Special topic: Buffett's 2024 shareholders' meeting hit
The name of Bi Lu for every editor
The annual Berkshire Hathaway shareholders' meeting in 2024, the annual "investment Spring Festival Gala", opened at 10:15 on the evening of May 4th. This shareholders' meeting is also the first solo appearance of Warren Buffett (Warren Buffett) since the death of his old partner Munger.
At the beginning of this year's shareholder letter, Buffett wrote in memory of Charlie Munger, calling him the "architect" of Berkshire Hathaway, andSlotsninjanodepositbonuscodesHe himself is a "general contractor", building for his vision day after day. According to media sources, Apple CEO Cook appeared at Buffett's shareholders' meeting on May 4. It is reported that Cook has been a regular at the shareholders' meeting since his first participation in 2019. The picture shows that Bill Gates also came to the scene of the conference.
At the end of Buffett's shareholders' meeting in 2024, Buffett said that we have only answered about 30 questions today, but thank you for coming all the way here to attend the meeting, and you are welcome to come to the meeting next year. Of course, first of all, I have to make sure that I can come to the meeting again next year.
On May 3, 2024, local time, the 2024 Berkshire Hathaway annual shareholders' meeting opened at the CentralLink Center in Ohama. Buffett communicated with Pat Egan, president of time Candy. Photo Source: visual China
A list of key questions and answers at Buffett's shareholders' meeting in 2024:
Talking about reducing Apple holdings
On May 4, in a live broadcast of Buffett's shareholders' meeting in 2024, Buffett responded to the question of reducing his stake in Apple stock. 'We still have a lot of Apple stock,'he said. At the end of the year, Apple was the largest common stock holder in our history. Charlie and I are going to look at the equity of these common stocks, and we think of it as business, not just stocks. We also have the stock of the Ice Queen, and we also regard it as a business and a company. We can buy great companies, but we can't buy all or more than 80% of them.
When we look at Apple, American Express and Coca-Cola, we think of them as companies. of course, there are some differences in tax, management and other factors, but when we allocate funds, we look at each company. not just as an investment in stocks. We don't want to predict the market, we don't just pick stocks.
Asked why Berkshire cut its investment in Apple, Buffett said it was for tax reasons because the investment yielded a sizeable return, not because of his long-term judgment of the stock. He also said it might have something to do with his personal view that US tax rates would be raised to finance the ballooning US fiscal deficit.
On Cash Reserve
Buffett said Berkshire's cash and Treasuries totaled more than $180 billion at the end of Q1, and he thought it was a reasonable assumption that the company's cash and Treasuries would reach $200 billion by the end of the quarter. They want to spend the money, but they won't spend it unless they think that what they are doing is risky and rewarding.
Buffett explained why he was in no hurry to tap the company's vast cash reserves of more than $180 billion. Buffett said that it will not be in 5.SlotsninjanodepositbonuscodesUse the money at such a high interest rate of .4%, only with a swing at the right time.
On succession Planning
Asked about the distribution of powers and responsibilities with two investment deputies, Todd and Ted, when Abel took over Berkshire, Buffett said the decision would be left to Berkshire's board of directors when he was gone. He may try to "come back and see if they have a different approach".
But Buffett stressed that if he had been on the board at that time, he might have left the responsibility for capital allocation to Abel based on his knowledge of Abel, because he knew the business very well. 'If you know companies, you know stocks, and if you really know how companies work, you are an investment manager, 'Mr. Buffett said. Buffett said that the responsibility now placed on him should rest entirely with the next CEO, Abel.
On artificial Intelligence
Buffett admitted that "I don't know anything about AI", but that doesn't mean the technology is not important. Last year I mentioned, let the genie jump out of the bottle. Let it jump out, the spirit is very useful to many people, but I hope this kind of spirit can do good in the future.
I can't evaluate it. With nuclear technology in World War II, we felt it was necessary to end the war. The development of AI makes me nervous, especially the recent progress, and some of the phenomena I have witnessed are somewhat frightening. AI can cause fraud problems, such as the fact that it is difficult to tell the true from the false in a picture, and the fraud market will grow rapidly. Of course, AI can also do good deeds.
Talking about overseas Investment
On whether there is an opportunity to invest in Chinese air tickets in the future, Buffett said, "our main investment will be in the United States. Some of the companies we invest in, such as American Express and Coca-Cola, have global operations and are the preferred beverage or payment means for global consumers." it is difficult to find such a comparable investment target in the world, and their business is very strong.
BYD's investment is similar to that made in Japan five years ago, a large investment rarely seen outside the United States. I am satisfied with my position of investing in Japanese companies. There are still many other countries in the world that do not understand it enough, so it is still dominated by the United States. Situations that may lose money cannot be tolerated.
Buffett also revealed that Berkshire's next big deal may not be an investment in companies outside the United States.
On Investment in India
Buffett also answered whether it is possible to invest in India. He said that we are focusing on India. I believe there are a lot of opportunities in India, but my question is whether we have any advantage in India in terms of insight. Is it possible that our investment is what India really wants us to participate in?
On Canadian Investment
In response to questions from Canadian investors, Buffett revealed that Berkshire was evaluating a possible investment opportunity "north of the border". We are very comfortable investing in Canada and in fact we are now looking at an investment Mr Buffett said.
Talking about Renewable Energy
巴菲特说，可再生能源令人感兴趣，但需要时间来开发。“有些事情需要一定的时间。我举一个我女儿很讨厌的例子来说明这个事情。就是一位女性十月怀胎才能生下一个孩子，但你不能让十位女性一个月内就创造一个孩子。”
但巴菲特也表示，太阳能可能永远不会是唯一的电力来源。巴菲特接班人，伯克希尔能源业务主席格雷格·阿贝尔也表示，可靠性和可负担性是需要牢记的重要因素。
谈美国债务
当被问及是否担心不断上升的债务水平会损害美国国债的地位时，巴菲特表示，他“最乐观的猜测是，美国国债在很长一段时间内都是可以接受的，因为没有太多的替代选择。”巴菲特称，问题不在于数量，而在于通胀是否会以某种方式威胁到全球经济结构。他还表示，没有真正的货币可以替代美元。
谈自动驾驶
巴菲特：自动驾驶可能减少车祸发生，或者减少成本，有人开始用了，以后的数据也会显示未来会怎样。过去几年人们已经经常讨论。在保险行业，Uber开始崛起的时候也有人讨论。对于有些事，过去的估计是错的。你以为保险是容易开展的业务，其实不然。保险业务“非常有趣，因为你一开始就得到了钱，然后你就会发现你做了一些愚蠢的事情。可是，当有人把钱交给你、然后你递给他们一小张纸的时候，这是一个非常诱人的生意。”
如果车祸能减少50%，听起来不错。我们正在寻找机遇。有些人即使开了很多里程的车，仍因车祸丧生。这不是容易估计的数字。
谈房产投资
对于买房会不会考虑伯克希尔经纪人这个问题，巴菲特表示，自己买房子没有那么频繁，之后再去投资房产的可能性应该很低。
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封面图片来源：视觉中国
