Warren Buffett has been a mom on tariffs and recent market turmoil, but he will eventually speak out his mind when the 94-year-old investment legend began Berkshire Hathaway's annual shareholder meeting on Saturday.

This weekend, thousands of shareholders will drop in Omaha, Nebraska to attend annual gatherings called "Capitalist Woodstock." This year’s conference marks the 60th anniversary of Buffett’s leadership, leading the company, the second of Buffett’s longtime partner, Charlie Munger, who died in late 2023.

Next to the Nebraska-Oklahoma football game, Konusk State's biggest event was that this year's meeting came after President Donald Trump's aggressive launch of the highest tariffs on several generations of imports, and the market was uncertain. (Many were suspended after 90 days.) Wall Street economists on the left and right are sending an alarm that a recession may be happening because recent data suggests signs of economic weakening.

"Berkshire has so many businesses, they are basically the frontline of everything that is going down in the economy. Is it worse than what the numbers already show?" said Steve Check, founder of Check Capital Management, which sees Berkshire as its largest holding. "I hope, most importantly, the way he opposes tariffs. Everyone is looking for what Warren Buffett said."

Investor's Polaris

"Omaha's Oracle" may have let his behavior speak. Berkshire sold more shares than they bought for nine consecutive quarters, dumping more than $134 billion in 2024. This is mainly due to the decline in Berkshire's two largest equity holdings - Apple and Bank of America. By December, Berkshire's huge cash had grown to another record, accounting for $334.2 billion due to the sales boom.

The world longs to hear whether Buffett, the most famous advocate of value investing, took advantage of the April market crash to find bargains and laid the foundation for the deal. Although Buffett did not predict the short-term market direction, investors will listen carefully to his continued confidence in the U.S. economy despite the shock of tariffs.

"What everyone thinks about is what Warren will do with the huge amount of cash they are sitting on, and more specifically, when it can be deployed because he can help investors meter when the fully clear sign is ignited," said David Wagner, portfolio manager at Aptus Capital Advisors and Berkshire Share Holders. He noted that many investors "inclined to see Warren as a North Star."

Buffett will make some introductory speeches at 9 a.m. Saturday at 9 a.m., followed by an hour’s Q&A panel. Buffett's designated successors Greg Abel and Berkshire's insurance chief Ajit Jain will join Buffett in the morning and be alone in the afternoon with Buffett and Abel. The Q&A session will be played on CNBC and Webcast in English and Mandarin.

Big Apple Problem

Shareholders are also curious about Buffett's explanation of his long-term cuts to his motivations apple bet. Since the end of September, Berkshire's Apple Holdings has sold three-quarters of its sales for four consecutive quarters, and Apple Holdings has maintained 300 million shares, leading many to speculate that Buffett has completed the stock.

At last year's annual meeting, Buffett suggested the sale was for tax reasons, which was taxed. He also hinted that higher tax bills may be avoided in the future if interest rates are higher to fund yawning U.S. fiscal deficits. With the change in the Washington administration, shareholders hope to hear Buffett’s reasoning today.

"You can't use this explanation anymore," said David Kass, a finance professor at the University of Maryland. "If he sold more, it would suggest that he might feel that it was taken entirely, or that Warren Buffett was his genius who was able to see ahead with certain risks that could face Apple in case of trade wars and tariffs."

Berkshire's first-quarter earnings report (Saturday morning) will show the group's highest equity holdings, which may lead investors to hint whether Apple's stake has been adjusted again.