Buffett gears up to meet investors sans Munger by his side

His absence has renewed shareholders' focus on how the company will evolve when Buffett no longer runs it. Buffett, 93, whose legendary investment acumen inspired the nickname Oracle of Omaha, has largely stopped appearing publicly to discuss the company. He told investors in November that he felt good but knew he was "playing in extra innings."

"It's going to be hard for Warren to not have Charlie there," said Paul Lountzis, president of Lountzis Asset Management.

He is attending his 32nd Berkshire meeting, part of a weekend Buffett has dubbed "Woodstock for capitalists." Anecdotes and repartee between Buffett and Munger have been highlights of past meetings. Munger was known for his laconic and acerbic comebacks to Buffett's often lengthy appraisals of Berkshire, the economy, Wall Street and life.

At a downtown Omaha arena, Buffett and Vice chairman Greg Abel, 61, will answer about five hours of questions. Vice chairman Ajit Jain, 72, who runs Berkshire's insurance operations, will also join.

Abel, who oversees Berkshire's non-insurance businesses, was designated Buffett's successor as chief executive in 2021.

Challenges ahead

Investors want to learn how Berkshire will meet challenges such as figuring out how to grow without overpaying for acquisitions, whether to pay a dividend and how to deploy $167.6 billion of cash. Buffett has acknowledged the limitations posed by Berkshire's size. Valued at $867 billion, the conglomerate owns dozens of businesses. It also owns well over $300 billion of stocks, close to half of which is Apple. "We have no possibility of eye-popping performance," Buffett said in his February shareholder letter. Reuters