The Blubber

At Berkshire Hathaway's annual shareholder meeting on Saturday, Warren Buffett reflected on the passing of his longtime partner Charlie Munger and addressed concerns about his own mortality. He reassured investors that a plan was in place and revealed that Greg Abel, his successor, would be responsible for investment decisions.

Buffett also fielded questions from shareholders, explaining Berkshire's decision to sell some of its Apple stock and disclosing a loss on an investment in Paramount. He also discussed developments in artificial intelligence and praised Federal Reserve Chair Jerome Powell for his handling of the economy.

Buffett concluded the meeting with a lighthearted remark, saying, "I not only hope you come next year. I hope I come next year," which was met with laughter and applause from the crowd.

Regarding Powell, Buffett called him a "very wise man" but noted that the central bank needs assistance from lawmakers to address the growing U.S. deficit.

Berkshire Hathaway is also facing lawsuits related to its ownership of electric power company PacifiCorp. Abel, Buffett's successor, stated that the litigation would be challenged, as they believe many of the claims are unfounded. PacifiCorp is dealing with new claims totaling $30 billion from plaintiffs blaming the company for wildfires in Oregon. Despite these challenges, Abel emphasized the need for legislative and regulatory reforms in PacifiCorp states to ensure future capital contributions are made wisely.