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Shares in Berkshire are outperforming the S&P 500 this

year

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Berkshire was a net seller of stocks for a 10th straight

quarter

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Buffett's conglomerate cash pile reached a record in Q1

By Jonathan Stempel

OMAHA, May 3 (Reuters) -

Warren Buffett took the stage for the 60th time at Berkshire

Hathaway's ( BRK/A ) annual meeting on Saturday, with investors

and analysts keen to hear the legendary investor's views as U.S.

President Donald Trump's tariff policies cause uncertainty for

business and the economy.

Ahead of the meeting, Berkshire reported its first-quarter

results that indicated Buffett is still cautious. The company

was a net seller of stocks for a 10th straight quarter, as it

bought $3.18 billion and sold $4.68 billion.

Meanwhile, its cash pile continued to grow, setting a

new record of $347.7 billion as of March 31 from $334.2 billion

at year-end.

The conglomerate reported a lower operating profit in

the first quarter, hurt by weaker results from its insurance

operations.

Berskhire's share price has so far weathered a turbulent

period for markets, rising 18.9% this year while the Standard &

Poor's 500 was down 3.3%.

For many, Berkshire's diverse portfolio of businesses offers

a mirror into the broader U.S. economy, including the BNSF

railroad, Geico insurance, energy businesses, real estate

brokerage HomeServices and Fruit of the Loom underwear.

"The far-reaching nature of their businesses and investments

make them a microcosm for the whole economy," said Cathy

Seifert, an analyst at CFRA. "The overarching concern is we need

insight into the degree to which tariffs will cause demand

destruction or a slowdown in the economy."

The U.S. economy shrank for the first time in three years in

the first quarter, the Commerce Department said, as companies

raced to import goods to avoid higher tariffs.

Berkshire's meeting is expected to see the 94-year-old

Buffett answer shareholder questions for more than four hours.

Topics typically cover operating businesses, the economy,

markets, life lessons and Berkshire's future after the Oracle of

Omaha departs.

Vice Chairman Greg Abel, who was designated Buffett's

successor as chief executive in 2021, and Vice Chairman Ajit

Jain will also answer questions.

Investors may also question Buffett's desire to deploy

capital.

"Warren Buffett has steered away from discussing tariffs,

and people are clamoring to hear what he thinks," said Robin

Nasser, a certified public accountant from Newport Beach,

California who is attending the meeting. "He obviously knows

something we don't because he's stockpiling cash."

In March, Berkshire raised its stakes in Japanese trading

houses Itochu ( ITOCF ), Marubeni ( MARUF ), Mitsubishi ( MSBHF ),

Mitsui ( MITSF ) and Sumitomo ( SSUMF ) to as high as 9.8%.

What Berkshire will look like after Buffett departs is also

on investors' minds.

Lead independent director Susan Decker told CNBC that Abel

is taking on more of the capital allocation responsibilities

that Buffett normally handled. The role that portfolio managers

Todd Combs and Ted Weschler will play is unclear.

After the question-and-answer session ends, there will be

votes on seven shareholder proposals, including matters related

to diversity, the environment and artificial intelligence.

Buffett and Berkshire's board oppose all seven.