Fidelity Employees Question Warren Buffett at Annual Meeting

At the 2011 annual shareholder meeting of Berkshire Hathaway Inc. (NYSE:BRKA), employees of Fidelity Investments asked six of 27 questions posed to chairman and CEO Warren Buffett. There were 36,000 attendees at the so-called “Woodstock for Capitalists.” Buffett had instated a lottery system to keep questioning fair.

According to a Wall Street Journal report published Thursday, Fidelity Investments’ disproportionate audience was the result of a two-year effort to game the system for picking questioners at the event. Fidelity Investments managers successfully did so by entering as many as 40 company employees into the lottery.

“Over the years, some Fidelity employees grew frustrated by the quality of questioning, which often drifted to Mr. Buffett’s personal habits, recommended reading and his advice for students. Others were exasperated by fruitless sprints to auditorium microphones in the old system,” according to the Journal report.

Buffett is planning a way to stop such efforts at the May 2012 meeting.

Further reading: Warren Buffett: Berkshire Hathaway’s Big Stock Positions Change>>

Here’s how Berkshire Hathaway is reacting to report today:

Berkshire Hathaway Inc. (NYSE:BRKA): BRKA shares recently traded at $114,635.00,. They have traded in a 52-week range of $98,952.00 to $131,463.00. Volume today was 253 shares versus a 3-month average volume of 59,532 shares. The company’s trailing P/E is 16.32, while trailing earnings are $7,023.27 per share.

To contact the reporter on this story: Laurie Danas at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com