Warren Buffett shareholders meetings: More economic and financial pain ahead
Over 40000 people gathered in Omaha, Nebraska between May 4–6 for the Berkshire and Hathaway’s annual shareholders meeting. This summit is also known as the Woodstock of capitalism. Investors, family offices, hedge funds leaders gather at this event and host private meetings to share insights on investments and the future of the economy. Warren Buffett, and Charlie Monger the leaders of Berkshire are respectively 92 and 99 years old are two of the wealthiest men in the world worth over $100 billion each. Among the corporate celebrities attending this year’s shareholder’s meeting were Bill Gates, Founder of Microsoft, as well as Tim Cook, the CEO of Apple.
At the opening session, right after the short movie that is showcased every year, Buffet presented Berkshire financial performance. Berkshire delivered Q-1 2023 operating earnings of $8.1 billion, which increased 12.6% year over year. The increase was driven by higher earnings at insurance underwriting, insurance-investment income among others. Revenues increased 20.5% year over year to $85.4 billion, mainly due to increase in revenues in Insurance, Railroad, Utilities and Energy. In terms of its financial position, at the end of Q1 of 2023, total shareholders’ equity was $513 billion, up 6.5% from the level as of Dec 31, 2022. Berkshire ended the first quarter of 2023 with about $165…
