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Warren Buffett's fans plot their own course for when he leaves
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Warren Buffett's fans plot their own course for when he leaves
May 6, 2024 3:22 AM

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett, the

93-year-old billionaire chief of Berkshire Hathaway ( BRK/A ), mulled his

future in telling shareholders on Saturday that if he were

lucky, he would have another six or seven years but added that

"it could end tomorrow."

Tens of thousands of shareholders, who over the weekend made

their pilgrimage to see the Oracle of Omaha in person at

Berkshire's annual shareholder meeting, hope it doesn't end that

soon. But they're not worried about their investments.

"The crowds will be smaller when Buffett isn't here, but the

company will still do well," said Jason Garner, a 20-year-old

student from Queens University in Kingston, Ontario.

Berkshire is an $865 billion conglomerate whose dozens of

companies include Geico, the BNSF railroad, Dairy Queen, many

utilities, industrial businesses, and the maker of Ginsu knives.

Buffett has run it from his hometown of Omaha since 1965.

Despite Berkshire's size, its shares outgained the Standard &

Poor's 500 in the last decade, though by less than they

once did.

Many who attended the weekend Buffett dubbed "Woodstock for

Capitalists" expressed confidence, sometimes tinged with unease,

about Berkshire's future without the legendary billionaire.

The death in November of Buffett's longtime business partner

Charlie Munger at age 99 renewed focus on Buffett's own age.

Buffett navigated almost five hours of shareholder questions

in a downtown arena with his successor-in-waiting Vice Chairman

Greg Abel, 61.

In an adjacent exhibit hall featuring Berkshire companies,

shareholders scooped up spatulas, jewelry, Squishmallows toys

and several tons of See's Candies. Many posed for photos with

the Geico gecko.

A large number of shareholders came from across the globe.

"Warren said Berkshire is built to last," said Mike Lin, a

financial analyst from Guangzhou, China, who with his sister

bought Benjamin Moore teddy bears.

Lygia Bulle, a financial planner from Curitiba, Brazil, took

her 17- and 19-year-old sons to the meeting.

"Warren Buffett is the greatest investor in the world," she

said. "Going to see him in person has a different impact from

seeing him at home."

BRAVING THE RAIN

As usual, thousands of shareholders lined up in the

overnight hours Saturday to hear Buffett, despite rain and wind

that shortened the lines. Some said people were waiting 12 hours

before the arena's 7 a.m. opening.

Buffett's fame, wisdom and magnetism are a big part of the

draw. Abel won't command the same affection from shareholders

though leaders of Berkshire's businesses say they regard him

highly.

No one knows if the weekend will stay the same without

Buffett. Omaha hopes so: no annual event other than baseball's

College World Series matters more to its economy.

"Yes, I will be back if Warren Buffett isn't here because I

will wonder about Berkshire Hathaway's ( BRK/A ) future," said Gyuhwan

Kim, 26, a software engineer from South Korea who got in line at

3:30 a.m. "But no, I will not come this early. Once is enough."

Jordan Kaneshiro, a Honolulu native now working as a nurse

in Omaha, said: "It's just one of the things you have got to do.

You buy shares of a company and you want to see what the company

is up to."

That approach would survive Buffett's exit.

Buffett acknowledged that time will come, perhaps soon,

breaking out in laughter after telling shareholders: "I not only

hope that you come next year, I hope I come next year."

Richard Callahan, a BMO banker from Omaha, said Buffett has

become less visible locally.

"You just don't see him," he said. "I live and work in the

same neighborhood. You don't see him out in his car as much, and

once in a while you'll see him with a driver."

But the 57-year-old still marvels at Buffett. "93?" he said.

"I can only hope that I'm functioning as he is."

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