The meeting in downtown Omaha, Nebraska was Berkshire's first opportunity to welcome shareholders since 2019, before the disruption caused by COVID-19. Shareholders were able to ask five hours of questions directly to Buffett, Vice Chairman Charlie Munger, Vice Chairmen Greg Abel, and Ajit Jain. Berkshire, previously criticized for holding too much cash, significantly increased its stakes in oil company Chevron Corp and "Call of Duty" game maker Activision Blizzard Inc to over $31 billion. Despite facing supply chain disruptions from COVID-19 variants, the Ukraine invasion, and inflation, Berkshire reported little change in first-quarter operating profit at $7.04 billion. Buffett expressed his satisfaction at addressing shareholders in person after hosting the last two meetings 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 frustration over the lack of investment opportunities. However, in March, Berkshire Hathaway purchased 14.6% of Occidental Petroleum Corp and agreed to buy insurer Alleghany Corp for $11.6 billion. When asked about the sudden change in investment strategy, Buffett explained that he decided to invest in Occidental after reading an analyst report and in Alleghany after receiving a letter from its chief executive, who had previously worked at Berkshire's General Re business. Buffett noted that opportunities occasionally arise in the market for Berkshire to take advantage of. "We are not intelligent, but I believe we are rational," Berkshire invested $51 billion in stocks in the quarter, and its cash reserves dropped by over $40 billion to $106 billion. However, the company has various sources of generating cash, such as its insurance business, and Buffett reassured that reserves will not be depleted. "We will always have a significant amount of cash," he stated. "It's like oxygen, it's always there, but if it disappears for a few minutes, it's all over." When questioned about the possibility of the Ukraine conflict escalating into nuclear war, Buffett and Jain struggled to provide a definite answer. Jain, who has been praised by Buffett for many years, admitted to having difficulty estimating Berkshire's insurance exposure. Buffett mentioned that the risk of a nuclear attack was extremely low, despite the close call during the Cuban Missile Crisis in 1962. Buffett described the world as constantly taking a chance with each passing day. "Berkshire cannot provide a solution." Buffett also criticized stock markets, comparing them to a casino or gambling partner, especially in recent years due to encouragement from Wall Street. Munger, aged 98, echoed Nancy Reagan's advice on bitcoin, warning against putting retirement funds into it. He also criticized trading firm Robinhood Markets Inc. He and Buffett enjoyed their usual candies from See's, a company owned by Berkshire, and drank Coca-Cola during the meeting. Abel defended Berkshire's BNSF railroad, stating that more improvements were needed to compete with Union Pacific Corp. Buffett reassured shareholders that Berkshire is designed to outlive him and Munger. Shareholders rejected proposals for more disclosure on diversity and climate risks, and to replace Buffett as chairman with an independent chairman. Buffett has led Berkshire since 1965, and prominent investor Mario Gabelli opposed ending his chairmanship. He stated that it is acceptable for companies to consider splitting the roles of chair and CEO, however, he does not think it is necessary for Berkshire Hathaway as the current CEO has been very successful for the past 50 years. Despite lower projected attendance compared to 2019, thousands of people gathered outside the arena before it opened at 7 am. Around 10% to 15% of seats in the usually full arena were empty. Just like at other events sponsored by Berkshire this weekend, most attendees did not wear masks, but all had to show proof of COVID-19 vaccination. The meeting was webcasted 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 mentioned buying a chair from Walmart so he could sit down. He also 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., comparing it to a pilgrimage. Andres Avila, who had traveled from Boston to Omaha and had only been there for five hours before lining up at 4:45 a.m., was also sleep-deprived and carried an umbrella to shield himself from the rain. He expressed excitement at being surrounded by his idols.