Stock picking is ripe for a shift away from passive investing, which could suffer a decade of low or nonexistent returns, says Bill Smead.
Berkshire Hathaway Inc reversed course on Friday and told an activist group it could present a shareholder proposal remotely for the company's May 1 annual meeting, in line with renewed guidance from the U.S. securities regulator. Warren Buffett's insurance and investment company traditionally draws thousands to its extravagant annual meeting in Omaha but, like many top U.S. corporations during the coronavirus pandemic, had asked investors to log in to the meeting remotely instead of attending in person. The shift to online has stymied many activist investor groups whose shareholder resolutions often animate the meetings, however.
The stock market continued to move higher on Friday, allowing both the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) to reach new records. The Nasdaq Composite (NASDAQINDEX: ^IXIC) is approaching its own high-water mark, as optimism about tech stocks played a key role in today's advances. Warren Buffett remains one of the most talked-about investors in the world, and today, his Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) celebrated a milestone.