Follow all of Warren Buffett's key comments at the Berkshire annual meeting

Berkshire Hathaway posted some disappointing results before its annual meeting was set to begin:

• Operating earnings, which include the conglomerate's fully owned insurance and railroad businesses, fell 14% to $9.64 billion during the first three months of the year. In the first quarter of 2024, they totaled $11.22 billion.
• On per share basis, operating earnings were $4.47 last quarter, down from $5.20 per class B share in the same period one year ago. That compares to an estimate of $4.89 per class B share from UBS and an overall consensus estimate from four analysts of $4.72 a share per FactSet.
• The decline was driven by a big drop in insurance underwriting and foreign exchange losses.
• Berkshire warned that rapidly changing trade policies including tariffs could affect operating results, but it was unable to "reliably predict" that impact at this time.
• Its cash hoard ballooned to more than $347 billion, a record, as Buffett was a net seller of stocks for a 10th quarter in a row.

—John Melloy, Fred Imbert

Berkshire said President Donald Trump's tariffs and other geopolitical risks created an uncertain environment for the conglomerate, with its vast array of insurance, transportation, energy, retail and other businesses. The firm said it's not able to predict any potential impact from tariffs at this time.

"Our periodic operating results may be affected in future periods by impacts of ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events," Berkshire said in the earnings report. "The pace of changes in these events, including international trade policies and tariffs, has accelerated in 2025. Considerable uncertainty remains as to the ultimate outcome of these events."

"We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs and efficiency, and customer demand for our products and services," it said.

— Yun Li

This year's shopping event in Omaha is more interactive than ever.

Featuring a gigantic claw machine, a signed book auction and private jet tours, shareholders are able to see displays and buy merchandise from the different holding companies under Berkshire. Some of the longest lines were for specialty Squishmallow toys that resemble Warren Buffett and Charlie Munger.

Click here to go inside the "Berkshire Bazaar of Bargains" held Friday and Saturday with CNBC reporters on the ground.

— Alex Harring, Yun Li

Berkshire Hathaway is kicking off its annual meeting on a high note with shares hitting a record high Friday.

Class A shares climbed 1.8% Friday to a new all-time high of $809,350. The stock has rallied more than nearly 19% this year, significantly outperforming the S&P 500.

Some investors seeking relatively safe places to hide find Berkshire appealing because of the defensive nature of its huge insurance empire and the conglomerate's unmatched balance sheet — boasting more than $347 billion in cash at the end of March.

Berkshire Hathaway

Ahead of Buffett's address, shareholders are wondering what he'll have to say about President Donald Trump's tariff plans.

Trump's levies have been top of mind for investors as the market has whipsawed over the past month. Buffett in March called tariffs "an act of war, to some degree."

"Over time, they are a tax on goods. I mean, the tooth fairy doesn't pay 'em!" Buffett said in an interview with CBS News. "And then what? You always have to ask that question in economics. You always say, 'And then what?'"

All things considered, tariffs should be a "net negative," according to Adam Meade, author of "The Complete Financial History of Berkshire Hathaway." That's because they can hamper businesses within the conglomerate, the Mead Capital Management CEO said during a Friday panel held by Gabelli Funds.

Meade said Berkshire's furniture retailers, for example, should see costs rise due to the taxes. Geico's car insurance business can also take a hit, he said, because auto parts coming into the country will cost more on plans that haven't yet seen annual price adjustments.

Elsewhere, he said BNSF Railway can see container volumes decline if consumers pull back on purchases once the duties fully take effect.

But there's another side to this: Tariff-induced chaos can create a backdrop that's beneficial for Buffett to make a new investment at a discount, according to Christopher Bloomstran, president of Semper Augustus Investments Group. Buffett has a record amount of cash on the sidelines, coming in at more than $330 billion at the end of last year.

"Tariffs, trade wars, recessions, depressions, financial panics, pandemics, these are net good for Berkshire," Bloomstran said during the Gabelli event. "You want a little bit of excitement."

— Alex Harring

Shareholders began lining up in the early morning hours for a shot at the best seats in Omaha's CHI Health Center.

Attendees near the front told CNBC they gathered as early as 1 a.m. local time.

As has become an unofficial tradition, participants could be seen sprinting to the frontmost seats on the arena floor around 7 a.m. CT. Buffett is set to take the stage around 8 a.m. CT.

While many attendees can be seen sporting business or casual attire, some die-hard fans for Berkshire Hathaway and Buffett wear their heart on their sleeve — literally.

Nora Ridenour landed on a shirt featuring the Oracle of Omaha's face in a variety of colors that was inspired by artist Andy Warhol. Ridenour, who came with her husband from Iowa, bought this shirt during her first trip to the meeting in 2019.

"I have a super useful art degree, so this one spoke to me," Ridenour said.

Her husband Jay, who wore a shirt from last year's 5-K run with an illustration of Buffett, said he enjoys coming because of the positive energy among attendees. The family has owned the stock for more than a decade.

"Everybody here is excited," he said. "This is one of the only events that I go to where everybody is just genuinely happy to be here."

Polliana Elena Varnier matched other business students in town. The Brazil native's cohort had black hoodies with a black-and-white picture of Buffett sticking his tongue out.

"We love the way he thinks and the way he lives," she said. "He's not just an investor, he's almost a philosophy."

At a networking event near CHI Health Center, Tina Yin was seen in a shirt screenprinted with a picture of her and Buffett. While she met Buffett in 2017, the Hong Kong-based investor said some people inquired about the photo's authenticity.

"They think it's not a real photo, maybe it's Photoshop," Yin said, referring to the Adobe application for picture editing.

— Alex Harring

Warren Buffett has been mum about tariffs and the recent market turmoil, but will finally get a chance to speak his mind when the 94-year-old investment legend kicks off Berkshire Hathaway's annual shareholder meeting.

This year's annual meeting comes as markets have turned uncertain after President Donald Trump's aggressive rollout of the highest tariffs on imports in generations. (Many were suspended for 90 days afterward.) Wall Street economists left and right are sounding the alarms that a recession may be in the offing, as recent data pointed to signs of economic weakening.

The world is eager to hear if Buffett, the most famous advocate of value investing, used the April market meltdown to hunt for bargains and lay the groundwork for deals. Although Buffett doesn't make predictions of short-term market direction, investors will listen closely for any signals of his continued confidence in the U.S. economy — despite the tariff shock.

— Yun Li

CNBC will be livestreaming Berkshire Hathaway's annual shareholder meeting on Saturday, beginning at 8:30 a.m. ET. Watch as Warren Buffett answers shareholder questions. The discussion will likely touch on his view of the market, what types of deals Berkshire could make in the year ahead and other key topics.

Here is a rundown of the day's events:

8:30 a.m.- 9 a.m.: Pre-show anchored by Becky Quick and Mike Santoli

9 a.m. - 11:30 a.m.: Berkshire Hathaway morning Q&A session

11:30 a.m. - 12 p.m.: Halftime show anchored by Becky Quick and Mike Santoli

12 p.m. - 2:00 p.m.: Afternoon Q&A session of annual meeting

2:00 p.m. - 2:30 p.m.: Post-show anchored by Becky Quick and Mike Santoli

Note: Schedule reflects Eastern Time

—Christina Cheddar Berk