The gathering in downtown Omaha, Nebraska marked Berkshire's first shareholder meeting since 2019, prior to the disruptions caused by COVID-19. Shareholders had the opportunity to ask questions to Warren Buffett, Charlie Munger, Greg Abel, and Ajit Jain for five hours. Berkshire revealed that they had increased their stakes in Chevron Corp and Activision Blizzard Inc to over $31 billion, addressing criticisms of holding too much cash. Despite facing challenges such as supply chain disruptions, the Ukraine invasion, and inflation, Berkshire reported a first-quarter operating profit of $7.04 billion. Buffett, 91, expressed satisfaction with being able to meet with shareholders in person after conducting the past two meetings virtually. 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 acquire insurer Alleghany Corp for $11.6 billion. When asked what prompted the change, 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 attributed the investment decisions to the unpredictable nature of markets, stating that occasionally Berkshire Hathaway seizes unique opportunities. "It's not our intelligence that sets us apart... I believe we are rational." In the last quarter, Berkshire invested $51 billion in stocks, causing its cash reserves to decrease by over $40 billion to $106 billion. Despite this, the company has various sources of cash flow, such as its insurance business, and Buffett reassured that they will never be short on cash. "We will always have a significant amount of cash," he stated. "It's similar to oxygen, it's always present but if it suddenly disappears, it's game over." During a discussion on the potential of the Ukraine conflict leading to nuclear war, Buffett and Jain struggled to provide a clear answer. Jain, who has been praised by Buffett for many years, admitted to lacking the ability to estimate Berkshire's insurance exposure. Buffett mentioned that the risk of a nuclear attack was very low, despite the world coming close during the Cuban Missile Crisis in 1962. He stated that "The world is taking a chance every day." Berkshire Hathaway does not have a solution to the current situation. Warren Buffett commented on the similarities between stock markets and gambling, noting that this behavior was heightened in recent years due to encouragement from Wall Street. Charlie Munger, at 98 years old, expressed disapproval of bitcoin and advised against putting retirement funds into it. He also 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, a major investment of Berkshire, at the meeting. Abel defended Berkshire's BNSF railroad, emphasizing the need for continued improvement in operations and customer service to compete with Union Pacific Corp. Buffett reassured shareholders that Berkshire is built to outlast his and Munger's leadership. Shareholders rejected proposals for more disclosure on diversity and climate risks, as well as for an independent chairman to replace Buffett. Buffett has been in charge of Berkshire since 1965, and prominent investor Mario Gabelli opposed ending his chairmanship. "It is not considered inappropriate for companies to consider separating the roles of chair and CEO," he stated. "However, in the case of Berkshire Hathaway, it doesn't seem necessary as the current person in that role has been very successful for the past 50 years. While we support the idea of separating the roles, it is not needed here." Prior to the opening of the doors at 7 am, a large crowd of people gathered outside the downtown arena where the meeting was held. Despite projections of lower attendance compared to 2019, about 10% to 15% of seats in the usually full arena remained empty. Just like at other events sponsored by Berkshire Hathaway this weekend, most attendees at the meeting did not wear masks, but they all had to show proof of being vaccinated against COVID-19. The meeting was webcast by CNBC.com. Tom Spain, the founder of Henry Spain Investment Services in Market Harborough, England, arrived early at 3:15 a.m. for his third meeting and brought a chair from Walmart to sit on. He mentioned that everyone has been using his chair and joked about possibly bringing a large container of coffee to share next year. Lauritz Fenselau, a 23-year-old software startup owner 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 just five hours earlier, joined him at 4:45 a.m. with an umbrella to shield from the rain, excited to see his idols.