What we learned at Berkshire Hathaway's annual meeting❓

Berkshire Hathaway (BRKB.US) shares of the conglomerate managed by Warren Buffett and Charlie Munger are trading up nearly 1.2% in today's session following the release of much-better-than-expected quarterly results and the tone of Berkshire's annual shareholder meeting held the previous weekend.

Operating profit for the company led by the 'Oracle of Omaha' rose 15.0% year-on-year and beat market consensus by 10.1%. The results were particularly driven by the strong performance of the company's insurance business, notably the well-known Geico insurance company, and increases in the valuations of the Apple (AAPL.US) shares held by Buffet and Munger.

The holding company bought $4.4 billion worth of Berkshire Hathaway shares, the largest since the first quarter of 2021.

The annual shareholder meeting, of course, could not take place without a nearly five-hour question-and-answer series with Buffet, Munger and Greg Abel (Berkshire Hathaway's new CEO). Here are the key issues raised during the meeting by Buffet and Munger:

• The US dollar's position as the world's reserve currency is unshakable

• Apple is the best business in Berkshire Hathaway's portfolio, according to well-known investors

• The commercial real estate market is beginning to see the devastating impact of high interest rates

• Munger and Buffet are sceptical about the new AI trend

• Berkshire Hathaway has no intention of taking a controlling stake in Occidental Petroleum (OXY.US)

• Buffet expects uncertainty in the banking sector to continue and more banks could come under pressure 

• Holding company maintains its position in shares of Bank of America Merrill Lynch (BAC.US)

• BRK subsidiaries' earnings growth rate to slow in 2023

A chart of Berkshire Hathaway's (BRKB.US) Class B shares. The stock is gaining during today's session on the back of the holding company's results. Source: xStation 5