Warren Buffett and Greg Abel during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.
CNBC
Warren Buffett has been mum about tariffs and the recent market turmoil, but will finally speak his mind when the 94-year-old investment legend kicks off Berkshire Hathaway‘s annual shareholder meeting on Saturday.
Tens of thousands of rapt shareholders will descend on Omaha, Nebraska this weekend for the annual gathering dubbed “Woodstock for Capitalists.” This year’s meeting marks the 60th anniversary of Buffett leading the company, and is the second without Buffett’s long-time partner Charlie Munger, who died in late 2023.
The biggest event in the Cornhusker State next to a Nebraska-Oklahoma football game, this year’s meeting comes as markets have turned uncertain after President Donald Trump’s aggressive rollout of the highest tariffs on imports in generations. (Many were suspended for 90 days afterward.) Wall Street economists left and right are sounding the alarms that a recession may be in the offing, as recent data pointed to signs of economic weakening.
“Because Berkshire owns so many businesses, they’re basically on the front lines of everything in terms of the economy falling off. Is it even worse than what the numbers are already showing?” said Steve Check, founder of Check Capital Management, which counts Berkshire as its largest holding. “I hope, more than anything, that he speaks out against the way tariffs have been done. Everyone is looking for what Warren Buffett has to say.”
Investors’ north star
The “Oracle of Omaha” may have already let his actions do the talking. Berkshire has sold more stock than it’s bought for nine straight quarters, dumping more than $134 billion worth in 2024. That was mainly due to reductions in Berkshire’s two largest equity holdings — Apple and Bank of America. As a result of the selling spree, by December Berkshire’s enormous pile of cash had grown to yet another record, at $334.2 billion.
The world is eager to hear if Buffett, the most famous advocate of value investing, used the April market meltdown to hunt for bargains and lay the groundwork for deals. Although Buffett doesn’t make predictions of short-term market direction, investors will listen closely for any signals of his continued confidence in the U.S. economy — despite the tariff shock.
“I think the big question on everyone’s mind is what will Warren do with the pile of cash that they are sitting on and, more specifically, when can it be deployed, as he can help investors gauge when the all clear sign is lit,” said David Wagner, a portfolio manager at Aptus Capital Advisors and a Berkshire shareholder. Many investors, he noted, “tend to view Warren as the north star.”
Buffett will make a few introductory remarks at 9am ET Saturday, followed by an hours-long question-and- answer panel. Buffett’s designated successor, Greg Abel, and Berkshire’s insurance chief, Ajit Jain, will join Buffett on stage in the morning, with Buffett and Abel alone in the afternoon. The Q&A session will be broadcast on CNBC and webcast in English and Mandarin.
Big Apple question
Shareholders are also curious for Buffett to explain his motivation in slashing his longtime Apple stake. After a head-turning selling spree for four quarters in a row, Berkshire’s Apple holding has stayed at an even 300 million shares since the end of September, leading many to speculate that Buffett is done selling the stock for the time being.
At last year’s annual meeting, Buffett suggested that the sale was for tax reasons following sizable gains. He also implied that selling down Apple could be tied to his wanting to avoid a higher tax bill in the future if rates went higher to fund the yawning U.S. fiscal deficit. With a change in government in Washington, shareholders want to hear Buffett’s reasoning today.
“You can’t use that explanation anymore because it clearly does not apply,” said David Kass, a finance professor at the University of Maryland. “If he sold more, it would indicate that he probably felt it was fully valued, or Warren Buffett being the genius that he is, he was able to see ahead at some of the risks that could face Apple, in case there’s a trade war and tariffs.”
Berkshire’s first-quarter earnings report, due Saturday morning, will show the conglomerate’s top equity holdings, which could give investors a hint as to whether the Apple stake was adjusted again.
The welcome sign at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
David A. Grogen | CNBC
OMAHA, Nebraska — Berkshire Hathaway shareholders are getting more bang for their buck at this year’s meeting with the annual shopping event more interactive than ever.
The conglomerate’s yearly convention kicked off Friday with a shareholder-only shopping event, called the “Berkshire Bazaar of Bargains.” With over 20,000 square feet of showroom space at the CHI Health Center in downtown Omaha, the exhibit hall is offering goods from a myriad of the conglomerate’s holdings, including Warren Buffett-themed apparel from Brooks Sports and Berkshire chocolate coins from See’s Candies.
Buffett will take the stage 9am ET Saturday to address the most pressing issues investors face, including tariffs, the market volatility as well as the state of the economy. The 94-year-old investment legend will answer shareholder questions along with his designated successor, Greg Abel, and Berkshire’s insurance chief, Ajit Jain. The Q&A session will be broadcast exclusively on CNBC.
Plush Warren, Charlie and Omaha
Squishmallows in the images of Warren Buffett, Charlie Munger and Omaha at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
The Squishmallow shopping display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Yun Li | CNBC
The Squishmallow shopping display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Yun Li | CNBC
Plush toy phenomenon Squishmallows once again stole the show. The ones modeled after the “Oracle of Omaha” and the late Charlie Munger became the biggest hits at the shopping event, as shareholders snapped up over 1,000 snuggly dolls per hour.
This year, Squishmallows also introduced a new limited-edition dog character called “Omaha.”
Squishmallow, Omaha, at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
The Squishmallow shopping display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Yun Li | CNBC
Berkshire inherited Squishmallows parent Jazwares through its acquisition of Alleghany in the fourth quarter of 2022. These squishy toys became an instant sensation during the pandemic partly thanks to celebrity endorsements. In 2022 alone, the firm sold a whopping 100 million Squishmallow units — with prices ranging from $5 to $30.
At the shopping event, the company put on display its newest product — pillows for both kids and adults —slated to launch this summer. Berkshire shareholders get to buy special edition pillow cases featuring Buffett and Munger’s cartoon figures.
One very special book
The Berkshire Hathaway 60th Anniversary book seen at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Yun Li | CNBC
The Berkshire Hathaway 60th Anniversary book seen at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
Only one book is for sale at Berkshire’s book store Bookworm this year, 60 Years of Berkshire Hathaway, to commemorate the decades since Buffett took over what was then a failing Massachusetts textile company
Berkshire is selling 5,000 volumes of the limited edition book. Proceeds from an auction of copies signed by Buffett and author Carrie Sova will benefit the Stephen Center, a charity for homeless youth and adults in South Omaha.
Satisfying the sweet tooth
See’s Candies display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
David A. Grogen | CNBC
See’s Candies, one of Berkshire’s most-iconic brands, had shelves of themed chocolate concoctions available for purchase.
Tied to the camping theme for this year’s meeting, See’s sold a box of toasted marshmallow-flavored chocolates. The box was adorned with an illustration of Buffett next to a campfire. Other items for sale included chocolate coins with wrappers embossed with Buffett’s face, as well as the company’s famous peanut brittle.
Room for dessert?
The Dairy Queen display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
David A. Grogen | CNBC
Dairy Queen, which Berkshire Hathaway acquired in 1998, provided a sweet treat for attendees while they racked up steps at the bazaar. The ice cream chain’s Dilly Bars were sold for $1, while the Buster Bar went for $2.
Running shoes
The Brooks Running display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
David A. Grogen | CNBC
Brooks Running shoes on display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
Brooks Running hats on display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
Long lines formed at Brooks Running as shareholders gravitated towards the 2025 special edition of its running shoes with special “Berkshire Hathaway” branding on the side and the insoles. Many shareholders are also set to participate in the Brooks “Invest in Yourself” 5K fun run and walk on Sunday, the morning following the annual meeting.
Live from Omaha
Signage at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
Attendees waited in line to take photos in front of CNBC’s stage, where reporters like Mike Santoli and Becky Quick have been reporting. CNBC is the exclusive broadcaster for the meeting and has a livestream available online in English and Mandarin.
Claw Crane
The Pilot truck simulator seen at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
Feeling lucky? New to the bonanza floor this year was a gigantic claw machine.
For $10, attendees could try their luck at scooping up prizes tied to several of Berkshire’s holding companies. Proceeds go to the Hope Center for Kids, an Omaha-based organization providing after-school and summer care for children.
Living the lavish life
The NetJets display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
David A. Grogen | CNBC
NetJets, which Berkshire bought in 1998, took shareholders inside a private plane. The private jet operator also sold company-branded gear.
Getting it all home
Crowds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Alex Harring | CNBC
Not enough space for plush toys, jewelry, running shoes and books in your carryon? AIT Worldwide Logistics has you covered. The shipper offered shoppers the service of having their purchases packed and sent home. It should be a popular service, with attendees seen lugging around Squishmallow bags that were equivalent in size to a child.
Bling-bling
A jewelry display from Borsheims is seen at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Yun Li | CNBC
A jewelry display from Borsheims is seen at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 2, 2025.
Yun Li | CNBC
About 14 miles away from the main convention center, there’s a separate shareholder-only shopping event at jewelry story Borsheims. Berkshire shareholders browsed through one-of-a-kind jewelry, engagement rings and watches available for purchase at a discount. This 24-carat black diamond necklace from Ruchi New York is selling for about $25,000.
The money manager behind two of the world’s biggest actively managed exchange-traded funds sees a way for investors to stay defensive without leaving the market.
The goal: give investors downside protection while generating income.
“When the VIX [volatility] increases, that offers the opportunity for an increased amount of income to the investor of JEPI,” the J.P. Morgan Asset Management chief ETF strategist told CNBC’s “ETF Edge” this week. “Conversely … when the volatility declines, given that the options are written out of the money, it provides some upside in the underlying portfolio.”
JEPI fell around 3% in April while volatility gripped the market. As of Thursday’s market close, the ETF is off about 4% for the year while the S&P 500 is down almost 5%.
JEPI’s top holdings include Mastercard, Visa and Progressive according to JPMorgan’s website as of April 30.
Meanwhile, the JPMorgan Ultra-Short Income Fund focuses on fixed income instead of U.S. equity. The fund is virtually flat so far this year.
“It provides a ballast in your portfolio [and] stability for those investors that are looking to protect principle,” Maier said.
‘Hiding out to weather the storm’
ETF Action’s Mike Akins notes these ETFs are satisfying an important investment need in the market.
“This category is where people are hiding out to weather the storm,” the firm’s founding partner said on the show.
According to J.P. Morgan Asset Management, the JPMorgan Ultra-Short Income Fund had the second-highest volume among active U.S. fixed income ETFs between April 3 and 10 — which marked the year’s most volatile weekly span on Wall Street.
Correction: Jon Maier’s firm is behind the JPMorgan Equity Premium Income ETF and JPMorgan Ultra-Short Income ETF. An earlier version misstated his status.
Check out the companies making headlines in midday trading: Duolingo — Shares soared more than 18% after the language learning app guided toward a better-than-expected revenue forecast. Duolingo estimates second-quarter revenue will come in between $239 million and $242 million, while analysts polled by LSEG expected $234 million. Full-year revenue is expected to come in a range between $987 million and $996 million, higher than the consensus call of $977 million. Apple — Shares shed 4% after the iPhone maker reported fiscal second-quarter services revenue of $26.65 billion, while analysts had expected $26.70 billion, according to StreetAccount. This number still represented an annual increase of 11.65%. However, Apple’s earnings and revenue for the quarter beat analysts’ estimates. Amazon — The e-commerce stock dipped just 0.4% on the back of its first-quarter earnings print . Amazon posted better-than-expected earnings and revenue for the quarter, but gave soft guidance for the current period. Amazon is forecasting operating income to land between $13 billion and $17.5 billion, which fell short of the $17.64 billion consensus call, per StreetAccount. The company also said tariff and trade policies could affect its guidance. Nvidia — The semiconductor giant advanced 2%. The Information reported the company is tailoring chips for sale in China after the U.S. export ban. Take-Two Interactive Software — Shares of the video game manufacturer fell more than 5% after the company announced that the new version of Grand Theft Auto would not be released until May 26, 2026. The game was previously slated for this fall. Atlassian — Shares sank 6% after management issued weak fiscal fourth-quarter guidance. The software company expects revenue in the period to land between $1.35 billion and $1.36 billion, versus the $1.36 billion consensus estimate, per LSEG. Atlassian beat on both the top and bottom lines for its third quarter. Roku — The streaming platform’s shares dropped 6% on the back of its first-quarter results. Roku reported $1.02 billion in revenue, slightly beating the consensus prediction from FactSet of $1.01 billion. However, the company’s adjusted EBITDA of $56 million came in below consensus estimates of $57 million. Block — The payments stock tumbled 20% after Block reported disappointing first-quarter revenue and issued weak guidance due to macro uncertainty. Block posted top-line results of $5.77 billion, while analysts surveyed by LSEG had projected $6.20 billion. Maplebear — Shares of the grocery delivery company, which does business as Instacart, rallied 13% on strong second-quarter guidance. Maplebear called for adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, to come in between $240 million and $250 million during the period, while analysts polled by FactSet forecast $234.8 million. That overshadowed slight misses on both top and bottom lines in the first quarter. Five Below — The discount retailer stock gained about 12% after the company increased its first-quarter net sales guidance. Five Below now expects around $967 million, compared to its previous forecast of $905 million to $925 million. GoDaddy — The domain registrar company tumbled more than 7% after issuing weaker-than-expected top-line estimates for the current quarter. GoDaddy expects revenue to range between $1.195 billion and $1.215 billion in the second quarter. Analysts surveyed by FactSet estimated $1.21 billion. Dexcom — The maker of glucose monitoring systems surged 15% after posting first-quarter revenue that narrowly topped expectations. Dexcom posted revenue of $1.04 billion, while FactSet consensus estimates sought $1.02 billion. The company also announced a $750 million share repurchase program. — CNBC’s Pia Singh and Lisa Kailai Han contributed reporting.