Topic: Buffett’s 2024 shareholders’ meeting is coming
This article comes from: the financial industry
According to the financial industry on May 4th, 9:15 am local time on Saturday (10:15 pm Beijing time), the 59th anniversary of the 59th anniversary of Berkshire Hathaway, led by BuffettAnswer to Q & A.The financial community is the same as the wonderful record of the conference as in previous years.93 -year -old Warren Buffett answered questions from shareholders.The old partner Charlie Munger was no longer trying to sit on his left hand, but his successor, the company’s vice chairman Graig Abel, and Agit Jane, who were in charge of the insurance business.
At the conference for several hours, Buffett remembered Mange several times, talked about the successor’s successor plan, talked about key companies such as reduction of holdings, and talked about the company’s investment ideas in new energy, insurance, real estate and other industries.Investment plans in Canada, India and other countries also persuaded people to cherish good luck and not to be too ruthless to themselves. In a humorous and humorous atmosphere, they have reiterated their consistent investment philosophy such as "avoiding risks".
The shareholders’ meeting was full of seats. Before the annual meeting, the video was played and missed Charlie Munger. The shareholders got up and applauded Munger.Buffett was in front of him as usual his favorite happy poetry candy.Apple CEO Tim Cook, Bill Gates and other celebrities attended the meeting on the spot. Cook has attended the Berkshire shareholders’ meeting many times in the past few years.
At the shareholders ‘meeting on hot topics such as reducing holdings of apples, cash reserves, successor plans, artificial intelligence, and autonomous driving, Buffett made a answer one by one. The following are the core points of the Buffett shareholders’ meeting:
Play video on site of the shareholders’ meeting: Miss Charlie Munger
This year, the video short video before the beginning of the annual meeting of Berkshire Hathaway was to pay tribute to the Vice Chairman of Berkshire and the old friend of Buffett Charlie Munger.
In November last year, Charlie Munger died only 33 days before his centenarian birthday at the age of 99.The shareholders’ meeting at the scene of the shareholders got up and applauded to pay tribute to Munger. After the paid tribute of the Munger’s film was played, 30,000 shareholders at the scene became applauded and paid tribute.
Shareholders’ meeting officially started
Buffett’s entrance marks the official start of the shareholders’ meeting.In front of him, he was always placed with his favorite happy poems.
Buffett: Charlie Munger’s book is the only book sold by the shareholders’ meeting this year
Buffett said that in order to commemorate the death of Munger, Charlie Munger’s "Poor Charlie" will be the only book sold at the shareholders’ meeting this year.At the shareholders’ meeting in previous years, there are usually about 25 books on sale.
Buffett: Berkshire Q1 insurance business is eye -catching, but this situation will not occur again this year
Berkshire’s operating profit of $ 11.22 billion in the first quarter mainly came from insurance business -the company’s first quarter insurance business profit was as high as $ 5.2 billion.
When discussing the company’s first quarter performance, Buffett said that Agit Jane, who is responsible for Berkshire’s insurance business, "I hope I can point to everyone that you cannot multiply the insurance income in the first quarter.This is not the case. "
Buffett said the company’s insurance risk is distributed in different regions and disaster types, and a large storm on the east coast of the United States may be the biggest risk facing the company.The Hurricane Season of the Atlantic Ocean continues from June to November.
Buffett: Berkshire’s cash reserve will reach US $ 200 billion
Buffett talked about Berkshire’s huge cash reserves: At the end of the Q1 quarter, our total cash and national treasury coupons were US $ 182 billion. I think at the end of this quarter, our cash and treasury vouchers will reach US $ 200 billion. This is reasonable.Assumption.We want to spend this money, but we don’t spend it, unless we think what we are doing is very risky and can bring us a lot of money.
Buffett responds to reducing Apple: Apple will still be Berkshire’s longest long -term investment
Buffett said: We still have many Apple stocks, and Apple is likely to be Berkshire’s largest single stock at the end of 2024.We have long -term stocks of the three companies, which have held Apple and American Express, and have achieved a lot of success in the past.
Buffett talks about investing in BYD: It is a rare large investment outside the United States
The first question in the question and answer session of the shareholders’ meeting was proposed by a shareholder from Hong Kong, India: "Mr. Buffett, Berkshire had previously invested in BYD. Do you continue to invest in other Indian companies in the future?"
Buffett replied to this: "Our main investment target will be located in the United States, which is what we firmly believeJaipur Wealth Management. You see the Coca -Cola or Express we invest in the company that expands its business worldwide.Companies that have business around the world are difficult to find in the world. This is a global consensus.5 business agencies, you rarely see us from investing in the United States, although we are participating in the world economy through these companies.Feeling.
Buffett subconsciously calls the people around him as Charlie Munger
After Buffett answered the question, when he wanted to ask Abel around him to answer the question, he habitually called Abel as "Charlie".
Buffett talks about artificial intelligence: the invention of artificial intelligence and the development of similar AI in nuclear weapons make me a little nervous
When a questioner sitting in the 4th district asked Buffett’s point of view of artificial intelligence, Buffett first responded to: I regretted asking friends in the 4th district to ask questions, and I knew that I asked the shareholders in District 2 to ask questions.
Buffett said that I knew nothing about AI artificial intelligence, but this did not mean that this technology was not important.When we previously invented a nuclear weapon, we had "let the elves jump out of the magic box", and the elves couldn’t return the box. This was bad.And I think artificial intelligence is similar.I just hope that this elf can do some good things.Buffett said that the development of AI is honestly made me a little nervous.
Buffett talked about Deepfake: AI may be applied to investment fraud
Buffett said: I have had some nervous experience onceSimla Stock. This is a recent thing. I saw a image on the screen: That was my, my voice, and my daughter did not even notice any differences.But the information it passes is by no means ego.If I am interested in investment fraud, this will be one of the fastest growing industries in history because it is enabled in a new way.Of course, AI may also bring good things.
Buffett talks about AI threats: Any labor -intensive industry may suffer
When asked about the threat that artificial intelligence may bring, Buffett said: Your question is very good, but my biggest problem is that I do not fully understand artificial intelligence.I think any labor -intensive industry may be threatened by AI.
Buffett said that many people now think that there are many deep contents of artificial intelligence worthy of discussion. I just said that it is an elf that has already come out of the bottle.AI can create a lot of leisure time, but how to use so many leisure time in this world will be a problem.If this technology is used in a beneficial place for society, it will bring huge benefits, but I don’t know how to ensure this.
Buffett talks about climate change risk: there is no insurance without risk
Buffett said that the company responded (climate risk) in the year, and we will consider these factors when underwriting; we don’t need to tell you what will happen in five or after ten years.We have received a lot of letters from people who are convinced of being very smart, but they do not actually understand the insurance business.In my opinion, their views on climate change are not wrong, but if there is no risk, there will be no insurance business.We are engaged in evaluation work, we do once a year.There are some exceptions that your decision needs to affect the future for a long time, and we will try to avoid these situations.
Buffett talks about Munger: He is very honest and likes learning
Buffett said Munger is absolutely honest, which is also part of his partner.Buffett added that this is suitable for his work and personal life."When you encounter such a thing in your life, you will cherish those people, and you will forget other people," he said.Buffett said that Charlie likes learning very much, and mentioned in the previous video that he is interested in many things, and he is interested in many things wider than me.I have done a lot of things with him in the past: playing tennis and golf. The time we spend together is also happier than when we are alone.
Charlie has shared a lot of good ideas for me, and many of his ideas are still making money for Berkshire.In addition to the army, Charlie never considered eating and unhealthy, but he still lived 99.9 years.If Charlie can spend a day with me, I want to be different from any day we used to spend.
Jane: Compared with the insurance industry, Geico is still catching up with data analysis
The company’s vice chairman of the insurance business, Agit Jane, said when talking about Berkshire’s well -known insurance company Geico that Geico lags behind his peers in data analysis.
"As Wallen pointed out in the past, one of Geico’s disadvantage is that it has not done well in matching interest rates and risks, subdivision and pricing of products according to risks.Risk. Unfortunately, technology is a bottleneck. "
But he added at the same time: "But then, we are making progress. Yes, I admit that we are still behind, and we are taking measures to narrow the gap. Of course, by the end of 2025, we should catch up with the best peers in data analysis."" "
Buffett hinted that an investment of a Canadian investment
In response to Canadian investors, Buffett revealed that Berkshire was evaluating a possible investment opportunity at the "north of the (US) border."Buffett said: We are very comfortable to invest in Canada. In fact, we are now investigating an investment.
Abel responded to "why invest in fossil energy"
When asked, "Why is Berkshire continuing to invest in fossil energy" when asked, "why Berkshire continues to invest in fossil energy."During the transformation, we are shifting from carbon resources to renewable resources, but this change will not happen overnight, and this transformation will take many years. And when we use renewable resources such as solar or wind energy, theyWe are intermittently used to combine it with the battery, but we can’t do it completely from carbon resourcesVaranasi Stock. "
Buffett said that my friend Bill Gates is trying to shorten the time of battery work, but this is not something that can be done overnight. I can understand why people want to complete overnight, but this will require a lot of fundsThis will require a lot of good ideas and people like Bill.Many people are committed to this problem. We have enough funds to implement it, but some things do need a certain time.For example, Buffett said that you cannot have a child in a month by making nine women pregnant in a month, and you must follow some natural laws.
Buffett answered questions: Is it possible to invest in India?
Buffett: Indeed, we are paying attention to India, and I believe that India has a lot of opportunities.But my question is, do we have an advantage in our opinions on India?Is our investment that India wants us to participate?
Maybe there are some opportunities we haven’t noticed in India.In the future, I think we may find some opportunities, but now our question is, can Berkshire pursue this opportunity?
Our investment in Japan is very good, and there may be such opportunities in India.But whether Japan and India are the same, especially in cultural differences, there may be some differences.And I have no way to make a good answer to this for the time being.
Buffett said that for investing in India, we will see how the next management played this game in Berkshire. Fortunately, you don’t have to wait too long.Buffett emphasizes "he feels good", but he also knows his old age.
Buffett talks about huge cash reserves: there is no attractive investment target now
A shareholder asked: Berkshire’s account has more than $ 180 billion in cash reservesJaipur Investment. What are you waiting for?Why not use them for investment?
Buffett: I think we who are on the stage now have no good idea for how to use this money.Many people wave their baseball rods at any time, and we only go to a shot when we are right.We will not always think of exceeding 10 billion yuan in investment returns now. Now it may be good for 10 million returns, because it is difficult to find such good investment opportunities now.Now there is no attractive investment target for us to invest, but there may be changes afterwards, let us wait and see.
Buffett talks about the impact of autonomous driving technology on insurance
Buffett: Autonomous driving may reduce the occurrence of car accidents or reduce traffic costs, but this is still in a difficult initial stage.In the past few years, people have been discussing this issue.When Uber first started, is people discussing this business model is feasible?But now it turns out that this is feasible.If autonomous driving technology can reduce the car accident by 50%, this is very good.
Buffett answered questions: How do you think of zero emissions vehicles?Is Berkshire still interested in new energy vehicles such as BYD?
Buffett: I don’t think we will let more talents pay too much attention to zero -emission vehicles, because we don’t think that the track can now decide the final winner.
Perhaps the government has not done enough in this field (environmental protection), and the environmental climate change is also bad.We really need to change our lifestyle, but everyone has different opinions on whether this problem can be landed.Since I was born in the 1930s, environmental protection has always been a problem.The global population has increased from 3 billion to 8 billion in the past few decades, but we still have not solved this problem.
Buffett talks about investment: I will not recommend shares for my wife and children
For the suggestions of investment money, of course, according to other things, I believe my child and wife, I completely trust them, but it does not mean that I will suggest what stocks they buy.
My child has become more and more smart for so many years, and of course my wife.Sometimes I will hear them about a lot of things, especially my daughter, and she lives nearby. She actually knows much more knowledge than me.Sometimes I also listen to what my wife says, and sometimes I will ignore the details they speak, but this matter is very important.
Buffett talks about Agit Jane’s succession problem
When asked about "how difficult it is to find Agit Jane’s successor", Buffett said that the company could not find another Agit Jane, but we had an operating system he created.At least part of it is almost impulse to competitors.(Note: Agit Jane is the vice chairman of the insurance business in Berkshire, 72 years old.)
Agit Jane also responded that no one was irreplaceableLucknow Wealth Management. Today, the audience in the stage has Tim Cook. He has proven this and set an example for many people.Berkshire’s board of directors is very concerned about the succession of the successor. Every year, they let me sit in front of them to answer questions and share my ideas with them. For example, if I get hit by a truck, what will happen in operation.I will introduce them to a short list, which I think is a candidate who may replace me.In addition, I will go further to determine a specific person. If something happens, I will give the key to this person.
Buffett announced that the shareholders’ meeting was resting in the midfield, and the second half will begin at 2:00 Beijing time.
Short films began at the shareholders’ meeting.In the short film, the chairman of the board of directors of Einstein Medical College announced that it will be exempted from students’ tuition from August this year.This decision is good at a donation of up to $ 1 billion. This huge sum of money from early investors from Berkshire Hathaway, David Got, who has 60 years of friendship with BuffettMan.
Buffett said: This is why Charlie and I love management of Berkshire.
The second half of the Berkshire Shareholders Conference started
In the second half of the Q & A session, in addition to the candy of Hi Shi, Buffett also put an additional jar of Coca -Cola.
Who will take over Berkshire’s investment decision?Buffett response
When asked when Abel took over Berkshire, he and two investment deputy Todd and Ted’s power and responsibility were allocated, Buffett said that the decision would be given to Berkshire’s board of directors to make it.After gone, you may try "back to see if they have different practices."
But Buffett emphasized that if he was in the board of directors at that time, he might leave the responsibility of capital allocation to Abel based on his understanding of Abel because he knew his business very well.Buffett said that if you understand the company, you will understand the stock. If you really know how the company works, you are an investment manager.Buffett said that the responsibility he is now shall be completely shared by the next CEO, which is Abel.
Buffett: We missed a lot of investment opportunities but rarely regretted
Buffett said that he and Munger had a lot of investment opportunities for many years, but only regretted a few.
"We have missed a lot of things. What we really regret is to miss some very important things. We will never be distressed by those things we don’t know," Buffett said, "Why should we be able to predict the future of each business of each businessJust like we can predict the output of wheat? "
What are the chances and reasons for selling stocks?Buffett response
For the decision -making factors to judge the selling stocks, Buffett said that there are often many reasons for littering. One of them is that you need cash. This situation is rare for Berkshire.This will happen in decisions.
Buffett: My investment in Paramount failed to be responsible
Buffett said Berkshire’s 100%decision to invest in Paramount was made by him, which has nothing to do with the two investment managers.The company has sold all the positions and lost a lot of money.
What is the secret of maintaining keen thinking?Buffett: luck
When he was asked by a shareholder from Hainan, India, what was the secret of "maintaining keen thinking, extraordinary judgment, and good physical condition", Buffett said that this can only be said to be good luck.If time goes back to his high school, ask a few people in the class to live to 90 years old, and several boys can live to 93 years old. He will not bet on himself.
Buffett said luck is very important.Some people will say, "This is done by myself." And I think such people are really unclear.
But Buffett also emphasized that the opportunities in life should be made up.
Buffett talks about the risk of artificial intelligence: now the conclusion is too early
When asked about the threat that artificial intelligence may bring, Buffett said: Your question is very good, but my biggest problem is that I do not fully understand artificial intelligence.I think any labor -intensive industry may be threatened by AI.
Buffett said: Many people now think that there are many deep contents of artificial intelligence worth discussing. I just said that it is an elf that has already come out of the bottle.AI can create a lot of leisure time, but how to use so many leisure time in this world will be a problem.If this technology is used in a beneficial place for society, it will bring huge benefits, but I don’t know how to ensure this.
Abel: I think artificial intelligence can play a role in improving efficiency and saving time, but in some labor -intensive industries, artificial intelligence may still be worth observing in the aspects of safer processes.
Buffett: Yes, it may be too early to discuss the impact of artificial intelligence.Of course, AI technology is incredible, but everyone’s predictions may not be correct.We still don’t know if artificial intelligence will be "the next nuclear bomb we developed."
Buffett Zan Powell
Buffett praised the Fed Chairman Jerom Powell to guide the economy in the past few years.Buffett said Powell was a "very smart person."But he pointed out that the Federal Reserve needs the help of legislators to control the growing American deficit.
Buffett Sheng Zanduk: It is the "best partner" after Jobs
The Buffett’s shareholders’ meeting was grandly held today, and Apple CEO Tim Cook also attended the event.Buffett praised Apple at the meeting and said that Cook was the "best partner" after Jobs.Speaking of iPhone, Buffett said: "It is one of the greatest products, and it may be the greatest product ever."
Buffett responded to "how to see US Treasury bonds soaring"
When asked, "Compared to 2008-2009, the size of the US Treasury market has doubled, when will the market be unable to absorb so many US Treasury bonds?" Buffett said he did not knowGuess is that the U.S. debt will still be accepted by the market for a long time in the future, because there is no good alternative to the right now.
Buffett: There are no real alternatives in US debt or US dollars
When asked if he was worried about the rise in debt levels that would damage the status of U.S. Treasury bonds, Buffett said that his "the most optimistic guess is that U.S. Treasury bonds can be acceptable for a long time because there are not too many alternatives.Choose. "Buffett said the question is not the quantity, but whether inflation will threaten the global economic structure in some way.He also said that no real currency can replace the US dollar.
Buffett: I hope I can come to the meeting next year
Buffett’s end: We only answered about more than 30 questions today, but thank you for not far away to come here to participate. Welcome everyone to attend the meeting next year. Of course, you must first ensure that I can come to the conference next year.
In the end, Buffett raised the egg hidden on the table -a piece of "shut up" as a "shut -mouth" as his own advice, and also gave a question mark to the entire shareholders’ meeting.