Warren Buffett talks about business, his age and Charlie Munger at Berkshire Hathaway meeting in Omaha

Shareholders walk past the CNBC broadcast set as Warren Buffett is seen on a screen during the annual Berkshire Hathaway shareholders meeting Saturday.

But there was no Munger Saturday. And that moment served as another reminder of how much Berkshire's irascible vice chairman will be missed.

Munger, who died in November at age 99, was fondly remembered as Berkshire's shareholders again filled the CHI Health Center to hear the Oracle of Omaha expound on business, capitalism and the principles behind Berkshire's long run of business success.

The movie that opened the meeting was completely dedicated to Munger and the role he played in helping Buffett build Berkshire into one of the world's largest business conglomerates.

And Munger's name continued to be evoked throughout the day. That included when one young shareholder asked Buffett what he would do if he could spend one more day with Munger — a question that sent Buffett down memory lane.

He said they enjoyed playing golf and tennis together in their younger days but said they had just as much fun, and perhaps more, when they experienced business failings.

"In a sense, there's more fun having somebody who is your partner and digging your way out of a hole," he said. "If I had another day with him, we probably would do the same things we did in the early days."

He said there was a time when he talked with Munger almost every day. He found remarkable that there was never a time they were mad at each other. He said it was amazing that Munger seemed to peak in life at age 99, never more popular.

Munger

In the end, in the wake of the loss of his dear friend, Buffett advised those listening to figure out who they like to spend time with and spend as much time with them as possible.

"Why wait until the last day?" he said.

Instead of Munger sitting at Buffett's side Saturday, it was Abel, Berkshire's CEO-in-waiting. Ajit Jain also sat on the stage in the morning. For years, Jain and Abel have served as Berkshire's vice chairmen in charge of business operations.

During the five-hour Q&A session, shareholders heard more from Abel and Jain than ever before.

At one point, Abel paid homage to his predecessor by repeating one of Munger's most anticipated replies.

"I'm going to have to use it," Abel said, after Buffett referred a question to him. "'I have nothing to add.'"

Buffett feels fine at 93 but knows 'a little about actuarial tables'

When asked to name his most trusted advisers today, Buffett again invoked Munger's memory.

"In terms of managing money, there wasn't anybody better to talk to for many, many decisions than Charlie," Buffett said.

But Buffett also expressed confidence in his own investment decision-making.

"In some respect, I talk to myself on investments," he said.

Warren Buffett tours the exhibitor hall on Friday, the day before the annual Berkshire Hathaway meeting.

During the movie, Buffett remarked on how close he and Munger were, saying they were "like twins separated at birth and reunited." At the end, Buffett said of Berkshire: "It lives beyond his lifetime and will live far beyond mine."

Of course, just how long Buffett will continue to sit on the stage — he turns 94 in August — is always on shareholders' minds. He indicated Saturday he feels fine but added, "I do know a little about actuarial tables."

One shareholder asked what will happen when Jain is gone. Jain has led the insurance operations that are in many ways the backbone of Berkshire for years.

"We won't find another Ajit," Buffett said. "I hope you have to worry a little bit about me before you worry about Ajit."

Buffett noted Berkshire's cash holdings — now a record $189 billion — that have continued to grow mainly because Buffett has not been able to find a suitable acquisition target large enough to "move the needle."

"We only swing at pitches we like," he said. He also said the cash leaves Berkshire in position to strike if there's a "big opportunity."

The quarterly report Berkshire issued earlier in the day revealed the company had sold about 13% of its shares of Apple stock.

Buffett acknowledged that Berkshire "sold a little Apple this year," but he downplayed the significance of it, suggesting there were tax reasons behind the sale. He said that Apple is and likely will continue to be Berkshire's largest stock holding.

Berkshire's utilities draw protest from climate activists

Buffett and Abel defended Berkshire's electric utilities for continuing to invest in new generating plants powered by natural gas, a fossil fuel, in the face of global climate concerns. A group of protesters gathered across 10th Street from the CHI Health Center to criticize Berkshire's utility operations.

Abel said he took pride that on last month's Earth Day, all of the energy needs of Iowa-based MidAmerican Energy were met with wind.

But because solar and wind can be intermittent, natural gas units are required to "fill the gap," he said. Until battery technology improves enough to let utilities to store renewable energy until it's needed, he said, gas will be needed for reliability.

Added Buffett: "We have some very smart people working on it, but it's not something you can do overnight. I understand why people want it overnight."

Buffett also talked about his fears about the potential for fraud using artificial intelligence.

Buffett said he recently saw an artificially-created video that depicted him saying something he definitely didn't say, yet even his wife or daughter could not have been able to tell that it wasn't him. The video was so convincing, he said, that "I would probably send money to myself in some crazy country."

"Scamming has always been part of the American scene, but ... if I was interested in investing in scamming, it's going to be the industry of all time," he said.

A security guard directs shareholders into the CHI Health Center as they head to the Berkshire Hathaway meeting Saturday.

He likened AI to nuclear weapons, saying once the genie is out of the bottle, he's not sure it can be put back in.

"It has enormous potential for good and enormous potential for harm," he said.

Shareholder Hriday Nayak, a college junior from Philadelphia, "absolutely loved" his first Berkshire meeting. He said he left feeling confident about the ability of Abel and Jain to lead Berkshire after Buffett.

"I think you can tell that they believe as strongly as Warren and Charlie do about Berkshire Hathaway, and they seem like good stewards going forward," he said.

He appreciated the investment wisdom, such as being patient, finding good managers to partner with, and not having to "swing at every investment pitch."

Jeffrey Hill, an Omaha shareholder, especially enjoyed when the Q&A session turned to questions about life.

"How you live your life can help you with happiness and fulfillment and making money," he said. "Because if you waste time on the wrong things, you're wasting this short amount of time we have."

Buffett received a long standing ovation at the end of the meeting when he thanked shareholders for coming.

"I not only hope that you come next year," he said, "but I hope that I come next year."

Photos: 2024 Berkshire Hathaway Annual Shareholders Meeting

People run to the arena after being let in for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People line up for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People line up for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People protesting coal greet shareholders walking out during the lunch break of the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

A mobile billboard protesting coal greet shareholders walking out during the lunch break of the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People protesting coal greet shareholders walking out during the lunch break of the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People protesting coal greet shareholders walking out during the lunch break of the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People protesting coal greet shareholders walking out during the lunch break of the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People make their way to the arena after being let in for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People peek in the doors before being allowed in for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People line up for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People run to the arena after being let in for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

A few protestors gathered outside the convention center displaying a sign reading "Justice for Palestine" and shouting into a bullhorn before the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

A few protestors gathered outside the convention center displaying a sign reading "Justice for Palestine" and shouting into a bullhorn before the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People make their way to the arena for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People get ready to go through security screenings before going to the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

Security directs people where to go as they head to the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People make their way to the arena for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People make their way to the arena for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People line up on the skywalk from the Hilton Hotel for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People line up for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

People line up for the Berkshire Hathaway Annual Shareholders meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

A look inside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Sophia Phillips, 14, of Omaha, tries on a cowboy hat during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Jack Skrocky of Troy, New York, chooses a box of assorted See's Candies chocolates during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Shareholders queue outside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Warren Buffett and Charlie Munger bobbleheads are seen at the Oriental Trading Co. booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Laura and Judd Zebersky talk with Warren Buffett during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

CNBC "Squawk Box" host Becky Quick during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

CNBC "Squawk Box" host Becky Quick during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett poses for photos with See's Candies on the exhibitor hall during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Clayton employees wait for Warren Buffett to make his way to them during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours BNSF Railway booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett tours BNSF Railway booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett talks with Katie Farmer, president and CEO of BNSF Railway, at the BNSF booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett and actor Bill Murray talk during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett and actor Bill Murray talk during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Warren Buffett and actor Bill Murray talk during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Steve Mendlik, Oriental Trading Co. president and CEO, presents Warren Buffett with a shirt during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Steve Mendlik, Oriental Trading Co. president and CEO, shows Warren Buffett with a rubber duck during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Shareholders queue outside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Shareholders queue outside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Shareholders queue outside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Shareholders queue outside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Shareholders queue outside the CHI Health Center during the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Shareholders file inside the CHI Health Center for the 2024 Berkshire Hathaway Shareholder Shopping Day in Omaha on Friday, May 3, 2024.

Diane and Lee Allen of Cromwell, Alabama, shop at See's Candies during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Shareholders shop at Oriental Trading Co. during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

A Warren Buffett cutout is seen at the Pampered Chef booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Shareholders stand around a Duracell F1 car during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Shareholders queue to purchase Squishmallows from the Jazwares booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Ben Ryan of Ireland tries out a flight simulator at the FlightSafety International booth during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Squishmallows of Charlie Munger and Warren Buffett are sold during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

A look at a See's Candies peanut brittle box during the 2024 Berkshire Hathaway Shareholder Shopping Day at CHI Health Center in Omaha on Friday, May 3, 2024.

Laurie Jones of Des Moines holds a sign as she and demonstrators gather across from the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center to protest MidAmerican Energy's coal energy in Omaha on Saturday, May 4, 2024. MidAmerican Energy is owned by Berkshire Hathaway.

Tyler Lamere, 19, of Winnebago, speaks as demonstrators gather across from the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center to protest MidAmerican Energy's coal energy in Omaha on Saturday, May 4, 2024. MidAmerican Energy is owned by Berkshire Hathaway.

Jordan Anderson of Omaha holds a sign as he and demonstrators gather across from the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center to protest MidAmerican Energy's coal energy in Omaha on Saturday, May 4, 2024. MidAmerican Energy is owned by Berkshire Hathaway.

Demonstrators gather across from the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center to protest MidAmerican Energy's coal energy in Omaha on Saturday, May 4, 2024. MidAmerican Energy is owned by Berkshire Hathaway.

Demonstrators gather across from the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center to protest MidAmerican Energy's coal energy in Omaha on Saturday, May 4, 2024. MidAmerican Energy is owned by Berkshire Hathaway.

Demonstrators hold signs as they chant during the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center to protest MidAmerican Energy's coal energy in Omaha on Saturday, May 4, 2024. MidAmerican Energy is owned by Berkshire Hathaway.

Karyn Constant of Omaha tries on a pair of sunglasses at the NFM booth during the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

A pair of Squishmallows of Warren Buffett and Charlie Munger are seen with "sold out" signs during the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

A young girl watches a model BNSF train during the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

Shareholders walk past the CNBC TV set as Warren Buffett is seen speaking on a screen during the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

Shareholders walk past the CNBC TV set as Warren Buffett is seen speaking on a screen during the 2024 Berkshire Hathaway Annual Shareholders Meeting at the CHI Health Center in Omaha on Saturday, May 4, 2024.

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