Benzinga - by Chris Katje, Benzinga Staff Writer.
The annual Berkshire Hathaway (NYSE:BRK)(NYSE:BRK) shareholders meeting attracts thousands of people to Omaha annually to hear from legendary investor Warren Buffett.
The 2024 event will feel quite different for those in attendance, with Buffett missing his investing partner Charlie Munger.
What Happened: Munger, the former Berkshire Hathaway vice chairman, passed away in November at the age of 99.
For the first time, the annual Berkshire Hathaway annual shareholders meeting held in Omaha, Nebraska won't feature Buffett with Munger by his side. The 2024 event takes place on Saturday, May 4.
The duo traditionally shared highlights of their portfolio and investment strategies and also provided valuable pieces of wisdom about finance and life to those in attendance.
One investor told The Wall Street Journal that things will be different Saturday for those in attendance.
"I feel like there's going to be a place in my heart missing when we don't see Charlie up there. Of course we'll adapt to it, but this first year especially it's going to be kind of like an empty-chair feeling," Lyle McIntosh said.
Buffett has credited Munger with being the brains behind the company, and those in attendance will also remember the one-liners that the investor often had.
Munger once said "if you mix raisins with turds, they're still turds" at the 2000 annual meeting when speaking about speculation in technology.
While Munger won't be on stage with Buffett, other key Berkshire figures could play a more prominent role. Greg Abel, who runs the noninsurance operations for Berkshire, is next in line to Buffett's CEO role and will appear on stage. Insurance head Ajit Jain will also be featured at the event.
Related Link: Charlie Munger Shared A Three Word Piece Of Advice At A Dinner, How It Helped An Investor And Was Also Used By Warren Buffett
Why It's Important: Known as the "Woodstock for Capitalists," the annual shareholders meeting has been attended by many investors for years and often attracts first timers who own shares of the popular conglomerate to the event in hopes of meeting and hearing from Buffett.
Munger and Buffett worked together for decades and were often viewed as close friends or family by those who witnessed their interactions together. Buffett once said that he had never had an argument with Munger.
In February, Buffett shared a touching tribute to Munger in a letter to shareholders. Buffett called Munger the "architect" who worked behind the scenes of building up Berkshire Hathaway.
"In a way his relationship with me was part older brother, part loving father," Buffett said in the letter.
Buffett praised Munger for his selfless advice during the early years of his leadership at Berkshire Hathaway.
"Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades."
BRK-B Price Action: Berkshire Hathaway shares trade at $398.26 versus a 52-week trading range of $317.41 to $430.00. Shares of Berkshire Hathaway are up 20% in the last year.
Read Next: Here’s How Much Warren Buffett Could Have Made Investing In Tesla
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.