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New York (CNN Business)Warren Buffett is going to Hollywood.

The annual Berkshire Hathaway (BRKB) shareholder meeting on May 1, normally held in Buffett’s home town of Omaha, Nebraska, will instead be livestreamed from Los Angeles.
Buffett, who has a net worth of more than $90 billion, said in Berkshire Hathaway’s shareholder letter Saturday morning that the meeting would be in LA so that vice chairman Charlie Munger. who lives in Southern California, can attend.

    The 97-year old Munger did not go to last year’s virtual shareholder meeting in Omaha due to the Covid-19 pandemic. Instead, Buffett was joined on stage by another Berkshire vice chairman, Greg Abel.
    “I missed him last year and, more important, you clearly missed him,” Buffett said of Munger, who is also chairman of California newspaper publisher Daily Journal (DJCO), which held its own shareholder meeting on Wednesday in Los Angeles.

    Warren Buffett: His life in pictures

    Warren Buffett, the chairman and CEO of Berkshire Hathaway, attends an event in Washington, DC, in 2012. He is celebrating his 90th birthday this year.

    Buffett was born in Omaha, Nebraska, on August 30, 1930. He was the only son of Laila and Howard Buffett. Howard was a US congressman.

    A young Buffett, far left, is seen with his grandfather, Ernest, as well as his cousins and two sisters.

    Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris.

    Warren Buffett stands in front of his childhood home in Omaha.

    Buffett teaches a class at the University of Nebraska-Omaha.

    Buffett married his first wife, Susan, in 1952. They had three children together: Peter, Howard and Susan. The latter two are seen here with their parents.

    Buffett and his wife pose at the beach with their three children.

    Buffett poses for a photo in 1980.

    Buffett testifies before a House subcommittee after the Salomon Brothers investment bank was caught in a treasury bond scandal in 1991. Buffett took over as the company's chairman of the board to guide it out of troubles with the Federal Reserve System.

    Buffett attends one of Berkshire's annual shareholders meeting. Seated with him here are his daughter Susan, left, and his wife Susan. Buffett's wife died in 2004.

    Buffett arrives at an Omaha Dairy Queen to autograph books and chat with Berkshire Hathaway shareholders in 2002. Many people were in Omaha for Berkshire Hathaway's annual shareholders meeting, which has been described as "the Woodstock of Capitalism."

    Buffett attends a GEICO ceremony in Trenton, New Jersey, in 2004.

    Buffett joins California Gov. Arnold Schwarzenegger during a meeting of Wall Street investors in New York in 2004. Buffett advised Schwarzenegger's gubernatorial campaign in 2003.

    Buffett sits atop a fake bull at the Berkshire Hathaway annual meeting in 2006.

    Buffett stacks his chips at a charity poker tournament in Omaha in 2006.

    Buffett plays the ukulele with a band during the Berkshire Hathaway meeting in 2007. He learned the instrument decades ago.

    Buffett stands in front of a portrait of himself, painted by Michael Israel, in 2008.

    Buffett throws out the first pitch before a Kansas City Royals baseball game in 2008.

    Buffett sits with Girl Scouts in Omaha in 2008.

    Buffett uses a large paddle to play table tennis in 2010.

    Buffett and Microsoft Chairman Bill Gates enjoy a meal together at the Hollywood Diner in Omaha in 2010. That year, the two launched The Giving Pledge, which encourages the world's billionaires to dedicate the majority of their wealth to philanthropic causes.

    Buffett is sworn in to testify before the Financial Crisis Inquiry Commission in 2010. The bipartisan committee was created by Congress to investigate the causes of the financial crisis.

    President Barack Obama awards the Presidential Medal of Freedom to Buffett in 2011. "Today, we know Warren Buffett not only as one of the world's richest men, but also one of the most admired and respected," Obama said. "Unmoved by financial fads, he has doggedly sought out value, put his weight behind companies with promise and demonstrated that integrity isn't just a good trait -- it is good for business."

    Buffett is mobbed by journalists and shareholders during Berkshire Hathaway's annual shareholders meeting in 2011.

    Buffett talks with his son Peter before the start of the shareholders meeting in 2011.

    Buffett poses for a photo in Omaha in 2012.

    Buffett and his second wife, Astrid, arrive at the White House for a state dinner honoring British Prime Minister David Cameron in 2012. The next month, Buffett confirmed that he had been diagnosed with Stage 1 prostate cancer. He underwent radiation treatments and told Berkshire Hathaway shareholders that the cancer was "not remotely life-threatening."

    Buffett looks out at Omaha in 2012.

    Buffett wears a Woodrow Wilson High School jacket as he attends an event in Washington, DC, in 2012. Buffett graduated from the Washington high school in 1947.

    Buffett is photographed for Forbes magazine in 2012.

    Buffett listens as his son Howard speaks during an interview in New York in 2013. Buffett and his late first wife, Susan, gave and pledged billions to each of their three children to fund charitable foundations. Howard, an Illinois farmer, picked global hunger as his target.

    Buffett spins a basketball with the help of Chris "Handles" Franklin, one of the Harlem Globetrotters, at the Berkshire Hathaway shareholders meeting in 2013. At left is football star Ndamukong Suh.

    Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.

    Buffett arrives for a conference in Sun Valley, Idaho, in 2014.

    Buffett introduces products to shareholders before their annual meeting in 2014.

    Buffett goofs off with Cleveland Cavaliers mascot Moon Dog prior to an NBA game in 2014.

    Buffett does an interview in 2015.

    Buffett listens as presidential candidate Hillary Clinton speaks during an event in Omaha in 2015. Buffett said at the rally that he was supporting Clinton's bid for president because they share a commitment to help the less affluent.

    Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.

    Buffett attends Forbes' 100th anniversary gala in New York in 2017.

    Buffett walks through the exhibit hall during Berkshire Hathaway's shareholders meeting in 2019.

    Buffett speaks during Berkshire Hathaway's virtual shareholders meeting in May 2020.

    Buffett said Abel and Berkshire’s third vice chairman, Ajit Jain, will also be on stage in LA to answer questions during the virtual May 1 meeting, which is scheduled to last from 1:30 pm ET until 5:30. Buffett said he hoped Berkshire can once again hold an in-person meeting in Nebraska in 2022.
    The news of the annual meeting venue change was perhaps the biggest revelation in Buffett’s annual note to his devoted investors. But as he usually does, Buffett, also known as the Oracle of Omaha, dispensed some words of wisdom about the current state of the market.

    Staying away from bonds and buying back more Berkshire stock

    Buffett is not currently a fan of bonds because despite a recent uptick, yields remain historically low.
    “Bonds are not the place to be these days,” Buffett wrote, adding that the yield on the 10-year Treasury, now hovering around 1.46%, was 15.8% in 1981.
    “In certain large and important countries, such as Germany and Japan, investors earn a negative return on trillions of dollars of sovereign debt. Fixed-income investors worldwide — whether pension funds, insurance companies or retirees — face a bleak future,” Buffett noted.
    Warren Buffett sells JPMorgan Chase stock and buys Verizon
    Buffett, whose net worth is north of $90 billion, also defended Berkshire’s propensity for using cash to buy back its own stock. The company spent $24.7 billion last year to repurchase shares.
    Some investors have argued that Berkshire could find a better use for its cash. The company ended the year with more than $138 billion in cash, which Berkshire could use to make more acquisitions.
    “In no way do we think that Berkshire shares should be repurchased at simply any price,” Buffett wrote. “American CEOs have an embarrassing record of devoting more company funds to repurchases when prices have risen than when they have tanked. Our approach is exactly the reverse.”
    Still, some wonder if the 90-year old Buffett has lost his Midas touch. Berkshire Hathaway’s stock is up just 11% over the past year, compared to a nearly 23% gain for the S&P 500.
    Berkshire Hathaway has lagged the broader market during the past five years, too. That’s despite the fact that Berkshire is a major investor in Apple (AAPL).

    ‘Hamburgers and Coke’

    Buffett, however, defended the company’s investment strategy, describing it as like a classic diner.
    “At Berkshire, we have been serving hamburgers and Coke for 56 years. We cherish the clientele this fare has attracted,” Buffett wrote.
    What does Warren Buffett see in Chevron?
    Although he has dipped his toe into higher techs like Apple and Amazon (AMZN) recently, the majority of Berkshire’s investments are in slower growth “value” stocks such as Chevron (CVX), Verizon (VZ), American Express (AXP) and, yes, Coca-Cola (KO). (Buffett is an avid drinker of Cherry Coke.)
    In other words, don’t expect Buffett to start investing in meme stocks like GameStop (GME) or momentum darlings such as Tesla (TSLA).
    “The tens of millions of other investors and speculators in the United States and elsewhere have a wide variety of equity choices to fit their tastes. They will find CEOs and market gurus with enticing ideas,” he said. “Many of those investors, I should add, will do quite well.”
    But Buffett stressed a more patient approach to investing.
    “All that’s required is the passage of time, an inner calm, ample diversification and a minimization of transactions and fees,” he said.
    And Berkshire Hathaway’s operating businesses enjoyed a solid end of 2020, despite the pandemic.

      The sprawling conglomerate, which owns Geico, Dairy Queen, the Burlington Northern Santa Fe railroad, Duracell batteries and many other consumer, financial, industrial and energy companies, said Saturday it posted a net profit of $35.8 billion in the fourth quarter, an increase of 23%.
      Berkshire’s operating profit rose nearly 14% in the quarter, to $5 billion.
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