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Warren Buffett, Chairman and CEO of Berkshire Hathaway.
David A. Grogan | CNBC
Follow the highlights of Berkshire Hathaway‘s annual meeting here. Warren Buffett is set to comment on the coronavirus, the state of the American economy and whether he sees any value in the sell-off. The 89-year-old “Oracle of Omaha” will be joined at the virtual meeting with Vice Chairman of Non-Insurance Operations Greg Abel. The pair will answer shareholder questions from CNBC’s Becky Quick. CNBC’s and The New York Times’s Andrew Ross Sorkin , along with financial journalist Carol Loomis, will also ask questions. It is set to begin at 5 pm ET.
4:00 pm: Buffett hunkering down?
Going by the company’s first-quarter 10-Q filing, it appears Buffett was not chomping at the bit to buy more stock or companies outright during the coronavirus market rout. The filing revealed Berkshire had a record $137 billion in cash and equivalent instruments on its balance sheet at the end of the first quarter, up from about $127 billion at the end of the year. Also, the company spent just $1.8 billion buying stocks and just $1.7 billion repurchasing Berkshire Hathaway shares. It will be interesting to see if Buffett is in fact waiting for more clarity that the economy is not going through a more lasting setback because of the pandemic. —Melloy
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