[Breaking News] Summary of the 2023 Berkshire Annual General Meeting of Shareholders
Yesterday, Berkshire Hathaway led by famous investor Warren Buffett took place from midnight to early morning on 5/6 (Sat) Japan time ( $Berkshire Hathaway-A(BRK.A.US$ I've compiled the main points about what Berkshire executives, starting with Mr. Buffett, said at the annual general meeting of shareholders of), so I'll tell you.
■About the market and economy
・It's not that we don't think there will be confusion about the future
· Commercial real estate could struggle with higher borrowing rates and banks could face more pressure, but deposits are safe
· Berkshire's earnings will decline year over year as economic activity slows
■Occidental Petroleum ( $Occidental Petroleum(OXY.US$ About)
・There is speculation that we will buy Occidental Petroleum, but we have no intention of buying controls. Even if I do, I don't know what to do
■Prospects for value investments
・We are Berkshire ( $Berkshire Hathaway-A(BRK.A.US$ I think the number of people who do foolish things has increased drastically in the 58 years that have been running). They do really big stupid things
■About the possibility that the US dollar will lose its place as the world's key currency
・We (the US) are the base currency, and I don't think there is an option for other currencies to become the base currency
■Apple ( $Apple(AAPL.US$ About)
・Apple is a better business than any business we own
・Our standards for Apple were different from other businesses we owned. It just happened to be a better business than any business we own
・Apple takes the position that consumers pay $1,500 or whatever for the phone. Then, if the same person paid $35,000 to buy a second car, and if they had to give up their second car or give up their iPhone, that person would let go of the second car. In other words, the iPhone is an extraordinary product. I don't own 100% of Apple, but even 5.6% are very satisfied
・I made a mistake a few years ago and ended up selling shares. There were certainly reasons why that year's profit was useful from a tax standpoint, but it was a ridiculous decision
■Relations with Japan
・Mr. Buffett stated that he will continue to explore opportunities in Japan, and said he was “pleasantly surprised” by each of the five major Japanese trading companies (*) where he raised shares last month
・Berkshire is the largest borrower and corporate borrower that exists outside of Japan. We didn't mean to be like that. But that's how it came to be, and we're not done yet about what's going to happen there. And, as described earlier, there are several direct operations there. We have some really great partners who work for us
■On the confrontation between America and China
・ (Mr. Munger) Confrontation is foolish. Both sides should respond kindly to foolishness. I think America should get along well with China and do a lot of free trade with developing countries
■About Buffett's successors
・Greg will succeed me
· He will sit in a position equal to, or equally close to, his. That's because he's superior to me in more ways than me. He's going to need that stand-in. When a question comes in, I know Ajit's opinion on it. But it's probably Greg who will make the final decision. Ajit would give him the best advice, and I think it's very, very likely Greg will follow it. But those aren't easy questions
・There aren't that many people who can operate the five largest GAAP net worth companies and all kinds of diverse businesses
■About AI
・There is a possibility that everything in the world will change ・ (Mr. Munger) We will see even more robotics in the world, but personally, I'm skeptical about AI hype. I think old-fashioned intelligence works pretty well
■About Geico
・ (Mr. Ajit) Auto insurance company Geico is taking a bullish stance to improve the use of telematics. Telematics (a program where insurance companies collect customer driving data to help set prices) is still being improved
✅ Impressions of Jinbei
Last night, I'm Jinbei, who was in charge of the “Jinbei & Pan-US Buffett General Meeting Commentary Live” at Moomoo. I saw and explained Berkshire Hathaway's annual general shareholders' meeting live for the first time this time, and as one of the US stock investors, it was a very valuable experience.
What was more impressive than anything else was the sight of Mr. Buffett and Mr. Munger entering the venue for the annual general meeting. As expected, 99-year-old Munger was traveling in a wheelchair, but despite his advanced age, Mr. Buffett walked with a firm gait, and I didn't think he was 92 years old. Also, at the event, which spanned over 6 hours, I was impressed by how many questions from investors around the world were answered in a solid manner.
The responses from Mr. Buffett and Mr. Munger were all suggestive and witty, and they went beyond the scope of general shareholders' meetings and were very attractive and interesting as a form of investment entertainment.
Also, if there is such an opportunity in the future, I would definitely like to participate. As a Tesla investor, I definitely want MooMoo to live stream Tesla events such as Tesla's general shareholders' meetings and AI Day ♪
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