Berkshire Hathaway shareholders flocked to Omaha, Nebraska, on Saturday to hear from CEO Warren Buffett and other Berkshire executives. For about 5 hours, Buffett took questions on Berkshire’s many businesses, investing and life in general.

The meeting included a video tribute to Buffett’s longtime partner and Berkshire vice-chairman Charlie Munger, who died in November at age 99. Shareholders kicked off the gathering with a standing ovation for Munger, who Buffett calls the “architect of Berkshire.”

Here are some key takeaways for investors from the meeting.

Portfolio update

Berkshire’s first quarter results revealed that it trimmed its stake in Apple by about 13%. The iPhone maker is still the largest position in Berkshire’s portfolio and stood at $135.4 billion at the end of March, down from $174.3 billion at the end of 2023.

Buffett praised Apple’s business and said it was very likely it would remain Berkshire’s largest stock position at the end of the year and that Berkshire would likely hold it after he’s gone.

Buffett also said he sold Berkshire’s entire stake in Paramount Global and that he was “100% responsible,” adding that they had lost “quite a bit of money.” Some Berkshire watchers had speculated that the position was held by Todd Combs or Ted Weschler, two investment managers who work for Berkshire.

Cash pile grows in absence of attractive investment opportunities

Berkshire’s massive cash pile grew to more than $182 billion at the end of the first quarter and Buffett said it was fair to assume it would reach $200 billion at the end of the second quarter.

“I don’t mind at all, under current conditions, building the cash position,” Buffett said. “When I look at the alternatives of what’s available in the equity markets and I look at the composition of what’s going on in the world, we find it quite attractive.”

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