Saturday marks the return of the Berkshire Hathaway annual shareholder meeting in person for the first time since 2019.
The event, which will be available to stream on CNBC.com, is packed with shareholders and Warren Buffett fans who got to enjoy a shopping carnival leading up to the legendary investors remarks.
Berkshire's quarterly earnings declined to start the year, but the stock is still a dramatic outperformer in 2022 and has Warren Buffett sitting on a cash pile of more than $100 billion.
Berkshire's filing this Saturday morning also revealed a surprising move by the "Oracle of Omaha." Buffett increased its position in Chevron during the quarter, making the energy giant a top-four holding.
The Berkshire meeting caps off a brutal month for Wall Street. The S&P 500 suffered its worst month since March 2020, while the Nasdaq Composite had its worst stretch since 2008.
The big drawdown comes on the eve of a historically weak period for stocks, with the "sell in May and go away" mindset officially beginning next week. According to the Stock Traders Almanac, an investor who held the Dow Jones Industrial Average between Nov. 1 and April 30, and then switched to fixed income for the next six months, would have produced solid returns with reduced risk for more than seven decades now.
The weak summer can be even more pronounced ahead of mid-term elections, according CFRA chief investment strategist Sam Stovall.
However, there are some reasons to believe that the seasonal weakness started a little early this year. Tech stocks are well off their highs, with a few major washout trading sessions in recent weeks. Health care and consumer staples names, which Stovall said typically outperform during this period, have already been relative winners over the past month.
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