93-year-old Buffett arrived at the Berkshire meeting wearing a sweater: Praised Apple CEO Tim Cook, Greg Abel led the meeting for the first time.

Berkshire Hathaway’s annual shareholders meeting took place on May 1. The company’s new CEO Greg Abel led the meeting for the first time. 93-year-old Warren Buffett, who is usually seen in suits and boots, was seen sitting in the first row in a sweater this time.

Buffett, who appeared to be in retirement mode, narrated the story of his investment in Apple and the success of CEO Tim Cook in the meeting. Buffett said that Tim Cook took the place of a legend like Steve Jobs and proved himself.

Although Buffett has distanced himself from management, his talks on big investments like Apple increased the confidence of investors. Apple still holds the largest stake in Berkshire’s portfolio.

Greg Abel, the new CEO of Berkshire Hathaway.

Gambled $35 billion 10 years ago

Buffett reminded the meeting that Berkshire had made a big bet on Apple about a decade ago. At that time, the company had invested about 10% of its total resources i.e. 35 billion dollars (about Rs 2.91 lakh crore) in Apple shares.

Buffett said, ‘At that time even the average American investor did not know Tim Cook well. We had handed over such a huge amount to a person who had taken over the reins after a legend (Steve Jobs).

People enter the convention hall before Berkshire Hathaway’s annual shareholders meeting in Omaha, Nebraska on May 1.

Berkshire gets more than 5 times profit from Apple’s investment

Buffett said that the investment in Apple has proved to be a jackpot for Berkshire. That initial investment of $35 billion has today increased to $185 billion (about Rs 15.42 lakh crore).

This includes both dividends and increased value of shares. Buffett said in his humorous style, ‘I didn’t have to do a single bit of work to make so much money. We at Berkshire are very adept at getting others to work and raising money.

Buffett said- Tim Cook should stand up and accept the applause.

During the meeting, Buffett asked Tim Cook, who was sitting in the audience, to stand up. He asked the shareholders to thank Tim Cook. Buffett said, ‘After Steve Jobs left, everyone was asking who would take over Apple? Tim took responsibility after Steve’s death. Replacing a giant like Steve Jobs and surpassing his record is one of the miracles of American business management.

Tim Cook will leave his post in September

This meeting was also important because Tim Cook is going to step down as Apple’s top executive in September this year. In his place, John Ternes will take command of the company. Buffett described Tim Cook’s tenure as the most wonderful period in Apple’s history.

He recalled how Apple started from a garage, Steve Jobs was fired from the company, then he came back and launched a product like iPhone. But after Jobs, it was only Tim Cook’s ability to keep the company at that height.

First meeting under the leadership of Greg Abel

This year’s meeting was also special because it was the first time Greg Abel was taking the stage as CEO. Although Buffett has distanced himself from management, his talks on big investments like Apple boosted investor confidence. Apple still holds the largest stake in Berkshire’s portfolio.

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