In one of the first of many interviews leading up to the Berkshire Hathaway annual meeting, Warren Buffett discussed preparations for the meeting, anticipated attendance, and also comments on a big upswing in business at Berkshire subsidiaries starting in March. He also mentioned that the Nebraska Furniture Mart recorded annual meeting driven sales of $5.2 million on Tuesday alone compared to typical daily sales of approximately $700,000.
The Bureau of Economic Analysis released a preliminary GDP estimate today showing growth of 3.2 percent during the first quarter. Unlike prior quarters, consumer spending drove much of the growth. Mr. Buffett’s comments seem to validate the general impression created by the GDP report. It is worth noting that only nine months ago, Mr. Buffett stated that no “green shoots” were visible yet.
For RSS Feed Subscribers, please click on this link for the video.
Mr. Buffett indicated that 116,000 meeting credentials were distributed but many will be used by shoppers seeking discounts. He anticipates just under 40,000 attendees at the meeting.
Disclosure: The author owns shares of Berkshire Hathaway.