The Latest: Warren Buffett Says Avoid Envy In Investing

Buffett told shareholders at Berkshire Hathaway's annual meeting Saturday that investors shouldn't envy someone who profited by buying shares in a company's initial public offering or claimed a lottery jackpot. Buffett says people with rooftop solar power systems were allowed to sell power to the utility at prices roughly three times the market price. Berkshire Hathaway's first-quarter profit grew 8 percent largely because of the way it had to account for its Duracell acquisition on paper, but revenue fell at its BNSF railroad and at its insurance units. CEO Warren Buffett offered a preview of the first-quarter results at the company's annual meeting Saturday although Berkshire won't release its full report until next Friday. Berkshire Hathaway's annual shareholder meeting again opened with a humorous movie filled with a mix of skits and ads for the company's products. A shareholder exclaimed "There he is" as he joined the throng of people surrounding Berkshire Hathaway CEO Warren Buffett at the booth displaying aviation parts and other products made by Precision Castparts. A group of environmentalists hopes to make an impression on Buffett and the audience when they urge shareholders to support drafting a report on climate change risks Berkshire Hathaway's insurance companies face. See's Candy and Dairy Queen offer plenty for a sweet tooth while Fruit of the Loom, Geico insurance and Brooks running booths can serve more practical needs. Berkshire Hathaway's peculiarities are on display again this weekend with tens of thousands of people filling an arena to listen to Warren Buffett and Charlie Munger talk business for hours at the conglomerate's annual meeting. The Omaha event features an adjoining 200,000-square-foot exhibit hall where Berkshire subsidiaries such as See's Candy, Fruit of the Loom and Geico insurance sell their products as executives chat with shareholders.

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