The "Spring Festival Gala" in the investment community is here.
On May 4th, Beijing time, 22: 15, 20124 Berkshire Hathaway Annual Shareholders’ Conference was held in Omaha, a small town in the United States.
Different from previous years, this conference was the first time that the "stock god" Voron Buffett appeared alone after the death of the old partner Munger.Facing his questions with him, as well as Greg Abel, the helm of Berkshire’s non -insurance business and Ajit Jain, the leader of the insurance business.
At 9 o’clock that day, Apple CEO Tim Cook appeared at the conference.When he responded to the issue of First Financial Reporter, he said that he enjoyed a trip to India, "great!".It is reported that since participating in 2019, Cook has been a frequent visitor to the shareholders’ meeting.
On the eve of the opening, Berkshire Hathaway issued relevant performance announcements.
On May 4, Buffett Berkshire Hathaway announced that the first quarter of 2024 revenue was US $ 89.869 billion, an increase of 5.2%year -on -year, and the market expected to be US $ 85.92 billion.In the first quarter, net profit reached US $ 1.2702 billion, a year -on -year decrease of 64.2%. The market expected to be US $ 9.892 billion. The same period last year was US $ 35.504 billion.In the first quarter, the company repurchased $ 2.6 billion in ordinary shares, compared with 2.2 billion US dollars in the previous quarter, and the total stock repurchase of 2023 reached 9.2 billion US dollars.
From the perspective of the business sector, insurance and other business revenue was US $ 65.473 billion, and the same period in 2023 was US $ 63.457 billion.Railway, public undertaking and energy business revenue was US $ 24.396 billion, and the same period in 2023 was US $ 21.936 billion.
At the shareholders’ meeting, Buffett talked about friends Munger, reduced holdings, cash reserves, AI and other issues.The following is the main content of the conference:
Buffett requests to open the venue for Munger
On May 4th, after the Berkshire Annual Meeting, Buffett asked the staff to open the lights at the late Charlie Munger.About 30,000 shareholders at the scene applauded Mange Glushes to Buffett’s business partners for more than 60 years.Later, Buffett appeared on the stage and started the Berkshire Hathaway Year.
Buffett answered the first question: Will you continue to invest in India?
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 has invested in BYD before. Will you continue to invest in other companies in India in the future?" Buffett replied: "Our main investment target will be located in the United States, which is what we believe in.Companies, it is difficult to find the world. This is a global consensus.You will see that we invest in such an investment overseas, although we are participating in the world economy through these companies.
Buffett responds to reducing holding Apple stocks
On May 4th, during the live broadcast of the Buffett shareholders’ meeting in 2024, Buffett responded to the reduction of Apple’s stock.He said we still have many Apple stocks.At the end of this year, Apple is the holding party of our largest ordinary shares in history.Both Charlie and I will see the rights and interests of these ordinary stocks. We think it is a business, not just stocks.We also have the stock of the queen of ice and snow, and we also regard it as a business and be regarded as a company.We can buy a great company, but we can’t buy all their or more than 80%of the shares.
When we look at Apple, Express, and Coca -Cola, we think of them as companies. Of course, there are some factors such as taxation, management, etc., but when we allocate funds, we will look at every company, not just not just, not just, not justTake them as a stock investment.We will not want to predict the market, and we will not choose stocks alone.
Buffett claims Munger’s table for him to buy BYD
On May 4th, at the Buffett 2024 shareholders’ meeting, Buffett, chairman of Berkshire Hathaway, said that Charlie Munger would always follow his proposal, but only two times with him.The table, let him "buy, buy and buy!", Once invested in BYD, the other was Costco.Buffett believes that Charlie Munger is right at the important moment of investing in these two companies.
Buffett responds to huge cash reserves
On May 4, at the Buffett’s 2024 shareholders’ meeting, Buffett said that at the end of the Q1 quarter, Berkshire’s cash and Treasury coupons exceeded US $ 180 billion.100 million dollars, this is a reasonable assumption.They want to spend this money, but unless they think they are doing the risk of things that are doing, and they can bring a lot of returns, they will not spend money.
Buffett has invested in AI concept shares about $ 159 billion
In 1940, Buffett’s father Howard Buffett and the 9 -year -old Buffett visited the New York Stock Exchange on the 11th Wall Street, New York.The investment enlightenment of "stock god".Two years later, 11 -year -old Buffett bought the first stock of his life.
Peter Tuchman, a trader of the New York Stock Exchange, has been engaged in stock transactions in the NYSE for nearly 40 years. He has been fortunate to have a few times with the "stock god".And discuss whether value investment is still applicable to the era of high valuation and technology change?Buffett, who is relatively conservative in investment style, missed artificial intelligence (AI)?Can investors "order without order" Buffett preferred?
Buffett said that it is impossible to estimate the prospects of artificial intelligence and it has great potential, but its development makes me feel nervous.
Buffett claims that the tax pays over $ 5 billion last year
On May 4th, at the 2024 shareholders’ meeting, Buffett, chairman of Berkshire Hathaway, said: He hopes Berkshire to pay a lot of taxes.Last year, the tax payment exceeded $ 5 billion. If there were 800 companies doing this, the United States did not need to pay taxes.
Buffett misusted his partner into Munger
At the scene of the Buffett shareholders’ meeting, the "Buffett successor" and Berkshire Vice Chairman Greg Abel, sitting next to Buffett. Buffett habitually called "Charlie (Munger)".I still call Cheng Charlie, and now I ask Graig to answer, my name is Cheng Charlie.In fact, I’m already alert, don’t call the wrong person, but sometimes I missed my mouth.
Buffett said that it is impossible to estimate the prospect of artificial intelligence
On May 4th, at the live broadcast of the Buffett shareholders’ meeting in 2024, Buffett responded to the advantages of artificial intelligence. He said that I knew nothing about AI artificial intelligence, but it didn’t mean that this technology was not important.I also mentioned last year that we have let the elves jump out of the bottle, especially when we invented nuclear weapons before, it is doing some bad things now.The power of the elves sometimes scared me, and it can no longer be pushed back to the bottle.I think AI has some similarities, and it has made it jump out. Of course, it is very important, and it is very important for many people.But we hope that this elf can do good deeds in the future, and I can’t evaluate it.
AI certainly has potential to do good deeds, but the examples I mentioned just now and some phenomena I have witnessed before, I think there may be some scary, and even after seeing this photo, I can’t distinguish between true and false.So like nuclear technology, the elves have been released from the bottle, and I know nothing about it.I think that AI has a lot of potential for doing good things and bad things, I can only let it happen naturally in the future.
Buffett said that he could not make money every day to pay attention to stocks every day
On May 4th, at the live broadcast of the Buffett Shareholders Conference in 2024, Buffett said that from the past five years, we have no way to issue so many stocks like other companies. We have so many investors to control the controlThe number of circulation stocks.
Investors will not want to sell our stocks, or they will not pay attention to the price of this stock every week. Those who pay attention to the stock price every day cannot make money.Many times, everyone bought our stocks there, and they don’t even look at it too much. This is the story of Berkshire’s past.
Buffett said there is no investment in BYD to plan
Buffett answered the first question at the shareholders’ meeting: "Berkshire had previously invested in BYD. Will you continue to invest in other companies in India in the future?" Buffett said that the main investment target will be in the United States.There are also companies such as Coca -Cola in the United States, which may not be able to find the enemy worldwide.Regarding investment in BYD, Buffett said that this was similar to Berkshire’s investment in Japan 5 years ago. It took a year to invest in five important business companies in Japan."Looking back, this is radical, I should have been more aggressive but I don’t have. We have considered many companies such as BYD, but the company has no such plans. Of course, this is not impossible.The company will definitely not tolerate the loss of losing money.
Buffett calls Munger’s concept for himself to make money
On May 4th, at the live broadcast of the Buffett shareholders’ general meeting in 2024, Buffett was asked if he could spend one day with Munger. What would he like to do?He said that Munger likes learning very much, and he heard in the short film just now. He is interested in many things. His interest is much broader than me.Together, we are very interested. We do many things, play tennis together, play golf together, and do a lot of things together.
But we have to work together, overcome it together when we encounter difficulties, and have Charlie as a partner to help us get rid of all kinds of difficulties together. In the past few decades, I have really made me very happy, and he gave me ten years ago.Many of our ideas are constantly making us profitable and making money.
Buffett: If I am interested in fraud, AI will be a great development area
On May 4th, at the 2024 shareholders’ meeting in Buffett, Buffett, chairman of Berkshire Hathaway, said: If I am interested in fraud, AI will be a field with a lot of development space.I don’t have any suggestions for AI. I don’t think we can deal with it well if we are not afraid.He believes that AI has huge potential to do good deeds, and there are huge potential to do bad things.
Buffett said he would deal with the right person
On May 4th, during the live broadcast of the Buffett’s shareholders’ meeting in 2024, Buffett was asked what you think when each of us most needed to hear, and he said that I would like to use the previous suggestions of Charlie Munger, just like I was readingHis essay is the same."First of all, make good education and deal with the right person for your own personal situation."Mumbai Stock Exchange
The world you live is unprecedented and the best. You also have to find your own activities to participate, find like -minded people to share the luck that the world brings you, and I have found each other. We found each other. We have found each other. We have found each other.Find a common interest, if you can’t find it now, continue to find it.I have been telling my students that finding a job you want, sometimes you can find a job you like very early, and sometimes you want to find it for a long time, but don’t forget your original intention.
Buffett: I will listen to my wife, but I am more willing to discuss with Munger in financial management
On May 4th, at the shareholders’ meeting in Buffett in 2024, Buffett, chairman of Berkshire Hathaway, said: I fully trust my children and wife, but this does not mean that I ask her what stocks buy and financial management.There is no better discussion in the world than Charlie Munger.
Buffett responds to whether it is possible to invest in India
On May 4th, during the live broadcast of the Buffett’s shareholder meeting in 2024, Buffett answered whether it was possible to invest in India. He said that we were paying attention to India. I believe that India has a lot of opportunities, but my question is whether we have in India in our opinions.Is it possible that India really wants us to participate in any advantage.
Buffett claims only to choose his favorite opportunity
On May 4th, at the Buffett 2024 shareholders’ meeting, Buffett said that for large mergers and acquisitions, he would only choose your favorite opportunity.
Buffett stated that Buffett said that it was only a hit at the right time.Now if you have the previous goals, you may not find so many opportunities.There is no enough investment target now, there is not enough attractive, and an attractive investment target allows me to allocate assets. After seeing any changes, let’s wait and see.
Why do you hold more than $ 180 billion in cash?Buffett: Just a wave of waves in the right time
On May 4th, at the Buffett’s 2024 shareholders’ meeting, Berkshire Hathaway Chairman Wallen Buffett explained why he was not in a hurry to use the company’s huge cash reserves of more than $ 180 billion.Buffett said that the money would not be used at a high interest rate of 5.4%, only a shot of a wave when it was right.
Buffett said it is not frequent to buy a house
On May 4th, during the live broadcast of the Buffett’s shareholders’ meeting in 2024, if he would consider the issue of Berkshire’s agent if he bought a house, Buffett said that it was not so frequent to buy a house, and then the possibility of investing in real estate should be very low.
Buffett claims that the reduction of Apple is due to tax reasons
On May 4th, at the live broadcast of the Buffett shareholders’ meeting in 2024, when asked why Berkshire cuts its investment in Apple, Buffett said it was due to tax reasons because the investment obtained considerable benefits., Not because of his long -term judgment of the stock.He also said that this may be related to his personal point of view, and he believes that the US tax rate will increase to fund the expanding US fiscal deficit.
Buffett said Munger is always honest
On May 4th, local time, the annual shareholders’ meeting of Berkshire Hathaway was held in Omaha, a small town in the United States.In the question of investors, Buffett mentioned Munger again.He said that Munger is a trusted business partner, but he can also seek support in other people or places.Buffett said that Munger is always honest, which is also part of the reason why he became an important partner.Buffett added that this is suitable for his work and personal life.
Buffett explained why he was not rushed to use cash reserves
On May 4th, at the Buffett’s 2024 shareholders’ meeting, Berkshire Hathaway Chairman Wallen Buffett explained why he was not in a hurry to use the company’s huge cash reserves of more than $ 180 billion.Buffett said that the money would not be used at a high interest rate of 5.4%, only a shot of a wave when it was right.
Buffett said that artificial intelligence is similar to nuclear weapons
On May 4th, at the Buffett 2024 shareholders’ meeting, Berkshire Hathaway Chairman Wallen Buffett said that I knew nothing about artificial intelligence, but this did not mean that this technology was not important.When we previously invented nuclear weapons, we "let the elves jump out of the magic box", and I think artificial intelligence is similar.
Buffett said that and Munger missed a lot of opportunities
On May 4th, at the live broadcast of the Buffett shareholders’ meeting in 2024, Buffett said that Charlie and him missed a lot of opportunities. What really regretted was that they might miss some very big investment opportunities, but these opportunities were they knew.When they miss some investment opportunities in the industry that do not understand, they will not feel regrets at all.
When Buffett responds when to sell stocks
On May 4th, at the Buffett’s 2024 shareholders’ meeting, Buffett said that there are often many reasons for judging the decision -making factors of selling stocks. One of them is that you need cash. For BerkshireSee, but when he invests at the age of 20, this will happen every decision.
Buffett talks about Apple: Consumers may not be able to afford the second car but may afford the second iPhone
On May 4th, at the shareholders’ meeting in Buffett in 2024, Berkshire Hathaway Chairman Wallen Buffett gave an example when talking about investing in Apple: You may be able to afford the second iPhone, but it may not necessarily not necessarily.It can afford the value of the second car, the value of the second car is 20 times more expensive than the second mobile phone. Although Buffett does not know how the iPhone runs, his insight into consumer behavior makes him believe that the iPhone is a very great one.Products, even maybe the greatest product ever, and its value is far undervalued.At the same time, Buffett also praised Cook when he worked very well when he was at the helm of the company, and was a great partner.
Buffett said the hedge fund index fund is too greedy
On May 4th, at the shareholders’ meeting in Buffett in 2024, Berkshire Hathaway Chairman Voron Buffett said that he and Charlie Munger thought they were very happy to work with such a group of selfless dedication.Instead of seeing people who are too greedy for money, as hedge funds and index funds, see what Berkshire Hathaway do does, they will regain confidence in humanity.
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 advised not to be too cruel to himself
On May 4th, at the 2024 shareholders’ meeting in Buffett, Buffett said that we all have our own weaknesses and flaws. Don’t be too ruthless to ourselves.But it cannot be completely relaxed, because you can change the future.
Munger has also used several times of human misjudgment psychology
On May 4th, at the shareholders’ meeting in Buffett in 2024, Berkshire Hathaway Chairman Walren Buffett mentioned a fun thing about Munger. Munger had proposed 25 people with misjudgment of psychology standards.It reveals why humans are easily controlled or fooled. If you want to be a good insurance agent or an excellent Wall Street manager, if you can understand where others are weak, it will really become very rich.Buffett even said that Munger had admitted that he had used such psychology once or twice. Although he was not proud of it, he did taste the sweetness, but he didn’t plan to continue to use it.
Buffett calls the best skills to escape risks
On May 4th, at the live broadcast of the Buffett’s shareholders’ meeting in 2024, Buffett said that his luck played a very important part. Some people always had poor luck. He said that his best skills now are to avoid risks and avoid bad luck. This is his bestGood skills, because of this, he has the situation today.
Buffett said that the investment concept will not change any change
Buffett said: His investment philosophy will not change, and he does not want others to worry about whether you can defeat the S & P index.He also said that he is still very happy about the current status quo. He hopes that he can figure out, find some better methods, use the best resources to use the place you should use, and solve the most needed problems in the world.
Sister Buffett was also urged when she was young
On May 4th, at the shareholders meeting of Buffett in 2024, Berkshire Hathaway Chairman Wallen Buffett said that when his sister was in school, the family hoped that she would get married when she did not become ugly, and even when she was in school.Marriage, because good men were snatched when they graduated. For many women like my sister, they were such a society at that time.It is incredible that we have made such a big progress now.
Buffett said that iPhone is a very great product
On May 4th, at the live broadcast of the Buffett shareholders’ meeting in 2024, Buffett said that iPhone was a very great product, perhaps the greatest product ever, and its value was far undervalued.Cook is also an excellent partner like Jobs. He works very well when he is at the helm of the company.
Buffett: Berkshire has lost the money to Qingcang Paramount Co., Ltd.
Buffett said it had sold all the shares of Paramount Global Company at a loss.He said: "This is my decision. We have all sold it, and we have lost a lot of money." Buffett added that this experience made him think more deeply about what people think of giving priority to their free time.
Buffett: I hope I can come to the meeting next year
2024 Buffett’s shareholders’ meeting ended, Buffett: We only answered about 30 questions today, but thank you for not far away to come here to attend the meetingJinnai Wealth Management. You are also welcome to come to the meeting next year. Of courseCome to the conference.
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