Even star investor Warren Buffett can’t find good stocks and instead hoards cash. However, his investors only worry about one thing: what happens when the legend goes?
Investor legend Warren Buffett passed the annual general meeting of the world’s largest conglomerate Berkshire Hathaway at the weekend in a routine, confident but more sentimental way than usual. “I not only hope that you come back next year, I also hope that I will be here again next year,” said the 93-year-old to his 40,000 investors who had made the pilgrimage to Omaha for the traditional “Woodstock of Capitalism”. It was the first “Woodstock” without his long-time companion Charlie Munger, who died in November just before his hundredth birthday. Together, the two have transformed Berkshire Hathaway from a struggling textile factory into a global and industry-spanning corporation that generated $12.7 billion in net profit in the first three months of the year. And so investors in Nebraska were primarily concerned with one question: What will happen to this money machine when Warren Buffett is no longer there?
Soon 200 billion in cash
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