The meeting in downtown Omaha, Nebraska was Berkshire's first welcoming shareholders since 2019, before COVID-19 derailed America's largest corporate gathering for two years.
Buffett, 91, said it "really feels good" to address shareholders in person, after holding the last two meetings without them. Attendees included JPMorgan Chase & Co Chief Executive Jamie Dimon and the actor Bill Murray.Buffett had in his annual shareholder letter in February bemoaned the lack of investment opportunities.
Berkshire spent $51 billion on equities in the quarter, and its cash stake sank more than $40 billion to $106 billion. Buffett added that there was a "very, very, very low" risk of a nuclear attack, though the world had "come close" during the 1962 Cuban Missile Crisis.Buffett also picked on a favored target in saying stock markets sometimes resembled a casino or gambling partner.
Abel defended Berkshire's BNSF railroad, saying there was "more to be done" to improve operations and customer service, and compete against rival Union Pacific Corp.
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