What to expect from Warren Buffett and Charlie Munger

Warren Buffett is set to kick off Berkshire Hathaway‘s annual shareholder meeting Saturday on a high note, with the “Oracle of Omaha” finally back in the deal-making game and the conglomerate’s outperforming stock crossing a key milestone.

With tens of thousands of shareholders in attendance, this year’s “Woodstock for Capitalists” will return in person in Omaha, Nebraska for the first time since 2019 following Covid-19 disruptions. (CNBC will host the exclusive livestream on Saturday starting at 9:45am ET.)

Investors around the globe are waiting to hear from the 91-year-old chairman and CEO, along with his right-hand man Charlie Munger at 98, following a flurry of investment activities — stakes in Occidental Petroleum and HP as well as an acquisition of Alleghany. Not only featuring hours of commentary from the legendary duo, this renowned event will also include exhibits of Berkshire’s wide range of holding companies — from ice cream maker Dairy Queen to insurer Geico and battery maker Duracell.

“This meeting is for people who are diehard value investors, diehard Buffett and Munger fans like I am,” said Whitney Tilson, CEO of Empire Financial Research who has been going to Berkshire’s shareholder meeting for 25 consecutive years. “It’s an opportunity to learn from the masters. It’s just intellectually, psychically and emotionally fulfilling.”

Here are some of the big topics shareholders will want to hear from Buffett:

• Market outlook: The stock market has suffered a correction on fears of inflation and rising rates. How should investors navigate the volatility and a tricky economic landscape?
• Deploying more cash: Buffett has been putting capital to work as of late. Will his buying spree continue? Is he going to pull off an “elephant-sized” deal?
• A slowdown in buybacks: With Berkshire shares significantly outperforming, will Buffett cease or slow down his aggressive buyback program?
• Life after Buffett and Munger: Berkshire’s succession plan
• China, crypto, Russia’s invasion of Ukraine and more

Berkshire shares are riding high in a volatile market. Class A shares achieved a key milestone last month, topping half a million dollars for the first time as investors embraced the safety of the diversified conglomerate during geopolitical turmoil and surging inflation. The stock is up more than 10% this year, compared to a 10% loss for the S&P 500.

In 2020’s annual meeting during the depth of the pandemic, Buffett offered a much-needed reassurance to investors, saying the U.S. economy will withstand this emergency as it has with all of the previous battles and crises.

“Nothing can basically stop America,” Buffett said. “The American miracle, the American magic has always prevailed, and it will do so again. … In World War II, I was convinced of this … I was convinced of this…