Shareholders peppered Warren Buffett and Charlie Munger with questions Saturday, ranging from granular queries about individual Berkshire Hathaway Inc. businesses to big-picture ones about the challenge of income inequality in the U.S.

Through it all, the Berkshire duo kept up their good spirits and humor, chomping on See’s peanut brittle and drinking Cherry Coke as they took turns answering. As in years past, Mr. Buffett was the more voluble of the two; Mr. Munger often sticks to one-liners, delivered in his trademark deadpan...