It has not been a good year for American Express (AXP). AmEx is the worst-performer in the Dow this year.
Investors are worried about the strong dollar's impact on the company. It is also not clear how AmEx will replace the revenue it stands to lose next year once its credit card partnership deal with Costco (COST) end. JetBlue (JBLU)is also ditching AmEx.
Related: Wall Street leaves home without AmEx
It will be interesting to see if any Berkshire shareholders grill Buffett about AmEx at the meeting. Buffett didn't address the company's specific problems in this year's shareholder letter, but he did write that he still believes in the management teams at all of his Big Four companies.
And there's some small consolation for Buffett. Berkshire also owns Visa (V) and MasterCard (MA), which are both up this year.
