where a father was explaining over sandwiches with his young redheaded son the concept of share classes: "But sometimes you can buy a smaller piece for a lot less money. Will leave his wife after he passes away. You don't have permission to view this page.
As usual, hundreds of shareholders lined up outside the arena well before the doors opened at 7 a.At one point Buffett was asked if he had lost confidence in Berkshire.Before the meeting, Buffett paid $1 for a Dairy Queen vanilla orange bar.
Over any cycle we will over-perform, but there’s no guarantee on that,” he said. Please email if you believe this is an error. Please include your IP address in your email. Quotes delayed at least 15 minutes. Returns in the Standard & Poor's 500 index. S&P Index data is the property of Chicago Mercantile Exchange Inc. Saturday morning tweets from TV anchor Susie Gharib and others brought up Buffett's stated view that social dynamics in board actions are important.
Both Wall Street and Main Street investors closely monitor any updates from Berkshire because the firm invests in well-known companies that touch many consumers' lives. Buffett added that Berkshire could spend “many, many billions” to improve operations at the railroad, which is the country’s largest player in the booming oil-by-rail business.
Compensation between now and the next meeting of Coke. Copyright © 2017 Business Insider Inc. Country's largest player in the booming oil-by-rail business. Don’t ask Buffett for a raise. Dow Jones Terms & Conditions:. ETF and Mutual Fund data provided by, Inc. FORTUNE -- The drumroll for Warren Buffett’s annual Berkshire Hathaway meeting in Omaha started in the airport terminal back in D.
- A shareholder had proposed that Berkshire should start paying a dividend to share some of the company's roughly $49 billion in cash with investors.
- Abstained in the shareholders vote.
- After complaining that Omaha hotels were gouging Berkshire shareholders by jacking up rates during the weekend of the annual meeting, Buffett encouraged visiting investors to go to Airbnb -- hoping increased supply would lower prices.
Berkshire also has dozens of operating units that provide a wide array of products and services, such as auto insurance, paint, t-shirts and candy. Berkshire's Borsheims jewelry store offered loose diamonds in sizes up to 5 carats with a teeny-tiny laser-inscribed version of Buffett's signature.
Here’s how it all went down. I don’t think going to war is a very good idea in most situations. I may be biased from my experiences at Salomon, but I lean more toward prosecution of individuals than corporations,” he said. I think 3G does a magnificent job of running businesses. I think the best result for the Coca-Cola Company was achieved by our abstention, and we will see what happens in terms of compensation between now and the next meeting of Coke,” he said.
Seated with Munger at a table containing several bottles of Coke and Cherry Coke, Buffett said that “going to war” would likely not have been productive, and that Berkshire’s abstention sent an even more effective message. Self-driving cars threaten Berkshire Hathaway. Shareholders at the meeting also rejected a proposal that Berkshire start paying a dividend, after having not made any cash payouts since 1967.
Buffett said he had conversations with Coke’s chief executive, Muhtar Kent, including one in Omaha, where he said he thought the plan was excessive. Buffett said he privately told Coke CEO Muhtar Kent that he opposed the compensation plan, but "didn't go to war with Coke in any way. Buffett signaled he would gladly partner again with Brazilian firm 3G Capital, with which he teamed up to buy ketchup maker H.
Berkshire Hathaway Chairman and CEO Warren Buffett eats an ice cream bar while touring the exhibition floor prior to the annual shareholders meeting on in Omaha, Neb.Berkshire Hathaway hareholders take their seats prior to the annual shareholders meeting.
In 2011, Buffett invested $5 billion in Bank of America in exchange for 6% interest and warrants to buy 700 million shares of stock at $7. In a low-cost Standard & Poor's index fund. In contrast, he said a different business, Berkshire Hathaway Energy, was more able to grow through acquisitions.
Buffett agreed, recalling his experience at Salomon Inc more than two decades ago, when he became chairman to help clean up a Treasury auction rigging scandal. Buffett also noted that he has relied on the managers to help with other parts of the business, such as negotiating with companies and executing ideas Buffett doesn’t “feel like carrying out myself. Buffett and Berkshire Vice Chairman Charlie Munger answered questions from an auditorium that was packed with shareholders.
Warren Buffett, left, and See's Candies CEO Brad Kinstler pose at the Berkshire Hathaway Annual Shareholder's Meeting. Warren Buffett, right, watches former supermodel and current businesswoman Kathy Ireland react after making a bad throw in the newspaper throwing competition. Warren Buffett, wearing a baseball uniform, decorates a display at the Berkshire Hathaway subsidiary See's Candies. Wasteful and akin to a free lottery ticket.
- The meeting itself, which begins with a brief discussion of earnings results and closes with the obligatory board vote, has become a full-blown festival that takes over Omaha the first weekend in May -- a bonanza of an event that Buffett dubs “Woodstock for capitalists.
- There will be loads of capital left over” for her, Buffett said.
- Hear Buffett and Munger answer hours of questions.
- For instance, Berkshire's Fruit of the Loom unit sold "Berky"-branded boxer shorts for $6 in the exhibit hall.
Buffett was immediately questioned about Berkshire’s decision to abstain from the shareholder vote on Coca-Cola’s equity compensation plan for executives, even though Buffett thought the controversial plan was excessive. Buffett, 83, also addressed the topic of dividends for his own company, saying that Berkshire's shareholders had overwhelmingly rejected a proposal that would have encouraged it to pay a dividend.
Buffett’s railroads carry coal, but he stays out of the debate over coal’s environmental impact because the trains are required by law to carry it, so he couldn’t boycott it even if he wanted to. But he doesn’t see global warming as a problem for Berkshire anytime soon. But the question of auto insurance for self-driving cars that don’t crash has not yet been answered.
The questions for Buffett and Munger were varied, ranging from queries about specific investments to inquiries about Berkshire's overall strategies for its own shareholders. There are few things that pose a competitive threat to Berkshire Hathaway, and Buffett and Munger are loath to admit those threats. There was also an array of unusual products for shareholders to purchase during their weekend.
The excitement, to get as close to the action as possible, and see the man close, and not with his face on the video screen,” Rodin explained on his strategy. The question posed: Why an index fund and not Berkshire stock? The questions came a day after Berkshire posted first-quarter results that just missed analyst forecasts.
As Buffett’s longtime business partner Charlie Munger put it, somewhat facetiously, “The more you buy, the more you save, at these prices.As shareholders get increasingly restless for Buffett to name a successor, speculation has focused on his two portfolio managers, Ted Weschler and Todd Combs, who have outperformed Buffett himself for the last several years, but have yet to make an appearance at the annual meeting.
FORTUNE may receive compensation for some links to products and services on this website. Finances and some fun at Buffett annual meeting Warrenstock is on. First-quarter earnings that just missed analyst expectations. Heinz Co last year for $23. Heinz commemorative Ketchup bottles bear the cartoon likeness of investor Warren Buffett, right, and Charlie Munger, left, at a Heinz display.
Buffett, 83, and Vice Chairman Charlie Munger, 90, took the stage at a downtown Omaha arena as they faced off with the audience and a hand-picked panel often excusing recent worries at the sprawling conglomerate. Buffett’s private jet company, NetJets, grew very little because fewer new customers bought planes.
Often excusing recent worries at the sprawling conglomerate. On several occasions during the meeting he praised managers for doing their jobs well without asking for more. On the airport shuttle to the hotel, the conversation between strangers ranged from the market ("I'm sure there will be a dip, I'm just not sure when") to how they'd first come to own Berkshire shares ("I heard about it from my neighbor.