Buffett 2019 Shareholders' Meeting

Berkshire Hathaway's 2019 Annual General Meeting of Shareholders, Buffett, was held on May 4th (Saturday) in the Central American town of Omaha, Nebraska.

Buffett is present at the shareholder meeting, sharing his views on the market, the company and the current economic situation, and answering questions from analysts, investors and the media. ...[full text]
2019 Buffett's shareholder meeting the most complete record: 6 hours 20 highlights 50 questions and answers, last night, global investors are watching. ...[full text]
Buffett: Berkshire has invested a lot in China, but it is not enough. It may be a big deployment in the next 15 years. ...[full text]
Focus on Buffett Shareholders' Meeting
Buffett Munger reiterates 5 investment iron laws: business that does not understand does not make decisions, no leverage

The 54th General Meeting of Shareholders of Buffett's Berkshire Hathaway is also the annual public appearance of the two investment giants. The 89-year-old Buffett and the 95-year-old Munger answered questions from shareholders, journalists and analysts at the Omaha site in the United States. Given the age of the two, such on-site communication opportunities are even more precious. ...[Details]

The top ten verses of Buffett's shareholder meeting: love and time can't be bought.

On the evening of May 4th, Beijing time, Berkshire Hathaway's 54th annual general meeting officially kicked off, 89-year-old Berkshire Hathaway CEO Warren Buffett And the 95-year-old Berkshire Hathaway Vice President Charlie Munger once again sat on the podium to answer questions from shareholders. ...[Details]

Buffett's 56 questions and answers record: too rich is always a nerve-racking thing

On the evening of May 4, 2019, Beijing time, Berkshire Hathaway, the company headed by Warren Buffett, held its 54th shareholders meeting in Omaha, Nebraska. In the nearly 6 hours of Q&A, Buffett and Munger answered 56 questions about investment in Apple, Bitcoin, successor, 5G and so on. ...[Details]

Yang Delong: The 2019 Buffett Shareholders' Meeting conveyed five important messages!

On the evening of May 4th, Beijing time, the annual Buffett Shareholders' Meeting was held in Omaha, a small town in the central United States. Global investors gathered here again to listen to the 95-year-old Munger and the 89-year-old Buffett to share their years of thinking and wisdom. . Yang Delong, executive general manager of Qianhai Open Source Fund, participated in this year's Buffett shareholders' meeting. The following is a summary of the highlights of this conference...[Details]

What is the problem that this year’s Mengwa asked Buffett? (with a highlight of the shareholders' meeting)

Before the conference, Buffett revealed that after investing in Apple, the company invested in the technology company Amazon. Does this mean that Berkshire Hathaway, who is not investing in technology, is beginning to transform his investment style? Buffett is 88 years old, and the old partner Munger is 95 years old. Some people are worried that this year may be the last time the two elders personally presided over the shareholders meeting. So, will they retire? Who will be the successor to Berkshire Hathaway? ...[Details]

On-site record: The essence of the question and answer of Buffett's shareholders meeting in 2019 is here.

On the evening of May 4th, Beijing time, Berkshire Hathaway's 2019 shareholders' meeting was held in Omaha, USA. At the shareholders meeting, the 89-year-old Warren Buffett and his 95-year-old partner, Munger, responded to the concerns of repurchasing stocks and investing in Amazon. ...[Details]

Investing in China Buffett wants to make a big deployment! The 6-hour Q&A of the shareholders' meeting How to pay for the stocks?

From 22:15 on May 4th, Beijing time to 4:30 am on the 5th, in the 6 hours, this year's 89-year-old "stock god" Buffett and 95-year-old partner Munger invested in technology stocks, Chinese market, virtual currency, More than 50 hot issues such as investment ideas have been answered. ...[Details]

Global investors are watching! 5G, China Opportunity, Apple, Bitcoin... Buffett Shareholders' Meeting

Berkshire Hathaway's 2019 Annual General Meeting of Shareholders, Buffett, was held on May 4th (Saturday) in the Central American town of Omaha, Nebraska. Warren Buffett, 88-year-old CEO, and Charlie Munger, 95, attended the shareholder meeting and answered more than 50 questions from analysts, investors and the media in more than six hours. ...[Details]

Top Ten Points of Buffett's Shareholders' Meeting! Increase the deployment of the Chinese market. Value investment is not a low price-earnings ratio (with a heavyweight stock)

On the evening of May 4th, Beijing time, the 54th General Meeting of Berkshire Hathaway officially kicked off. 89-year-old Warren Buffett and 95-year-old Charlie Munger once again sat on the podium and answered Question on the site of over 30,000 people. This is a feast for investors, even Bill Gates and Apple CEO Cook are on the spot to attend the shareholders meeting. ...[Details]

Buffett: If you save 100,000, you will not be happy if you save 100 million.

The so-called delayed satisfaction is not to say that it is not advocated. I have always believed that savings still have a lot of power. But I don't think many rich people are happy because they have a lot of money. Happiness and wealth are not directly proportional. If you have 500,000 and 1 million US dollars, you will not be happy. If you have 5 million or 100 million US dollars, you will not be happy. ...[Details]

Buffett's shareholder meeting documentary: happiness and wealth are not proportional to experience is more important than reading

Buffett also believes that the older a person is, the more experienced he is, and he can slowly read some things of human nature, and certainly learn more than when he was young. But on the road to growth, in the study and life, I have learned a lot of lessons, which can not be learned by reading. ...[Details]

Buffett: Tesla's entry into auto insurance is a threat but not the biggest competitor

Buffett said that for the insurance business, he is more worried about the former competitor Progressive, not any other auto insurance company. The advancement of companies such as Tesla will be an opponent, but will not destroy the entire car dealership business. It is not a subversive threat, but it does pose a threat. ...[Details]

Buffett is very satisfied with the inclusion of Apple in Awkwardness: I hope the stock price will fall so that I can buy more

Buffett said that Apple is the largest technology company in Berkshire's market capitalization, and he is very satisfied with this, but he hopes that Apple's stock price will fall so that he can buy more Apple stock. They have authorized $75 billion in funding and are able to buy more Apple stock in the last three years. ...[Details]

Buffett reiterates that bitcoin investment is similar to gambling: people who play bitcoin won't make a lot of money

Buffett talked about Bitcoin again at the scene. He said that bitcoin speculation reminded him of the feeling of gambling in Las Vegas. Both of these things made him confident that he could make money in a world where people know that they might lose when they are speculating. ...[Details]

Buffett said that he considered investing in Uber 18 months ago and finally chose to give up.

Warren Buffett said on Saturday that he had considered investing in Uber, a network car company, about 18 months ago, but eventually abandoned the investment plan. The latter will conduct an initial public offering this month, with a valuation of more than $80 billion at the time of listing. ...[Details]

Buffett: The problems with the Boeing 737MAX will not lead to a major change in the aviation industry.

The Boeing 737 has recently experienced security problems. When answering questions from investors about safe driving and whether to continue to train drivers with simulators, Buffett believes that some problems with the Boeing 737MAX will not cause a big change in the aviation industry. ...[Details]

Global attention! Buffett's shareholders' meeting 13 dry goods how the stock gods look at Amazon, 5G, China opportunities

On the evening of May 4th, Beijing time, Berkshire Hathaway held the 54th annual general meeting. CEO Warren Buffett and Vice Chairman Charlie Munger answered questions from shareholders. They talked about the company's investment logic. No change, very satisfied Apple is Berkshire's largest position, in addition, Buffett once again said that Bitcoin has no value. ...[Details]

Buffett: If hundreds of millions of dollars of cash are taken, the index foundation is more vulnerable to stock market shocks.

Buffett said that if the funds are invested in index funds, it will make the company more vulnerable to the impact of the stock market and become less flexible. ...[Details]

Buffett: I will not invest in technology companies that I don’t understand. I will hire an investment manager.

Buffett said at the shareholders meeting that we like the moat and like the company that dominates the market. If the technology company can indeed build a moat, it will be very valuable. But we still don't invest in technology stocks that we don't understand, but we hire investment managers to invest because they are more familiar with the field. ...[Details]

Buffett: At least 150 billion in the 200 billion portfolio has a good return

Buffett said at the shareholders' meeting that he can look at the top 10 positions and can simply estimate. We publish positions every quarter. Some information is proprietary investment information. Of our 200 billion portfolios, at least 150 billion have good returns. We will do significantly better in the next decade. ...[Details]

Buffett: If the bank reaches the point where it needs government assistance, the CEO and his spouse should lose all their net assets.

At the ongoing shareholder meeting in Berkshire Hathaway, when asked about the fraudulent scandal of the Wells Fargo account, Warren Buffett said, "If a bank needs to get help from the government, then the responsible CEOs. It is necessary to lose all the net assets of them and their spouses. Because whenever this happens, shareholders are suffering losses."...[Details]

11-year-old Chinese boy asks Buffett: How can “get older” help you make better investments?

An 11-year-old Chinese boy asked Buffett on the scene: "You said that the older you are, the more you know about human nature. Can you tell me what you have learned? How can different understandings of human nature help you to do better? investment?"...[Details]

Top 10 questions from the 2019 Buffett Shareholders' Meeting: What is Berkshire's investment direction in the 5G era?

On May 4th, Berkshire Hathaway's annual shareholder meeting was held in Omaha, a small town in the central United States. Chairman Buffett and Vice Chairman Charlie Munger answered questions from reporters at the scene. ...[Details]

Buffett: Berkshire does not need to disclose overseas shareholding information

At the Berkshire Hathaway General Meeting of Shareholders in 2019, there were shareholders asking questions. Berkshire did not need to disclose overseas shareholding information to the US Securities and Exchange Commission, but assuming overseas holdings, what is the current maximum of five positions? ? ...[Details]

Buffett, Munger: One of the biggest regrets is that I didn’t buy Alphabet stock.

Berkshire Hathaway is still a value investor. Interestingly, Buffett and Charlie Munger both said that one of their biggest regrets was the failure to buy shares in Google's parent company Alphabet. ...[Details]

The Buffett Shareholders' Meeting is a moving scene: 13-year-old boys and their fathers are grateful! Ba Lao answered a question of life for him.

During the Buffett General Meeting, a 13-year-old boy and his father thanked Buffett and asked the investment masters of Buffett and Munger how to learn to invest. ...[Details]

Buffett: Buying Amazon stocks is also a value investment. Value is not an absolute low price-earnings ratio.

Buffett said that the purchase of Amazon does not mean that Berkshire's value investment philosophy has changed. The value in value investing is not an absolute low P/E ratio, but a comprehensive consideration of the indicators for buying stocks, such as whether it is an investor-understood business, future growth potential, existing revenue/market share/tangible assets/ Cash holdings / market competition, etc. ...[Details]

How to seize investment opportunities in the 5G era? Buffett: Subsidiaries will be involved in related industries

Buffett said that there will be no special research on an industry. Berkshire does not have the core capabilities. Their subsidiaries will be involved in 5G or any other technology development industry in the world, public utilities, LNG, Railways, this category is included. ...[Details]

Buffett: How much cash holdings will not determine Berkshire's stock repurchase scale

Referring to the repurchase of Berkshire shares, Buffett said that the amount of cash holdings does not determine the size of Berkshire's stock repurchase, we will buy back shares when the stock price is lower than the conservative valuation of the intrinsic value . We want to make sure that repurchasing stocks can benefit most shareholders. ...[Details]

Buffett shareholders meeting over 30,000 people on the scene Apple CEO appeared

The 2019 pilgrimage tour finally opened. At 9:00 am on May 4th, US time, the venue was already packed. There were more than 50,000 people in the field, and there were new shareholders entering the market. Apple CEO Tim Cook also attended the Buffett shareholders meeting. ...[Details]

Buffett: China's potential has not yet fully played. It has always been open to investing in China.

On May 4th, Beijing time, on the eve of the annual Berkshire Hathaway shareholders' meeting, Hathaway's head and "Faith" Warren Buffett accepted the Yahoo Finance interview. ...[Details]

Graphic live

On the evening of May 4th, Beijing time, the annual Berkshire Hathaway shareholder meeting was held in Omaha, a small town in the central United States. Tens of thousands of people from all over the world traveled to Omaha. 88-year-old CEO Warren Buffett and 95-year-old Vice President Charlie Munger attended a shareholder meeting to share their views on the market, the company and the current economic situation, and answer from analysts, investors and the media. Ask a question.

The following is a photo of the shareholders' meeting:

2019-05-04 19:00:00

On the evening of May 4th, Beijing time, the investment community will once again focus on Omaha, a small town in the central United States. Here, Berkshire Hathaway of Warren Buffett will hold the 54th Annual General Meeting, 89 Warren Buffett, the age-old CEO, and Charlie Munger, the 95-year-old vice president, will talk to attendees and ask questions from analysts, shareholders, and the media.

2019-05-04 20:20:10

Berkshire Hathaway released a quarterly report with an operating profit of $5.56 billion. Class A shares earned $13,209 per share, compared with a net loss of $692 in the same period last year. Class B shares earned $8.81 per share, compared with a net loss of $0.46 in the same period last year.

2019-05-04 21:00:20

In the first quarter of 2019, Berkshire Hathaway repurchased A shares and B shares of common stock at a total cost of approximately $1.7 billion.

2019-05-04 21:25:10

Apple CEO Tim Cook attended the 2019 Buffett Shareholders Meeting.

2019-05-04 22:30:04

Moderator: The Buffett Shareholders' Meeting will begin soon. I would like to thank the five guests for their wonderful sharing. I believe that everyone will have a deeper understanding of Buffett through this program. I believe that in the future life or in our reading career, we can learn more about Buffett and use Buffett to enhance our whole The wisdom of life.

2019-05-04 22:44:51

The conference officially began.

2019-05-04 22:45:08

Berkshire Hathaway's first quarter of 2019.

2019-05-04 22:54:52

Buffett: In the first quarter of 2019, it was very similar to 2018. These figures, as well as the scale of the news, and the ongoing reports of the news, sometimes reported that it is harmful to our shareholders, so I encourage everyone and all the news media here today, please pay attention to the focus of our operating income. Don't talk about our so-called capital gains.

2019-05-04 23:01:28

Buffett: For us, we now have a 27% stake in Kraft Heinz, we use equity. In the case of dividends, there are some values ​​that are not assigned to us. Will affect the accounting results of some of the above reports. We had about 130 million in revenue in the first quarter, but Kraft Heinz did not include it in the current report.

2019-05-04 23:01:36

Buffett: One important thing to tell everyone is that Keyword is a landlord in 1962. Our headquarters has assets that are theirs, and we are now starting to relocate our headquarters.

2019-05-04 23:16:58

Buffett: We have signed a 20-year contract with Omaha, which is very beneficial for the city. At noon, the nation endemity insurance company used to have lunch here. The guests we came to today have already set a record. In the first five hours, 1.6 million people came in. On Tuesday, I asked the furniture mark, which has about 3.4 million businesses. At that time, the furniture store was such a profit, and the furniture company in Omaha had more than 50 years of history. We now see that they have about 9.3 billion in income, so many people contribute to this conference.

2019-05-04 23:17:08

The Q&A session begins.

2019-05-04 23:17:24

Question 1: Many people ask me questions about stock repurchases. I want to ask about the first quarter earnings report, related to the Berkshire Hathaway stock repurchase, in the third quarter of last year you probably bought 10 billion for the repurchase of Berkshire Hathaway stock In a few days, when our stock fell, then you bought a very small amount of stock. Although you have a lot of cash in hand, about 120 billion, my question is why don’t you buy back more. stock. Unless you want to make a big acquisition, about 80 to 90 billion acquisitions will be carried out, what is going on.

2019-05-04 23:17:36

Buffett: We don’t have a hundred or even hundreds of billions, and there won’t be much difference. How to repurchase the stock strategy will not change much. We used to have a policy of repurchasing according to the book value, but now this is irrelevant, outdated, and now I really feel that you really should buy back the stock, and the price of this stock needs to be higher than that at the time. The book value is high. The mathematics of repurchasing stocks is actually very simple. Many companies have their own repurchase plans. They say that we only need to spend so much. We want to buy stocks like XYZ, we want to buy a company, we don't care how much we have to do this. We buy stocks when we think it should be bought under a conservative, estimated intrinsic value. Intrinsic value is not a special point. It may be a range. Probably for me, this interval may be about 10%. Charlie will also feel that this range is 10%. Sometimes we know differently, but close, Charlie sometimes feels This is a little higher than I thought. We want to make sure that when we buy back shares, those who do not sell stocks will have more benefits than before the repurchase.

2019-05-04 23:17:46

Buffett: In the first quarter of this year, you can see that we actually bought about 1 billion repo. This doesn't have much to do with what I want to buy, but what does this billion mean? We feel that the repo is no problem, but we don't want to buy back too much. We repurchased these stocks in the first quarter, at least to benefit our shareholders, at least for our retained shareholders, but we feel that such differences are not too big. Sometimes we can see that we can spend more money to buy back and forth stocks. For example, it is 25% to 30% lower than its value, but we have not made such an acquisition in any quarter, because the premise must be beneficial to shareholders. I think we will become more radical in repurchasing stocks than before.

2019-05-04 23:17:59

Question 2: All US railroads must be maintained in addition to BNSF, and they hope to have more profits. Some people will think that this kind of change will be useful to both the customer service and their revenue, but they don't have much for the long-term change. The railway is also supervised by the supervisors and the customers. Do you think that the BNSF should use the more sophisticated railway strategy or do you have other opinions?

2019-05-04 23:28:54

Buffett: The sophisticated Reel Roading program. It seems to have been raised by a man named Harryson who wrote a book at the time as if he was killed in railway maintenance. He mentioned that this kind of railway maintenance work is dangerous. At that time, there were six major railways in North America, which was relatively successful. Bill Gates should be the biggest holder of this company, and the stock is performing very well. After the Canadian Pacific Railway, when they had more than 100 people joining them, they did a similar project and CAS was not the same. All these companies greatly improved their profit margins, but they also encountered different levels of customer service and implementation. These policies are difficult, so we need to be very cautious.

2019-05-04 23:29:03

Buffett: We will continue to observe carefully, learn these good experiences, and we will continue to search. See if there is a better way to bring customer satisfaction and make our railway operations more efficient. Now we are seeing more and more of the other four railway operators, and we hope that we can learn from them better.

2019-05-04 23:29:11

Munger: I think it must be very precise in this railway construction. No one wants this kind of construction to be imprecise, right?

2019-05-04 23:29:20

Question 3: I am from Washington, and our team is called the Railway Solutions project. Only 3.5% of the value of the freight is brought by rail. Berkshire Hathaway has been very successful in BNSF's investment and is positioned very well. It also allows a lot of freight to be transported by train, reducing diesel emissions from trucks. Berkshire Hathaway also has a lot of renewable energy capabilities. You are also proud of it. Do you think you will consider meeting us and seeing our Proposal, use more of your assets, use the cooperation in the field of the company to electrify your railway, open these corridors of transportation to more renewable energy, and do this for the future.

2019-05-04 23:29:37

Buffett: We actually went to investigate a lot of possibilities like the use of LNG. Of course we definitely want to use energy more efficiently. But I don't know the value of this shipment, you mention 3.5%, I don't know where this data comes from. Because when you look at the operation of our transportation, for example, how many tons of units per mile are measured. The railway is 40% of US transportation. BNSF is more efficient per ton than any company. We charge 15% of every 10 kilometers per ton of transportation. If we consider this rail and rail transport, we will be very competitive on the long-distance. In terms of flexibility, long-distance transportation is superior to short-distance transportation, and our railway has advantages.

2019-05-04 23:29:47

Buffett: So using diesel to operate our railways is more efficient and more efficient than trucks. In the case of special long-distance transportation. So what you observe today is that railway transportation is more capable of carrying more cargo than any ground transportation vehicle. This is what BNSF reflects.

2019-05-04 23:33:40

Question 4: The question is that there are 30 cooperations here today. They are all San Francisco policemen. They are also investing now. They talk about the performance of Wells Fargo Bank every year, so we think that people from Wells Fargo should go to prison. And then take more serious punishment, but Berkshire Hathaway I don't know now, why are you still so silent, why was Solomon a few years ago so quiet and not judged?

2019-05-04 23:33:50

Buffett: I noticed it. They are now doing some fake accounts. These accounts are actually fake. They may have hundreds of millions of assets, but they are not at all. So this kind of so-called incentive policy is a crazy situation. The problem is here. Of course, some internal situations I don't know very well how they did it. When you find a problem, you have to start to solve it. I think they have made a wrong decision.

2019-05-04 23:49:52

Buffett: We will lose about 390,000 employees. Some people do not follow the rules and there is no way to encourage their wrong behavior. So you must dispose of them. The shareholders in Wells Fargo, they paid a very high price. Goldman Sachs also paid a few billions of cases. Maybe today's behavior is not something that some people do, or today shareholders have made mistakes, but they still pay a serious price. So what we learned today is that the government is not going to save you. Of course, the money has been recovered, but the bank has also paid a terrible price, paid billions of fines and so on. If the business performance company has no ethical behavior or the leader has made some wrongdoings, take immediate action and act decisively. If you have an anonymous letter today, you will immediately hand it over to the team for investigation.

2019-05-04 23:50:02

Buffett: I think all assets have to be checked, and all banks have to do the same. The government can guarantee that your deposit today may have a trillion deposit. Basically because the FDIC uses its rules, if you abuse your powers or these rules, you may have to pay your own price. Just like Solomon's supervisor, he may have been in prison for four months. If you violate the law now, you must be punished.

2019-05-04 23:50:19

Buffett: If a bank needs government support, then the responsible CEO, the assets of his and his spouse's net worth should be stripped. Deprive him of all his net worth for at least 5 years. The government should confiscate all of his or all of his assets. Of course these are very difficult.

2019-05-04 23:50:29

Question 5: My question is the stock repurchase situation today. I saw in some magazines today that the time is coming soon. The company will buy about 100 billion repo, which will probably occupy Berkshire Ha. 20% of some funds in the Sawe market. Now talk about 10 billion yuan, when will 10 billion happen or how to settle?

2019-05-04 23:50:56

Buffett: In our company, there is actually a lot of money and there are a lot of stock numbers. About 70% to 80% of all stocks. We really like to buy back these stocks with discounts, which is what we hope to have. If the shareholders present buy back your stock, I think these values ​​are very reasonable. But we have to make sure that they know the facts and how to evaluate these stock prices. We are a partnership, not three partners, freezing the stock of a third person, freezing his assets, then we need to let the three people have to get the same information and facts, so it is very important that we disclose this information.

2019-05-04 23:51:11

Munger: I have two investments. When I am very poor and poor, I spend a thousand dollars at a time. I only invested once in this way, and I bought this stock soon up 30 times. But when I went up 5 times, I sold it. This is the most stupid decision in my life. If you are better than I did, I should be proud.

2019-05-04 23:57:44

Question 6: Does the Democratic Party support more regulation, higher tax rates, and even if it wants to split Berkshire's subsidiaries in the future, will it affect Berkshire because of Buffett's political views?

2019-05-04 23:58:19

Buffett: When evaluating politics, from the standpoint of the company, Berkshire itself has never donated money to a US presidential election candidate for the past 54 years. For the health insurance issue that Americans are concerned about, I hope that the private sector can participate more in this industry.

2019-05-04 23:58:28

Question 7: What is the most interesting personal investment?

2019-05-04 23:58:35

Buffett: When you make a lot of money from them, they are always more interesting.

2019-05-04 23:58:44

Question 8: Berkshire has A shares and B shares, which one will buy back more?

2019-05-04 23:59:01

Buffett: If you buy a lot, you will buy more on the B shares, and buying B is more likely than A. The amount of B shares traded has been relatively high. Munger said that it doesn't matter whether A shares or B shares, I hope that stocks will not be significantly undervalued or overvalued.

2019-05-04 23:59:12

Question 9: I am a shareholder from Shanghai. 5G is developing, and we want to know what Berkshire is investing in in the 5G era.

2019-05-04 23:59:28

Buffett: Berkshire has no core competencies. We let the subsidiaries develop their own 5G or any technology industry. We have more staff with unique professionalism and no central centralized operation. Munger: I don't know much about 5G. But I know something about China and did research. We bought something in China. I guess we will buy more.

2019-05-05 00:04:49

Question 10: There is too much money paid to Kraft Heinz. This is a household situation. These consumer-based companies are now changing. What are your prospects for Kraft Heinz in the long-term market for consumers?

2019-05-05 00:10:55

Buffett: Berkshire holds nearly half of Heinz shares before Kraft’s merger with Heinz. That part of the investment was not expensive, but at the time it spent nearly $5 billion to hold Kraft’s “paying too much”, despite Kraft’s Heinz's overall profitability and nearly $7 billion in tangible assets are good. Retail platforms such as Amazon and Wal-Mart have “eroded” the traditional consumer brand of Kraft Heinz, that is, Amazon and Wal-Mart have developed a similar private label consumer fast-moving consumer product, and the rolling of the product. Stronger, strong retail platforms do put pressure on traditional retail brands, but Kraft Heinz's management has improved on existing operations.

2019-05-05 00:11:05

Question 11: Nebraska Furniture Company, the furniture industry is currently facing competition, can use online mode to increase sales?

2019-05-05 00:11:13

Buffett: The furniture store business will continue, and its operations and scale are expanding. But it is also constantly suffering. Now the market is watching, and the success of companies like Amazon, more and more sellers hope that one day will be similarly profitable. There are also online sales of furniture. Omaha local sales are the largest online, a large part of which is online orders, to the physical store to pick up the goods. This also feels customer preferences. At present, the entire home industry is lower than we expected: more people are now willing to rent, which affects the home market. Munger: I think this store will do better than most furniture manufacturers, and the operation is great. Retail store pricing will do better.

2019-05-05 00:11:21

Question 12: Berkshire's investment in Amazon is surprising. Does it mean that Berkshire's investment philosophy will shift from value investment in the next 20 years? Because investing in Amazon is not like the practice of "I fear when others are greedy."

2019-05-05 00:11:35

Buffett: In the last quarter, one of Berkshire's two investment managers bought Amazon, but still adhered to the concept of value investment. The “value” in value investment is not an absolute low P/E ratio, but a comprehensive consideration of the indicators of buying stocks, such as whether it is the business understood by investors, the future development potential, the existing revenue/market share/tangible Assets/cash holdings/market competition, etc. He believes that the two investment managers will do more in the future than the number of mistakes.

2019-05-05 00:11:51

Question 13: What is the insurance company's intrinsic value when calculating the intrinsic value of Berkshire?

2019-05-05 00:12:01

Buffett: The insurance company's business has given a lot of insurance deposits. This is long-term, and there may be ups and downs. There are more than 120 billion US dollars in floating gold. This business is the most valuable in Berkshire and is very satisfied with the insurance business. There will be no specific value for the intrinsic value of the insurance business, which may be higher than you think. The insurance business is very popular and will compensate customers.

2019-05-05 00:27:51

Question 14: The 13-year-old child asked questions about delayed satisfaction.

2019-05-05 00:28:04

Munger: I am an expert in this area. I also appreciate the knowledge I have learned so many years later. I am giving the children a small share of the stock, they are all too late to meet, and maybe the jewelry will be satisfied soon. Buffett: You buy a 30-year bond, a personal 3% tax, the Fed says there is a 2% inflation, then this delay is more difficult to achieve on government bonds, it is better to go to Disneyland, low interest rate environment and fixed investment What does the amount mean? It means that you can't get profit and enjoy right away. Savings does not seem to be the most important thing for all families and the environment. You can tell your child that no matter how happy you are, you can save money by buying 30-year bonds. It's not advisable if you can make your family enjoy yourself now, not in your wallet. The so-called delayed satisfaction is not to say that it is not advocated. I have always believed that savings still have a lot of power. But I don't think many rich people are happy because they have a lot of money. Happiness and wealth are not directly proportional.

2019-05-05 00:36:03

Question 15: Regarding the heir question, do you consider inviting Berkshire's two young vice-chairmen and two investment managers to come to the stage to preside over the shareholders' meeting?

2019-05-05 00:36:15

Buffett: This is a good idea, we can discuss, because the form that I and Munger both host can not continue. But Ajit Jain and Greg Abel, two newly promoted vice-presidents last year, are suitable to attend the general meeting, that is, four people answer questions on the stage, but the two investment managers Todd Combs and Ted Weschler cannot answer questions about investment, because Kehir should not give investment advice, and the investment is self-operated.

2019-05-05 00:50:59

Question 16: Regarding the investment of Wells Fargo, the United States is now proposing rules. The bank can't account for more than 25%. Isn't it better to invest the excess in the familiar field?

2019-05-05 00:51:06

Buffett: About bank investment and the Fed's requirements rules. With more than 10% of the shares or common stock, you can sell for a short period of time and earn profits in 6 months. For Wells Fargo, about 10% of the shares are held. If the Fed rules change, it will be different from the current situation. For example, Delta’s investment ratio is also facing this situation.

2019-05-05 00:51:17

Question 17: I hope to be a manager who can handle money very much. This is my future goal. At the same time, I saw a lot of places worth learning. Two, how do you know that you are ready to manage the money of others. If you have no way to meet your expectations, you can't manage money for them. If you have confidence, parents can give you money, you can manage and invest for them.

2019-05-05 00:51:24

Buffett: Good luck to you. We really hope that you will wish you good luck, because your attitude towards behavior is the most respectful and very good.

2019-05-05 00:51:37

Question 18: Berkshire does not need to hold information to the SEC overseas holdings, but assuming overseas holdings, what are the current top five positions?

2019-05-05 00:51:44

Buffett: Berkshire discloses information that should be disclosed in accordance with US securities laws, rather than giving investment advice. Berkshire does hold some shares in some very important countries. Some countries may disclose that the threshold for overseas holdings is lower than that of the United States. Berkshire needs to disclose the details of the shares to the local Securities and Exchange Commission. If you want to know Shareholders can look for themselves, but Berkshire is not obligated to disclose any overseas positions in the US, and does not want to disclose Berkshire's own investment strategy to the outside world.

2019-05-05 00:51:53

Question 19: The current profit margin is 10% lower than before the merger. I feel that the profit margin is getting worse and worse, and Buffett thinks about it. How do you think about precision castings for a long time?

2019-05-05 00:51:59

Buffett: The growth rate is indeed lower than it was two years ago. They need to have a minimum rate of return guarantee, but removing this part is still lower than expected. Munger: This question will come again next year and I will have more information for you.

2019-05-05 00:55:03

Question 20: How do 11-year-old children ask about human nature?

2019-05-05 00:55:09

Buffett: We can't rely on books, no matter how smart. It's really finding a way to do it, then seeing what to do. Munger: I have a keen observation of human behavior.

2019-05-05 01:09:43

Question 21: Does Berkshire's unconventional insurance business make the company itself too risky in extreme disasters?

2019-05-05 01:10:01

Question 22: Is there a plan to cooperate with 3G capital in large mergers and acquisitions?

2019-05-05 01:10:08

Buffett: I am very happy to reach an agreement with 3G in the past to become a partner. They are willing to cooperate with us in operation. Brands can be very valuable. In the past five years, everyone’s attention has increased. Cooperation can continue in the future. Munger: In the past, I have worked with 3G on many good deals. Kraft Heinz is rare.

2019-05-05 01:10:26

Question 23: Does the company now have a very large stake in Apple, will it affect Apple's plan?

2019-05-05 01:10:32

Buffett: I am very satisfied that Apple is Berkshire's largest technology stock position, but the bad thing is that Apple's stock price is too expensive, and hope to buy more cheaper. I support Apple's stock repurchase program, which is expected to cost $100 billion to buy and sell stocks in the future, which will increase Berkshire's shareholding value, and Apple itself is a good business. Munger: My family likes Apple equipment the most, and the last thing I give up is Apple. This shows that Apple is a very popular consumer brand and an investment that Berkshire deems worthwhile.

2019-05-05 01:11:23

Buffett receives media interviews in the exhibition area.

2019-05-05 02:37:27

Question 24: Do you think BNSF can do better in terms of price and be more competitive in terms of price?

2019-05-05 02:37:37

Buffett: We have paid a lot of attention to competitors in the Pacific, seeing where they are doing better. We have no disadvantages in market positioning. Union Pacific is more efficient in its operations, better than we have done in the past few years, and they have laid off a lot of staff. We will continue to observe what improvements they have made. If you want to make changes, you will not hesitate to do it. BNSF is a good asset for us and will continue to do this business for 100 years. The overall railway business is considered to be competitive with other companies.

2019-05-05 02:37:47

Question 25: What is Buffett and Munger currently thinking about the most important thing in life?

2019-05-05 02:38:13

Buffett: First of all, I hope that I can live longer with Munger, but time and love are not bought with money, and the most important. I am very fortunate to be able to control my time in life and have enough money to do what I want to do. I am very fortunate that Munger can do work that is not limited by the degree of physical aging. Munger: The most important thing is to do what you want to do. Buffett: Born in the United States is very lucky, of course, born in Canada is not bad.

2019-05-05 02:38:32

Question 26: Berkshire has about 240 billion public offerings, but I don't think it is transparent enough to be transparent. Why don't you tell us every year, how is your portfolio performing?

2019-05-05 02:38:40

Buffett: You can look at the top 10 positions and you can simply estimate. We publish positions every quarter. Some information is proprietary investment information. Of our 200 billion portfolios, at least 150 billion have good returns. We will do significantly better in the next decade.

2019-05-05 02:44:33

Question 27: There is not much criticism for the Boeing 737 MAX pilots who have received enough training. Whether this will increase the demand for Berkshire's FlightSafety company, which is responsible for training pilots.

2019-05-05 02:44:52

Buffett: No. FlightSafety primarily trains pilots of other companies, such as NetJets pilots.

2019-05-05 02:47:30

Question 28: I am 9 years old this year. This is my third year to attend the conference. Buffett: You should be rich now, aren't you? Question: At present, many of the world's leading companies are technology companies, which have produced many powerful platforms, such as Amazon, Google, Facebook and Amazon in the United States, and Alibaba and Tencent in China. These companies have broad moats, strong brands and strong entrepreneurial leadership. Should Berkshire invest more in a leading technology platform company?

2019-05-05 02:47:53

Munger: My answer is "maybe." Buffett: We like the moat, and we like companies that dominate the market. If the technology company can really build a moat, it will be very valuable. But we still don't invest in technology stocks that we don't understand, but we hire investment managers to invest because they are more familiar with the field. Buffett: Berkshire's investment principles have not changed. Some companies have lost their moats. Some companies will have great prospects in the future. We will continue to identify these companies, but we will stay in our own circle of capabilities. Although this sometimes makes mistakes, it is because of me and Munger will not venture into a new field, just because others told us to do so. We may hire 10 people who are completely focused on new areas to invest.

2019-05-05 02:59:57

Question 29: For active shareholders (or activist investors), it is very difficult to vote against Berkshire, because the company is huge, Buffett and Munger have a lot of voting rights. Is this always the case?

2019-05-05 03:00:32

Buffett: Anything is possible, it is unlikely, but it may happen. Of course, after several years, there may be different preparation methods on our stock allocation, and it is possible that in the end Berkshire Hathaway It should continue to progress. There must be progress that may be new, we deserve to invest, and there are many features that investors can use to expand our influence through not only one company. We know that the threshold is now a bit high. Some people say that our value has been locked, but it is not. One day, we can get 5% or 3%. In the long run, we hope to continue this kind of good business. Our corporate culture can be unique and we can do things that no one else can do. Our advantages will still exist. When this happens, the active investors will continue to continue our model, and this will happen for a while.

2019-05-05 03:02:24

You can also watch the live broadcast in the lounge area.

2019-05-05 03:12:16

Question 30: How can Geico become the second largest auto underwriter in the face of threats to housing insurance and auto insurance?

2019-05-05 03:12:27

Buffett: Their competitive situation will continue for a long time, better than other auto insurance companies, because other insurance companies have encountered some problems. Slowly lose market share to the two companies. Ajit Jain: Geico's strength lies in the operating expense ratio, while Progressive's advantage lies in the insurance loss ratio. But the two companies are closing the gap.

2019-05-05 03:12:37

Question 31: My question is how to replicate your success and build your core competitiveness. The current investment environment is much more competitive than when you first started to set up a company. In the future, it will create a broader or narrower framework, and will focus more on some places or a certain country. What other places can continue to attract your current investment interest?

2019-05-05 03:12:48

Buffett: It is true that the investment environment is now more competitive and the competition is more intense. For now, I feel that I will do a very wide reading to try to understand which businesses and which businesses have more expertise and understanding. It is actually easy for me to understand the insurance business. I can also be good, but I can't understand retail too much. So I put more energy into insurance, and you should do the same. And you are now facing more intense competition and identifying your core competencies. Although there is no way to do this right away in taking action, be patient and wait for a good time to take action immediately. Although the competition is fierce now, the game is more interesting.

2019-05-05 03:12:59

Munger: I think the best way to do it now is to specialize. You don't want to go to a dentist to see orthopedic diseases. So the most common way is to gradually narrow the scope of the profession and achieve fine specialization.

2019-05-05 03:13:04

Buffett: We were able to find treasures everywhere, and certainly not so easy now. One thing that knows very much and very much will give you some advantages. Some time you will find these things will become your competitiveness. Like at the time I knew where I was from my weakness, I don't quite understand the place, I am also far from these areas. We have involved in different fields, and now it is not as simple as it used to be.

2019-05-05 03:13:12

Question 32: This question is related to the government. Blackstone mentioned that all companies in the future will use ESG to determine a company's value. They worry that if the diversity, tolerance or environmental index is not good, they will worry about the company's pricing and value. What do you think of this?

2019-05-05 03:17:31

Buffett: We are not involved in preparing such an ESG-related report. Of course all shareholders are equal. We don't want to ask our more than 60 subsidiaries in the report, it seems that we have set up a team to do the so-called ESG. I hope that our managers can do the right thing and give them a lot of freedom to do it. I won't spend more time and energy on getting better results in preparing for such a report or ESG evaluation. Others will do this. We believe that our managers, and we believe in our performance, are the best jobs we do.

2019-05-05 03:33:32

Question 33: Tianxi Iowa has new wind centers and data centers, etc. In many places, Berkshire has no strongholds. So these funds, how do you plan and deploy them, at Berkshire Energy.

2019-05-05 03:33:41

Buffett: We are talking about three of Berkshire Energy. We have a 91% stake. Most people, we hope to invest these companies in better public utilities. Can increase the opportunity today. There has never been a so-called split in the past twenty years. There are other power companies, public companies may have very high dividends, they are different from us, we have very high capital, they don't. It is very important for us to find meaningful and more reasonable projects.

2019-05-05 03:34:12

Gerry: Nothing wrong. I just talked about very important areas. 2021, 2022 We have a very good combination, and the prospects are very good. We have established the Iowa renewable energy project, and at the same time there are other public utilities, so Iowa is basically 100% renewable energy. Let me introduce another point. Every day we have to build a data center with 300 large kilowatts. We have also started to have a stronghold in six different states. We have now begun to expand into more plans, to build a very large transportation network, transmission network, and at the same time to build more renewable energy projects. In terms of all the current management rules, we started some projects in 2018. But now I have done 1/3, so I am now entering the second and third phases of construction, so I will see more achievements from 2021 to 2023.

2019-05-05 03:37:13

Question 34: Buffett has always advocated investment index funds, so why not use Berkshire's extra money to invest in index funds before finding the next suitable acquisition?

2019-05-05 03:37:23

Buffett: If we do such things in 2006~2007, then there will be no big moves in 2008~2009. The Capital Investment Index Foundation makes companies more vulnerable to the impact of the stock market and becomes less flexible. This may also apply in the future. Munger: We are more conservative in terms of holding a lot of cash, which is appropriate. Berkshire will not make the same mistakes as the Harvard Fund and make large-scale investments at market highs.

2019-05-05 03:41:35

Question 35: How to meet the demand for new home loans?

2019-05-05 03:41:43

Buffett: Fannie Mae, Mortgage will provide loans for more new homes, and we will make more loans from Cliton. Because it is a very trustworthy brand, it also does a great job. The quality of the house is high, cheap, and cheap. Cliton will continue to expand its scale. He is very young, unlike Warren and me, they are very young and very talented.

2019-05-05 03:46:15

Question 36: There is a question about employment that you should ask. What do you think about employment in terms of these consumer goods? Because more and more automation has now replaced jobs.

2019-05-05 03:46:25

Buffett: Our current economy and our current people, our systems are very talented. We have created 160 million jobs now. Although many companies, especially heavy industry companies, are slowly hoping to improve their productivity. For example, it is a trend for fewer people to produce the same amount, but they should not be too worried about the resilience of the United States, as if they would lose the opportunity to create jobs. I always feel that we still have to believe in this national movement. Looking at transporting food, transporting between producers and consumers, and how many people are involved in the transaction and transportation process, they will not be too worried about employment.

2019-05-05 03:46:33

Question 37: The Berkshire Hathaway portfolio invests in many financial institutions and is subject to a lot of supervision and political initiatives. Do you think regulators and politicians, if they do banking operations, will they do better than capitalists?

2019-05-05 03:46:42

Munger: There are such situations, but not many. Buffett: Since Berkshire entered the insurance industry, this industry has been regulated, which is a good thing. The insurance industry first gives money to others, and then others commit to the future, as does the banking industry. In this case, I don't mind the existence of supervision.

2019-05-05 03:53:02

Question 38: There are fewer and fewer performance reports in the financial sector today. In particular, Berkshire Hathaway organized the income statement today and insurance, and the retail business barely reported it, so why did Berkshire Hathaway offer this information less and less today? what is the reason.

2019-05-05 03:53:11

Buffett: Because many investments are more complicated, they must be explained in great detail. But the words I use are understandable and can be understood. We are writing to shareholders today, and these shareholders must not only be able to understand the status of our company. It is not to understand the real knowledge of finance, but to understand the current state of our company. We have done our best to write such a letter. What I want to say by chance is already very important.

2019-05-05 03:53:19

Question 39: How to treat China's financial industry to expand and open? Do you have any plans to start a production or set up a company in China?

2019-05-05 03:53:28

Buffett: China is a big market, we like big markets. In the absence of China's new policy of expanding openness, we are already in contact with China. Berkshire has done a lot in China, but it has not done enough, and may make some big deployments in the next 15 years.

2019-05-05 03:57:54

Question 40: I hope to be able to invest in all your investments, such as Europe. What is the impact of the Brexit process on investment in Europe now? Investing in Europe will not solve this problem better and solve their existing problems.

2019-05-05 03:58:03

Buffett: My consideration is that Berkshire Hathaway can make more tentacles in the UK or Europe, deepen their investment, and then more viewers can join us. Investing in Europe and the UK is also an idea, but no matter what happens to Brexit or what it will be.

2019-05-05 04:05:10

Question 41: Do you think that your overseas market investment will have more benefits for your future development?

2019-05-05 04:05:25

Buffett: At that time, many people suggested that I want to buy a foreign company. I also visited this company. If we really understand this business, this industry, and there is no problem for those who run and run this business, maybe we will do it. But we don't have that much time to do this kind of small acquisition. money is not the problem. Leverage and then sell. Make a lot of money, make more money, and you can make a profit. This is not the formula we use. Our acquisition is not in accordance with this purpose.

2019-05-05 04:05:41

Question 42: Since you are the most powerful value investing creator in history, many of your decisions have been made in the late stage, and you can continue to earn compound profits for a long time. Can you explain it in more detail? In addition, is the heritage the biggest motivation for waking up every day to promote your work?

2019-05-05 04:05:54

Buffett: It is indeed our greatest motivation. And it has been a long time. I wouldn't be happy if Berkshire Hathaway had any problems. We definitely want to create a compound phenomenon that is persistent and enduring, and now it is moving in the right direction. The culture of Berkshire Hathaway is very unique. He may not be the best compound interest rate in the long run, which is not the case with many other businesses. But it is always the safest way to make money for a long time.

2019-05-05 04:08:26

Question 43: If Berkshire Hathaway’s overall operations can be fully consistent with the S&P 500 and match exactly in the next decade, Berkshire Hathaway’s intrinsic value is definitely better than the S&P 500 index. Higher, if you agree, how much do you think will exceed them?

2019-05-05 04:08:34

Buffett: I don't know if I can surpass the S&P 500. Just knowing that shareholders' money will be treated the same as their own money will bind their wealth to Berkshire's business and be wary of anything that could seriously damage value. If Berkshire holds stocks separately, then the performance will be worse than the SP500 because the taxes they face are different.

2019-05-05 04:21:00

Question 44: There are some casinos in Nevada that mention that they want to get electricity elsewhere. There are several problems with this phenomenon. Do you think there are other non-economic reasons for them to make this decision. Second, how do you think NED can help them, and is it possible for the third to work hard in other areas to help Nevada improve their situation?

2019-05-05 04:21:09

Greg Abel: We have been in the Nevada for five years in the electricity business. Today we saw that we have five customers who have left our power supply system. We have lost some profits, and of course we are very disappointed. We now have these law enforcement agencies, lobbying with them, and hope to sign a long-term peace agreement with them. I think we have done more work on this project. I hope to let customers know that we can deliver better electricity prices. Every rate has been different in the past decade. And sometimes according to inflation, this rate will definitely increase the tariff rate. In addition, we have to reduce thermal power generation and coal is no longer used. I think all coal-fired power plants are equal to being completely eliminated. So I think our team working in Nevada is very satisfying.

2019-05-05 04:21:17

Question 44: I just mentioned that the S&P 500 has a higher profit compared with Berkshire Hathaway. How many years is it possible to defeat the S&P?

2019-05-05 04:21:25

Buffett: I refused to give the microphone to the two investment managers to answer. As of March 31, two investment managers, one person's performance slightly exceeded the S&P 500, one behind the S&P 500. They are each responsible for $13 billion in asset management, and they do better than they do. I appreciate the two investment managers who are doing other projects for the company. For example, Todd is responsible for Berkshire's projects with JPMorgan Chase and Amazon to reduce healthcare costs. Ted is responsible for Berkshire's investment in Home Capital Group.

2019-05-05 04:21:33

Question 45: Who is your biggest rival?

2019-05-05 04:30:41

Buffett: My point of view is that there are many competitors in the middle business that can attract us to invest. We know that American Express was founded in 1850. We are still able to beat many competitors out of the competition. American Express was a courier company at the time. The Wells Fargo logo is also a shipping company. Now they have some valuable things to transport and then have a railway, so some modes of operation have changed.

2019-05-05 04:30:54

Question 46: Berkshire Hathaway has said that he will provide 10 billion to the Western oil company and buy him 8% of the shares. Why do you think Western oil is so attractive?

2019-05-05 04:31:04

Buffett: Buying Western oil is not something we have never done before. We can do this one thing, a very good opportunity. These people all understand how we operate, understand our investment capabilities, and understand what we are interested in. Just come and contact us, let enough capable people handle this matter, and do this transaction very efficiently. I said that they will open this meeting at 10 o'clock on Monday night and start making announcements on Tuesday morning. This is so efficient in Berkshire Hathaway.

2019-05-05 04:31:13

Question 47: How did you conduct a risk assessment?

2019-05-05 04:31:21

Buffett: We don't have a very clear so-called formula to do such a thing. In this respect, the calculation is in fact the same as insurance. When the insurance business is closed, this risk calculation is also required when it comes to insurance business. In the final analysis, you need to know what you are doing. Cross the obstacles, simple math solves this problem, and weighs your gains and possible losses. Is it that the reward is greater than the risk of being able to bear the loss, and it will be more rational after such comparison. Sorry to disappoint you, we do not have a director or consensus on Berkshire Hathaway to calculate risk. Because they will want to report the numbers we hear to us, we give them enough power to let them do things.

2019-05-05 04:31:32

Question 48: Are you worried that Tesla will enter the auto insurance business?

2019-05-05 04:31:40

Buffett: For the insurance business, I am more worried about the former competitor Progressive, not any other auto insurance company. Nowadays, telematics is becoming more and more common, and data is very important. Auto companies will not affect the insurance industry in this respect, but online shopping cars will be competitors. The new car insurance gross margin of 6%, there is not much room for profit. The advancement of companies such as Tesla will be an opponent, but will not destroy the entire car dealership business. It is not a subversive threat, but it does pose a threat.

2019-05-05 04:41:56

Question 49: Now you have so much cash in your hands. What do you think of stock repurchases and dividends? In addition, it is now seen that Berkshire Hathaway’s return has been getting lower and lower. In the future, Berkshire Hathaway will become a driving shareholder platform from an acquisition platform. What do you think of this? Kind of transfer?

2019-05-05 04:42:28

Buffett: This possibility definitely exists. But it must be seen how the big acquisitions will be done in the next few years. Sometimes we can't make judgments for one or even three years. We need long-term observation. Another place is that we have to continue to diversify, and we certainly hope to do so. I hope they can use most of Berkshire Hathaway’s money for charity. I am sure that I have a large portion of my personal assets to make donations. I write a will every few years, and the content is similar.

2019-05-05 04:42:55

Question 50: I think your investment strategy is very magical. If there is a conflict in the middle, how can you solve the conflict?

2019-05-05 04:43:20

Buffett: Personal conflict, if we know it is Berkshire or the conflict between us. Mr. Munger and me, maybe everyone does not believe that there has never been a dispute between us for more than 60 years. Of course, we do not agree with certain issues, but we will never dispute. Go out and define what the dispute is, maybe emotionally above or angry. This kind of between us will not happen between the two. Because Charlie is smarter than me, he feels that some things don't take time to get angry and fluctuate.

2019-05-05 04:58:44

Question 51: The world changes faster and is constantly improving. Should we continue to expand our ability circle, or maintain the ability circle, but face the risk of asset shrinkage?

2019-05-05 04:58:53

Buffett: If you can continue to expand your ability circle, of course, you have to do so, I probably expanded a little over the years, but you can't force it.

2019-05-05 04:59:06

Question 52: Mr. Buffett, if you give one million, you can have 50% recycling. You talked about some companies that have invested in this kind of law of abstrast today. Is it possible to do this and get a 50% return?

2019-05-05 04:59:17

Buffett: I can assure you, I and Charlie. If we have one million each to invest, we will definitely find a way to make you profitable. Not using the principle of leverage, so if you want to turn one million into two million today. At the end of the day, it’s really a very solid investment. There are some efficient ones in the middle. Some people will see it, so of course you will have this opportunity to do so.

2019-05-05 04:59:29

Question 53: Why do you think Xixi Candy Company has not begun to expand bigger? Or you can make more money and produce more new products.

2019-05-05 04:59:39

Buffett: In terms of investment, we have more expansion in insurance. Chocolate is not the fastest growing business. We have such a secret to the business and our business needs. We should all pursue our core competitiveness. Look at which area, you can spend money on the blade.

2019-05-05 04:59:49

Buffett: Thank you again. Thank you, leave some applause to next year, we will have the motivation to stick to next year. I hope everyone can continue their happy time in Omaha. Thank you again for coming.

2019-05-05 04:59:56

This live broadcast ends here.

Revisit the stock god "big hand"
How to choose and hold good stocks? Looking at Buffett's investment strategy from the annual shareholders' meeting

In the 50-year investment career, the average annual return rate is nearly 19%, and he has invested in giants such as Coca-Cola, American Express, and Apple. He is also familiar with BYD for the Chinese market. And his investment strategy is regarded by the global investors as "investing in the Bible." ...[Details]

The last "big hand"? Where does Buffett’s “Heart of the Mountain” sword mean?

It is said that Warren Buffett's investment career is hunting for "elephant", which is his exclusive reference to "large acquisitions." Recently, the report said that the 89-year-old Buffett is looking forward to another "elephant-level" acquisition to help his company Berkshire Hathaway develop better thereafter. ...[Details]

Five reasons why Buffett should buy all the gold in COMEX

In a letter to shareholders in 2019, Warren Buffett pointed out that gold cannot compare with the courage of Americans and said that it should not "frighten the prospect of losing control of the deficit and the depreciation of the currency." He also showed how stocks outperformed gold since 1942. ...[Details]

Is the yield curve upside down causing a recession panic? Buffett: I am not worried!

The recent market is filled with concerns that the US economic growth may be stagnant, which has pushed up the stock market volatility and pushed the US bond yields down. In response, Warren Buffett said in a CNBC interview on Thursday that the economy is indeed close to showing signs of a significant slowdown, but he is not worried. ...[Details]

Buffett's latest interview: the price investment is never too late, the first investment in Kraft Heinz's defeat

On February 25, 2019, Buffett accepted a rare TV interview. The interview was after Buffett had just released the latest shareholder letter. The Omaha prophet and the host, as well as the audience, had a three-hour exchange. For the first time, Buffett talked about Kraft Heinz’s investment failure, talked about how to look at Apple stocks, talked about the US National Games, and the timeless value investment. ...[Details]

Buffett shot again! Berkshire added Delta Air Lines. Is the price still cheap?

Berkshire subsidiary National Indemnity Co. A submission to the US Securities and Exchange Commission (SEC) showed that the company increased its holdings of 6,500 shares of Delta Air Lines for $324,600, with an average price of $49.94 per share, which is even higher than Buffett’s last week’s increase. The average price per share of Delta Air Lines is $49.40. ...[Details]

Forbes released the global billionaire list in 2019: Buffett ranked third, Ma Huateng 20th

Warren Buffett's net worth fell by $1.5 billion to $82.5 billion, but still ranked third. Bernard Arnault's wealth has grown by $4 billion from a year ago to $76 billion, still ranked fourth, and has become Europe's richest man for two consecutive years. ...[Details]

Warren Buffett "sees the eye" Kraft Heinz's annual loss of 10.2 billion US dollars Broken arm slimming plan is invalid?

When Buffett also had a look at his eyes, Kraft Heinz, who had a heavy position, recently faced a major goodwill impairment of $14.5 billion. At the same time, after Kraft Heinz released a huge loss report, the company’s share price plummeted, causing the stock of Warren Buffett’s book. Less than $40 billion. ...[Details]

After a lapse of three years, Buffett wants to restart the big acquisition! The most eye-catching "new prey" is most likely it

Warren Buffett told shareholders on February 23 that after a large-scale acquisition, investors began to speculate on what "new prey" Buffett will target. According to Fortune Magazine, the most promising acquisition is currently Southwest Airlines. ...[Details]

Buffett hopes to invest 90% of his estate here in a hundred years

In an interview, Buffett said that investing in mutual funds, or tracking ETFs of major stock indexes such as the S&P 500, can withstand all time and investment strategies. ...[Details]

Buffett's investment record review
years Return on investment (%) S&P 500 growth rate (%) The difference between the two (%) years Return on investment (%) S&P 500 growth rate (%) The difference between the two (%)
1965 23.8 10 13.8 1991 39.6 30.5 9.1
1966 20.3 -11.7 32 1992 20.3 7.6 12.7
1967 11 30.9 -19.9 1993 14.3 10.1 4.2
1968 19 11 8 1994 13.9 1.3 12.6
1969 16.2 -8.4 24.6 1995 43.1 37.6 5.5
1970 12 3.9 8.1 1996 31.8 twenty three 8.8
1971 16.4 14.6 1.8 1997 34.1 33.4 0.7
1972 21.7 18.9 2.8 1998 48.3 28.6 19.7
1973 4.7 -14.8 19.5 1999 5 twenty one -20.5
1974 5.5 -26.4 31.9 2000 6.5 -9.1 15.6
1975 21.9 37.2 -15.3 2001 -6.2 -11.9 5.7
1976 59.3 23.6 35.7 2002 10 -22.1 32.1
1977 31.9 -7.4 39.3 2003 twenty one 28.7 -7.7
1978 twenty four 6.4 17.6 2004 10.5 10.9 -0.4
1979 35.7 18.2 17.5 2005 6.4 4.9 1.5
1980 19.3 32.3 -13 2006 18.4 15.8 2.6
1981 31.4 -5 36.4 2007 11 5.5 5.5
1982 40 21.4 18.6 2008 -9.6 -37 27.4
1983 32.3 22.4 9.9 2009 19.8 26.5 -6.7
1984 13.6 6.1 7.5 2010 13 15.1 -2.1
1985 48.2 31.6 16.6 2011 4.6 2.1 2.5
1986 26.1 18.6 7.5 2012 14.4 16 -1.6
1987 19.5 5.1 14.4 2013 18.2 32.4 -14.2
1988 20.1 16.6 3.5 2014 8.3 11.39 -3.09
1989 44.4 31.7 12.7 2015 6.4 1.4 5
1990 7.4 -3.1 10.5 2016 10.7 12 -1.3