, often called the “Woodstock for Cap🅠italists,” took place this weekend in its first annual shareholder meeting in person since 2019. 

Ahead of the weekend meeting, Berkshire Hathaway reported profits of $5.5 billion, down from $11.7 billion🧜 a year ago. The loss was largely due to the drop in stock prices for the quarter, and rising claims costs🅷 at its insurance businesses. Berkshire owns a , including Geico and See’s Candies. 

Berkshire revealed it had been ramping up its bets in the stock market, buying more than $51 billion during the market’s downturn. Berkshire also unveiled new multi-billion dollar investments. Buffett said Berkshire increa♑sed its investment in Chevron to nearly $26 billion, making it the fourth largest stock holding for Berkshire. The company’s biggest holding is in Apple, followed🐲 by Bank of America and American Express.

Buffett also said Berksh🧸ire has been increasing its stake in Activision Blizz💟ard ahead of . 

Caleb Silver, Investopedia's editor-in-chief, stated: "While Buffett stressed the fact that Berkshire is perfectly fine holding a lot of cash on its books, it is notable that the company spent $51 billion in the past quarter. Buffett leaved it up to his own investing axiom: 'Buy when others are fearful."

Finally, Buffett took aim at investment banks, saying they were encouraging speculative behavior and turning the stock market into a “gambling parlo൩r.” He also said he doesn’t believe🐬 in  and won’t be buying any. 

Berkshire’s class A st🌸ock price ꦛ() is up 7.5% so far this year, while the S&P 500 is down 13%.