Buffett's 'Woodstock for Capitalists' a toned-down affair after pandemic

Warren Buffett's Berkshire Hathaway Inc will hold its annual shareholder meeting in person on Saturday for the first time since before the pandemic, but the extravaganza dubbed "Woodstock for Capitalists" is likely to see fewer people and paredback events.

Buffett, 91, chairman and chief executive officer of Berkshire, and Vice Chairman Charlie Munger, 98, will answer shareholder questions for roughly five hours when the meeting convenes in Omaha, Nebraska.

Shareholders likely will address issues such as recent investments, a still-swollen cash pile, share buybacks, rising inflation and supply chain disruptions, and even whether someone other than Buffett should chair the company.

Joining them will be Vice Chairmen Greg Abel, Buffett's designated successor as CEO, and Ajit Jain.

Many shareholders, however, go for more than just the meeting.

Events around the city over three days include a 5-km run(3.11 miles), shareholder shopping from dozens of Berkshire-owned businesses at the downtown CHI Health Center arena where the meeting takes place, and several private investing conferences.

"You're selling as fast as the cash register will ring," said Phillip Black, co-owner of the Bookworm, the only non-berkshire business selling at the arena. He said weekend sales have topped US$100,000 in past years. "You're kind of glad when it's over so you can get a little rest."

Still, shareholders will notice changes, beyond needing proof of COVID-19 vaccination to attend events.

Berkshire expects attendance to be "considerably less" than the 40,000, many from overseas, common to recent meetings. The 2019 meeting, the last in-person meeting before the pandemic, added $21.3 million to Omaha's economy.

"I attended for 25 years in a row before COVID," said James Armstrong, a principal at Henry H. Armstrong Associates in Pittsburgh. "But I'm just not going to make the trip. I'm not doing much flying yet."

Occupancy rates in the Omaha area's 15,608 hotel rooms, as measured by data firm STR Inc, may fall short of the usual 90 per cent to 95 per cent, with more rooms at lower rates beckoning late travelers.

Borsheims won't pitch its familiar outdoor tent with live entertainment and a buffet smorgasbord at the mall housing the Berkshire-owned jeweler, though cocktails will be available.

And a shareholder favorite--the newspaper toss where Buffett displayed skills he once used as a paperboy--has been scrapped.

Armstrong, like many others, plans to watch the meeting online at cnbc.com. Berkshire first webcast meetings in 2016.

Still, the weekend nonetheless should add many millions of dollars to Berkshire's coffers.

Shareholders can buy a pontoon boat from Berkshire's Forest River unit and designed by "Margaritaville" singer Jimmy Buffett (no relation).