Warren Buffett‘s ’Woodstock for Capitalists a smaller affair after pandemic

div classBodysc17zpet90 cdBBJodivpBy Jonathan Stempel and Carolina Mandlp

pOMAHA, Neb. Reuters – Warren Buffetts Berkshire Hathaway Inc will hold its annual shareholder meeting in person on Saturday for the first time since before the pandemic, but the extravaganza dubbed “Woodstock for Capitalists” is likely to see fewer people and paredback events.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pBuffett, 91, chairman and chief executive officer of Berkshire, and Vice Chairman Charlie Munger, 98, will answer shareholder questions for roughly five hours when the meeting convenes in Omaha, Nebraska.p

pShareholders likely will address issues such as recent investments, a stillswollen cash pile, share buybacks, rising inflation and supply chain disruptions, and even whether someone other than Buffett should chair the company.p

pJoining them will be Vice Chairmen Greg Abel, Buffetts designated successor as CEO, and Ajit Jain. p

pMany shareholders, however, go for more than just the meeting.p

pEvents around the city over three days include a 5km run3.11 miles, shareholder shopping from dozens of Berkshireowned businesses at the downtown CHI Health Center arena where the meeting takes place, and several private investing conferences.p

p“You‘re selling as fast as the cash register will ring,” said Phillip Black, coowner of the Bookworm, the only nonBerkshire business selling at the arena. He said weekend sales have topped 100,000 in past years. “You’re kind of glad when its over so you can get a little rest.”p

pStill, shareholders will notice changes, beyond needing proof of COVID19 vaccination to attend events.p

pBerkshire expects attendance to be “considerably less” than the 40,000, many from overseas, common to recent meetings. The 2019 meeting, the last inperson meeting before the pandemic, added 21.3 million to Omahas economy.p

p“I attended for 25 years in a row before COVID,” said James Armstrong, a principal at Henry H. Armstrong Associates in Pittsburgh. “But I‘m just not going to make the trip. I’m not doing much flying yet.”p

pTONS OF CANDYp

pOccupancy rates in the Omaha areas 15,608 hotel rooms, as measured by data firm STR Inc, may fall short of the usual 90 to 95, with more rooms at lower rates beckoning late travelers.p

pBorsheims wont pitch its familiar outdoor tent with live entertainment and a buffet smorgasbord at the mall housing the Berkshireowned jeweler, though cocktails will be available.p

pAnd a shareholder favorite–the newspaper toss where Buffett displayed skills he once used as a paperboy–has been scrapped.p

pArmstrong, like many others, plans to watch the meeting online at cnbc.com https:www.cnbc.combrklive22. Berkshire https:www.berkshirehathaway.com first webcast meetings in 2016.p

pStill, the weekend nonetheless should add many millions of dollars to Berkshires coffers.p

pShareholders can buy a pontoon boat from Berkshires Forest River unit and designed by “Margaritaville” singer Jimmy Buffett no relation.p

pFrugal shoppers can again spend 5 at Oriental Trading for cherubic Buffett and Munger rubber ducks. And those not on a diet can scarf up the 21,085 pounds 9,564 kg of peanut brittle and other treats that Sees Candies is bringing.p

pDeborah Ward, executive director of Visit Omaha, said “the energy in the city was lost” when Berkshire moved its 2020 and 2021 shareholder meetings online. p

p“It will be nice to have that energy back,” she said. “Being associated with Berkshire helps Omahas brand a great deal. Warren Buffett could live anywhere in the world. He chooses to live here.”p

pSUPER BOWL OF BUSINESSp

pDavid Brown, who retires next week after 19 years leading the Greater Omaha Chamber, said many businesses not affiliated with Berkshire schedule events around the weekend.p

p“Berkshire has for us been the annual Super Bowl of business,” he said. “That means theyre filling up bars, restaurants and stores. You can feel the lift it gives.”p

pMarta Keller, general manager of the downtown M‘s Pub, said some Berkshire customers book a year in advance. M’s creates a special menu for them.p

p“There will be a rib eye, a beef tenderloin. Everybody talks about Nebraska being about beef,” Keller said. “We keep it simple, but were trying to be creative because food has gotten so expensive.”p

pAt the Bookworm, all books have Buffetts seal of approval.p

pNew this year are Nancy Rips‘ updated “My New Berkshire ABC” for children A is for Apple, a big Berkshire investment, and a book on Berkshire’s evolution from a failing textile mill that Buffett finally closed in 1985, twenty years after taking over.p

p“Mr. Buffett likes to educate shareholders,” Black said. “It will show how he put his capital into something that really wasnt good and reallocated it in a more productive way.”p

pBorsheims Chief Executive Karen Goracke said the jeweler sells as much during the week as in the Christmas season. She and other CEOs of Berkshire businesses will again dine together this weekend.p

p“I saw Warren about a week ago,” Goracke said this week. “He‘s in great spirits, and just happy to have the meeting in person again. He loves to do it. He’s energized by it.” p

p

pp Reporting by Jonathan Stempel and Carolina Mandl in Omaha, Nebraska editing by Megan Davies and Diane Craftp

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