Berkshire Hathaway (BRK.A, BRK.B) shareholders fl💦ocked to Omaha, Nebraska, on Saturday, looking to glean some insight from Warren Buffett at the company's annual meeting.

Buffett touched on everything from Tesla's (TSLA) 澳洲幸运5开奖号码历史查询:self-driving technology to his 澳洲幸运5开奖号码历史查询:thoughts on artificial intelligence and the 澳洲幸运5开奖号码历史查询:state of the economy. Here are four key takeaways from the 澳洲幸运5开奖号码历史查询:extensive question-and-answer portion of the annual shareholder event.

Charlie Munger's Presence Was Missed

For about 60 years, shareholders have made the annual pilgrimage to Omaha, Nebraska to hear directly from the "odd couple" who built the company into the multi-billion-dollar conglomerate it is today.

This year's shareholders meeting was markedly different without 澳洲幸运5开奖号码历史查询:Charlie Munger, Buffett's long-time business partner who 澳洲幸运5开奖号码历史查询:died in November at age 99. Munger, who used to sit next to🅺 Warren on the stage, was always ready with a one-liner to solidify Buffett’s🙈 point, answer shareholder questions or dispense witty bits of wisdom.

The annual movie that kicked off the meeting focused on those quips this year, showing 澳洲幸运5开奖号码历史查询:Munger throughout the years making jokes or snarking about business as♏ Buffett laugh💦ed by his side.

Seated next to Buffett this year, vice chairs Ajit Jain, the head of Berkshire’s insurance businesses, and 澳洲幸运5开奖号码历史查询:Greg Abel, who runs all non-insurance busi🦂nesses, were loathe to upstage Buffett. The pair mostly focused on facts a🀅nd figures behind their respective operations.

Buffett mentioned Munger extensively throughout the day and the crowd chuckled during a bittersweet moment when he handed a question off to Charlie Munger out of habit, meaning to give Abel a chance to speak.𓃲

Buffett Confident in Succession Plans

In light of Munger's passing, many investors asked questions about the company's succession plans.

Buffett alluded several times throughout the meeting to 澳洲幸运5开奖号码历史查询:Abel taking over the company after the CEO's death. Abel became vice ch🌄airmen of the company in 2018 alongside Jain, and the pair have taken on a larger, 🌌more public role over the past few years.

"We've really got the problem solved for the next 20 years unless something untoward happens," he said.

Succession is important to sharehold💝ers because Buffett and Munger were known for a particular brand of business savvy and partnership. Many are seemingly searching for signs the company can maintain its success after Buffett dies. Buffett, for his part, answered most questions about succession by saying executives and the board will decide on the details when the time comes.

That being said, Buffett touched on who he thinks will 澳洲幸运5开奖号码历史查询:replace Jain ("We won't find another Ajit, but we have an operation that he has created"), and 澳洲幸运5开奖号码历史查询:who will pick stocks once he's gone ("[Greg] understands busin🐟esses extremely well, and if you understand businesses, you understand common stocks🦋.")

Berkshire Comfortable Building Cash Position

In the hours before the meeting, Berkshire Hathaway 澳洲幸运5开奖号码历史查询:released its first-quarter earnings re🦩♈port, showing a large cash hoard.

According to the first-quarter filing released this morning, the company holds $36 billion in cash and $153 billion in Treasurys, for a total cash hoard of $189 billion. That's much higher than at 澳洲幸运5开奖号码历史查询:the same time last year when the company had $130 billion in t💦hat stockpile.

Sh🦂areholders wanted to know how Buffett plans to deploy the capital and his response was frank.

"I don't think anybody's sitting at this table has any idea of how to use it effectively and therefore we don't," he said. "...We only swing at pitches we like."

Buffett noted during his presentation of the company's earnings that its cash position, excluding the amount held by the railroad, utility and energy businesses, stood at $182 billion at the end of the last quarter. He said it's "a fair assumption" that the the number will rise to about $200 billion at the end of the second quarter.

"We'd love to spend it, but we won't spend it unless we think we're doing something that has very little risk and can make us a lot of money," he said.

Apple To Remain Berkshire's Biggest Holding

The earnings report also revealed Berkshire 澳洲幸运5开奖号码历史查询:signific𒐪antly cut its stock holdings in Apple (AAPL).

Based on the value of holdings cited in its quarterly report, Berkshire cut the amount of shares it is holding by about 13%. That's a bigger reduction than 澳洲幸运5开奖号码历史查询:in the previous quarter and equates to about 116 million fewer shares.

Berkshire Hathaway investors grꦚabbed onto the decline, but Buffett dismissed the notion that it was because his views on the iPhone m🦩aker have changed.

"We will end up—unless something dramatically happens that really changes capital allocation strategy—we will have Apple as our largest investment, but I don't mind at all under current conditions building the cash position," Buffett said.

Even with the cut, Apple remains the conglomerate's largest stock holding, and Berkshire is still the tech giant's single largest shareholder.

Kara Greenberg, Caleb Silver and Stephen Wisnefski contributed to this report.