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At the Berkshire Hathaway Annual Meeting, Warren Buffett emphasised the ongoing challenges in the insurance sector, describing it as inherently unpredictable.

“Our insurance underwriting results were down significantly in the first quarter,” Buffett noted. “As always, the insurance business is unpredictable.” He highlighted that while prices have declined this year, risks have continued to rise, complicating the outlook for the industry.

Buffett also pointed to a specific example in Nebraska, where insurance premiums have doubled over the past decade, even after accounting for inflation and storm-related losses, yet the business remains unprofitable. “That makes the future hard to predict,” he said.

Despite the headwinds, Buffett expressed confidence in Berkshire’s position. “We have a unique advantage in the insurance industry, one that others can’t easily replicate,” he added.

While speaking about work and career, Buffett said that they know where they are working, as one tends to pick up habits from their co-workers.

He said that it’s less important to fret about factors like starting salaries. He also added, “You really want to work at something you enjoy,”.

“The insurance industry is a big growth industry,” says Buffett.

Ajit Jain acknowledged that growing competition from private equity firms has significantly impacted Berkshire Hathaway’s ability to invest in the insurance sector.

“There’s no question the private equity firms have come into the space, and we are no longer competitive in this space,” Jain said, noting that while Berkshire was once active in insurance-related deals, it hasn’t completed any in the past three to four years due to this shift in the market landscape.

At the Berkshire Hathaway Annual Meeting, Warren Buffett offered a personal and philosophical reflection, emphasizing his deep gratitude for having been born in the United States and his enduring optimism about the country’s future.

“The luckiest day of my life is the day I was born,” Buffett said, recounting the immense historical events the world has endured since his birth in 1930. “We’ve gone through all kinds of things and gone through great recessions, we’ve gone through World Wars, we’ve gone through the development of an atomic bomb that we never dreamt of at the time I was born.”

Despite the many challenges facing the world today, Buffett encouraged attendees not to lose hope or perspective. “I would not get discouraged about the fact that it doesn’t look like we’ve solved problems that have come along,” he said. “And if I were being born today, I would just keep negotiating in the womb until they say you could be in the United States. We’re all pretty lucky.”

Warren Buffett voiced strong opposition to tariffs, calling them “a big mistake” and cautioning that trade policies should not be used as a weapon.

Responding to a frequently submitted question at the Berkshire Hathaway Annual Meeting, Buffett distinguished his long-standing view from a concept he introduced in 2003—import certificates—which he noted differs significantly from the use of tariffs.

Warren Buffett addressed Berkshire Hathaway’s record-high cash reserves, now totaling $335 billion, saying the company is patiently waiting for the right moment to deploy capital.

“We’re staying very, very, very opportunistic,” Buffett said, emphasising that Berkshire won’t rush into investments simply to stay fully invested. Instead, the firm is holding out for what he calls “fat pitches”—rare, high-conviction opportunities.

Responding to a question from the audience, Warren Buffett said that one key reason Berkshire Hathaway has been so successful is its ability to move quickly when opportunity strikes.

“We’re willing to act faster than anybody,” Buffett noted, emphasising the importance of decisiveness in investing.

“You don’t want to be patient about acting on deals that make sense,” he added.

“I mentioned very briefly in the annual report, fiscal policy is what scares me in the United States, because it’s made the way it is,” says Buffett.

“And all the motivations are doing a lot of things that will cause, can cause trouble, with money. But that’s not limited to the United States. It’s all over the world. In some places. It gets out of control regularly,” he said.

While answering the question on reducing exposure and risk to the declining US dollar, Buffett said that his company would not really invest in a currency that is going to ‘hell’. Buffett also touched upon increased exposure in the Japanese Yen.  Buffett said that the government’s fiscal policies scare him.

Buffett, however, underscored the complexities of the game of currencies and said that the government’s job is to bring the value of a currency down.

Buffett did not dismiss the possibility of exploring and looking at other currencies.

On a question on choosing Greg Abil as his successor, he said that part of investing is looking for wrong and looking for what is missing. He also added that he liked all the bosses that he worked for; however, he would rather work for him than any other.

Talking about the issues in the investment business, Buffett said, “We came pretty close to spending $10 billion, not that long ago, for example, but we’d spend $100 billion,” he said. “I mean, those decisions are not tough to make when something is offered that makes sense to us and that we understand and offers good value.”

Buffett’s company currently holds a giant pile of over $300 billion in cash.

“There are so many more opportunities in the US that present themselves in the security market than it does in real estate,” says Buffett.

At the Berkshire Hathaway AGM, answering a question on being fast in making the right move in the business and investment, Greg Abel, Chairperson of Berkshire Hathaway Energy, emphasised the need for being prepared in order to act quickly.

In the Berkshire Annual Meeting, on a question on the impact of AI and its dynamics, Buffett passed the question on to Ajit Jain, Vice Chairman of Insurance Operations for Berkshire Hathaway. The Indian-American executive said that AI is a game-changer.

“It would be nice if everyday you got 4 opportunities and they were expected to be equally attractive… we are running a business that’s very, very, very opportunistic..,” Buffett said, explaining the reason for hoarding cash. here.

Real estate is so much harder than stocks. When real estate gets in trouble, Buffett says, one deals with more than a few people. Buffett thinks that there is a greater opportunity in stock exchanges than in the real estate market. He underscored the emotional legacy value of real estate, unlike the securities market.

Berkshire Hathaway is strengthening its partnerships with five major Japanese companies, laying the groundwork for deeper global collaboration in the years ahead. Vice Chairman Greg Abel said the company is beginning with incremental engagements but anticipates much larger joint ventures over time. He emphasised the distinct perspectives and opportunities these Japanese firms bring, highlighting the importance of cultivating long-term relationships.

Chairman Warren Buffett echoed this sentiment, noting that Berkshire has no intention of changing how the companies operate, praising their existing success. He described Berkshire’s role as a supportive partner, saying the firm is committed to holding these investments for decades. Buffett also suggested that while Berkshire will largely remain on the sidelines, it expects to occasionally uncover major opportunities with these partners. Calling the collaboration a “perfect relationship,” he pointed to the size and strength of the Japanese firms as a solid foundation for future growth.

Talking about the business of ‘investing’, he said running that business is ‘very opportunistic’. He said that this avenue is not meant for passive investors. He underscored the uncertainty of the market and the perennial volatility of the same.

Answering a question on Japan, Buffett said he will hold his investments in Japan. Buffett acknowledged the distinct culture of the country and underscored the potential.

Japan is the biggest holder of US debt in the world; the land of the rising sun is followed by China. Japan has suffered from sluggish growth for nearly three decades.

“I don’t think it’s right and I don’t think it’s wise, ” Buffett says speaking about rising inequality.

The first question posed to Buffett was regarding Donald Trump’s trade war. Answering the question, they said that a balance of trade is good for the world; the more balanced, the better. He added that we do what we are good at, and they do what they are good at. He also said that trade should not be a weapon.

“We should do what we do best and they should do what they do best,” Buffett says in response to a question on Donald Trump’s tariffs and trade war. “We want a prosperous world. In a country with nuclear weapons, and some of them unstable, I don’t think it’s a great idea for some countries to say ‘we won’ and others feeling envious,” he adds.

Warren Buffett has started the Q&A session. Warren Buffett’s Berkshire Hathaway has been actively moving into emerging sectors like energy and quick-service restaurants (QSR).

Berkshire Hathaway reported $1.1 billion in first-quarter losses tied to the wildfires in Southern California, underscoring the widespread impact across the insurance industry.

According to initial estimates from AccuWeather, the total economic toll from the wildfires could reach as high as $150 billion, affecting not only insurers but multiple sectors.

“On behalf of all Berkshire, thank you Tim,” Buffett says.

As of March 31, 69% of the total fair value of Berkshire Hathaway’s equity portfolio was concentrated in just five companies: American Express, Apple, Bank of America, Chevron, and Coca-Cola.

By the end of the first quarter, Berkshire held approximately 151.6 million shares of American Express, representing a 21.6% ownership stake in the company.

“We are quite a diverse group here,” says the iconic investor Warren Buffett. Is this a dig at the Trump administration’s tirade against globalisation?

Net earnings dropped to $4.6 billion

Class A share earnings fall to $3,200

Operating income came in at $9, 641 million

Former US first lady and former US presidential nominee Hillary Clinton is at the venue of The Berkshire Hathaway Annual General Meeting.

This annual meeting is being held in Omaha.

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