At Berkshire Hathaway’s annual meeting, Warren Buffett defended his company’s investments and addressed concerns about its underperformance. He acknowledged mistakes in overpaying for Precision Castparts and investing in Occidental Petroleum. However, Buffett remained confident in Berkshire’s model and its ability to bounce back. He highlighted the company’s diversified businesses, including insurance, railroads, utilities, and manufacturing. Buffett also discussed succession plans, with his son Howard likely to become the next non-executive chairman. Despite challenges, Buffett expressed optimism about Berkshire’s future and reiterated his long-term investment philosophy. The meeting provided insights into Buffett’s strategies and his responses to critics amid a tough year for the company’s performance.