The gathering in downtown Omaha, Nebraska marked Berkshire's first shareholder meeting since 2019, prior to the impact of COVID-19. Shareholders had the opportunity to ask questions directly to Warren Buffett, Charlie Munger, Greg Abel, and Ajit Jain for five hours. In a significant move, Berkshire increased its investments in Chevron Corp and Activision Blizzard Inc to over $31 billion. Despite facing challenges such as supply chain disruptions, the Ukraine invasion, and inflation, Berkshire reported a first-quarter operating profit of $7.04 billion. Warren Buffett expressed satisfaction at being able to speak to shareholders in person, as the previous two meetings had been conducted without them. Attendees at the event included JPMorgan Chase & Co Chief Executive Jamie Dimon and actor Bill Murray. In his annual shareholder letter in February, Warren Buffett expressed disappointment in the lack of investment opportunities. However, in March, Berkshire Hathaway purchased 14.6% of Occidental Petroleum Corp and agreed to acquire insurer Alleghany Corp for $11.6 billion. Buffett explained that he decided to invest in Occidental after reading an analyst report, and in Alleghany after receiving a letter from its CEO, who had previously worked for Berkshire's General Re business. Buffett noted that sometimes markets present unexpected opportunities for Berkshire to make investments. "It's not due to our intelligence.... I believe we are rational." Berkshire invested $51 billion in stocks during the quarter, causing its cash reserves to decrease by over $40 billion to $106 billion. However, the company has various sources of generating cash, such as its insurance business, and Buffett guaranteed that reserves will not be depleted. "We will consistently maintain a significant amount of cash," he stated. "It's similar to oxygen, always present but if it suddenly disappears, it's game over." During a discussion on the potential for the Ukraine conflict to escalate into nuclear war, Buffett and Jain struggled to provide a clear answer. Jain, who has been praised by Buffett for many years, admitted to having difficulty estimating Berkshire's insurance risk. Buffett mentioned that the risk of a nuclear attack is very low, although the world came close during the Cuban Missile Crisis in 1962. Buffett described the world as constantly taking a chance with each passing day. Berkshire Hathaway does not have a solution to the issue mentioned. Buffett expressed his disapproval of stock markets being compared to gambling, stating that this comparison was particularly prevalent in recent years due to encouragement from Wall Street. Similarly, Munger, aged 98, shared his negative opinion of bitcoin, advising against investing retirement funds in it. Additionally, Munger criticized trading company Robinhood Markets Inc. He and Buffett enjoyed their usual candies from See's, a company owned by Berkshire, and drank Coca-Cola soda during the meeting. Abel defended Berkshire's BNSF railroad, stating that there is room for improvement in operations and customer service to compete with Union Pacific Corp. Buffett reassured shareholders that Berkshire is built to last beyond his and Munger's leadership. Shareholders rejected proposals for more disclosure on diversity and climate risks, as well as replacing Buffett as chairman with an independent chairman. Buffett has led Berkshire since 1965, and Mario Gabelli, a significant investor in Berkshire, opposed ending his chairmanship. "It is not considered inappropriate for companies to consider splitting the roles of chair and CEO," he stated. "However, in the case of Berkshire Hathaway, it doesn't seem necessary as the current CEO has been very successful for the past 50 years. While we support the concept in general, it is not needed in this particular situation." Prior to the 7 am opening of the doors, a large crowd gathered outside the downtown arena where the meeting was held. Despite lower projected attendance compared to 2019, about 10% to 15% of seats in the typically full arena remained empty. Just like at other events sponsored by Berkshire this weekend, almost all of the attendees did not wear masks, but they were required to show proof of COVID-19 vaccination. The meeting was webcast by CNBC.com. Tom Spain, founder of Henry Spain Investment Services in Market Harborough, England, arrived at 3:15 a.m. for his third meeting and brought a chair from Walmart to sit down. He mentioned that everyone has been using the chair and joked about bringing a large container of coffee to share next year. Lauritz Fenselau, a 23-year-old entrepreneur from Frankfurt, Germany, arrived at his first meeting at 4 a.m. describing it as a pilgrimage. Andres Avila, who had traveled from Boston to Omaha, also joined the meeting after only five hours of sleep, arriving at 4:45 a.m. He carried an umbrella to protect himself from the rain and expressed excitement about meeting his idols.