In an unprecedented turn of events, Warren Buffett's annual shareholder meeting for Berkshire Hathaway is set to take place without his longtime partner, Charlie Munger, who passed away in November last year. The absence of Munger, who was just a month shy of his 100th birthday, leaves behind a more serious and less humorous atmosphere at the shareholder gathering, referred to as "Woodstock for Capitalists."

This year's meeting will be exclusively broadcast on CNBC and livestreamed on CNBC.com, a departure from the usual in-person attendance in Omaha. Notably, Berkshire will also air its annual meeting movie for the first time, potentially featuring a tear-jerker tribute to Munger, as speculated by many. The Vice Chairman of Non-Insurance Operations, Greg Abel, Buffett's designated successor, will take Munger's seat in the afternoon session to answer shareholder questions.

While Vice Chairman of Insurance Operations Ajit Jain will join Buffett and Abel in the morning session, the absence of Munger, known for his humorous presence, will undoubtedly change the tone of the meeting. Nonetheless, investors and admirers of Buffett's wisdom eagerly anticipate his insights as the "Oracle of Omaha" approaches his 94th birthday in a few months.

Expectations and concerns among shareholders revolve around several key topics that they hope Buffett will address during the meeting. Inflation, its impact on Berkshire's businesses, and the companies most affected by it are among the top concerns. Additionally, questions about Berkshire's trimming of its Apple stake in the fourth quarter are likely to be raised, especially given the challenges the tech giant faces in China and the recent news of a massive $110 billion stock buyback.

Another point of interest for shareholders is Berkshire's secret stock pick, which has been kept confidential for two consecutive quarters. Speculation has grown around a potential bank stock purchase, considering the conglomerate's increased equity holdings in the banks, insurance, and finance sector.

Furthermore, with Berkshire sitting on a significant amount of cash, investors want to know if Buffett plans to put the record level of funds to work. There is also curiosity about whether Buffett will continue to slow down the company's own buyback program, given that Berkshire shares have been performing well.

The meeting takes place against the backdrop of a tricky market situation, characterized by increasing inflation and its impact on the Federal Reserve's interest rate plans. While Buffett and Berkshire do not base investment decisions on daily headlines or Fed actions, shareholders would still appreciate insights into market conditions and guidance from the protégé of legendary value investor Ben Graham.

As Berkshire's succession plan comes into focus following Munger's passing, all eyes will be on Abel, who has been seen as Buffett's heir apparent since 2021. Abel's oversight of Berkshire's energy, railroad, and retail sectors positions him as a key player in the company's future. Nevertheless, questions remain regarding the allocation of capital and the roles of Buffett's investing managers, Ted Weschler and Todd Combs, who is also the CEO of Geico.

The Berkshire Hathaway annual shareholder meeting remains a highly anticipated event, albeit with a somber undertone due to the absence of Charlie Munger. As thousands of shareholders tune in to witness Buffett's insights and guidance, the meeting serves as a reminder of Munger's significant influence on Buffett's investment philosophy and the growth of the $860 billion conglomerate that Berkshire is today.