Warren Buffett and Charlie Munger.

Warren Buffett and Charlie Munger spoke at Berkshire Hathaway’s annual meeting on Saturday.The pair are set to discuss stocks, market speculation, the economy, and other subjects.The billionaire investors cautioned amateur investors against betting on fads.See more stories on Insider’s business page.

Warren Buffett has kept an extremely low profile over the past year. He finally broke his silence at Berkshire Hathaway’s annual shareholder meeting on Saturday, which was livestreamed by Yahoo Finance.

The famed investor and Berkshire CEO was joined by his company’s right-hand man, Charlie Munger, on the stage in Los Angeles on Saturday. Berkshire’s heads of insurance and non-insurance operations, Ajit Jain and Greg Abel, were also in attendance.

Some of the meeting’s highlights include Buffett saying that he potentially avoided having to bail out the “big four” US airlines by selling their stocks last year, and that he likely made a mistake when he trimmed his Apple stake and exited his Costco position last year.

Meanwhile, Munger said the professional investors and promoters encouraging amateurs to speculate and invest recklessly should be ashamed.

Follow along for live updates as the meeting continues:

Buffett said that Berkshire’s businesses have done “really quiet well” in extraordinary circumstances.

The billionaire investor opened his presentation this year by highlighting how the biggest companies in the world change from decade to decade. He pointed out that investors and Wall Street were as sure of themselves in the 1980s as they are today, yet many of the era’s most successful companies have fallen by the wayside since then.

“Everybody’s starting something now where you can get money from people,” Buffett said, slamming the surge in speculative ventures aiming to capitalize on investor enthusiasm in recent months.

Taking cover during the market downturn in March 2020

“I’m the chief risk officer of Berkshire, that’s my job,” Buffett said. He pointed out that Berkshire sold 1% of its roughly $700 billion of businesses when the pandemic struck.

Buffett discussed

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