March 4, 2013

Buffett Finds His Bear: Doug Kass To Join Berkshire Annual Meeting

On Friday, Warren Buffett‘s  letter to Berkshire Hathaway shareholders revealed a new wrinkle for the firm’s annual meeting in May.

In addition to journalists and analysts, Buffett said he was looking for a bear on the company, ideally someone with a short position, to participate in the annual questioning of the billionaire and his partner Charlie Munger. Over the weekend he found someone to take the bait.

Buffett told CNBC Monday morning that Doug Kass, founder of Seabreeze Partners, will be joining the meeting. Kass, who told the Wall Street Journal he did not know he had been selected in advance, followed up the announcement on Twitter:

Kass, a frequent commentator on CNBC and contributor to TheStreet, has written critical articles of Berkshire in the past, often praising Buffett while raising questions about his ability to maintain a high batting average as size of deals and investments required to impact the bottom line continues to increase.

The annual meeting is set for May 4 in Omaha, Nebraska.

Buffett also told the network he still sees value in stocks after a strong start to 2013. The billionaire partnered with 3G Capital in a $23.2 billion deal for HJ Heinz in February, and said in his annual letter he expects to continue adding to stakes in his four major holdings, American Express, Coca-Cola, IBM and Wells Fargo.

“Mae West had it right: ‘Too much of a good thing can be wonderful,’” Buffett wrote.

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