“That’s when everyone else is being greedy, in which case you should be fearful and that’s very consistent with their philosophy,” Shields, of Keefe, Bruyette & Woods, said in an interview. “It does translate into doing nothing. But maybe nothing is the right approach or the best of all the bad alternatives.”

Rolfe said the biggest driver for Berkshire’s growth will be the billionaire investor’s ability to reinvest the funds at Berkshire, which enjoys what Buffett has called a “Niagara of cash-generation.” The record funds on the balance sheet and the cash coming from its multitude of insurance companies, retailers and energy businesses every quarter make that task challenging, he said.

“He has a gigantic task ahead of him,” Rolfe said. “If he is successful doing that, really successful, then Bill Ackman will be right and I’ll be wrong.”

For now, Rolfe took the roughly $200 million that was invested in Berkshire and redeployed the vast majority into the stock of a company Buffett once said he regretted not betting on: Alphabet Inc.

Here are some other topics that might come up Saturday:

Kraft Heinz
Berkshire’s bet on the packaged-food giant has stumbled in recent quarters as Kraft Heinz Co. grappled with writedowns, a management shakeup and investigations. Buffett, who teamed up with 3G Capital to help orchestrate the merger of Kraft and Heinz, has admitted that they overpaid for Kraft and said in February that he had no plans to sell or buy more of the company’s stock.

Kraft Heinz shares surged 13% Thursday after the company reported strong earnings driven by higher prices for products such as macaroni and cheese. While sales beat estimates, they still declined from a year earlier, highlighting the challenge ahead for CEO Miguel Patricio.

Thursday’s gain narrowed Kraft Heinz’s loss this year to 25%, helping ease the pressure on the value of Berkshire’s stake. Still, the holding value has fallen below how it’s marked on Berkshire’s books. That could mean that Buffett’s company will take an eventual writedown, according to CFRA’s Seifert.

“The Kraft Heinz deal is a big black mark on the track record of Berkshire’s acquisitions,” she said in an interview.

Share Buybacks
Berkshire loosened its repurchase strategy last year, then bought back $928 million of stock during the third quarter of 2018. It has spent a total of $3.4 billion on repurchases since the policy tweak.