If things had worked out somewhat differently, I would currently be in Ghent, admiring some very old paintings and eating waterzooi and drinking sour beer. This is, of course, disappointing. But not half as disappointing as the news that 40,000 people will be denied their annual trip to the exciting and bustling metropolis of Omaha.
“I very much regret this action; for many decades the annual meeting has been a high point of the year for me and my partner, Charlie Munger,” Buffett said in a letter to shareholders. “It is now clear, however, that large gatherings can pose a health threat to the participants and the greater community.”
“Therefore, we will limit attendance to me, possibly Charlie, and several Berkshire employees who will deliver proxy votes,” Buffett said.
On the bright side, you’ll still be able to hear Munger complain about things through the magic of technology.
He said the May 2 meeting will be streamed online by Yahoo Finance.
And back to the grim side:
The value of Berkshire's holdings has dropped by more than a third to about $6.3 billion. If the pandemic continues to plague airline stocks, that loss could grow.
Warren Buffett says Berkshire’s annual meeting will be held without shareholders in attendance [CNBC]
Warren Buffett’s Berkshire Hathaway loses more than $3 billion as coronavirus hammers airline stocks [BI]