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Special topic: Buffett's 2024 shareholders' meeting hit

Tonight, the eyes of the investment community are focused on Buffett's shareholders' meeting.

On May 4 local time, Berkshire Hathaway's annual shareholders' meeting was held in the American town of Omaha. It is reported that Bill Gates, Apple CEO Tim Cook and other business leaders all showed up at the conference.

At the shareholders' meeting, Buffett successively talked about his good friend Munger, reducing his Apple holdings, cash reserves and other issues. The following are the questions and answers arranged by the reporter.

About cash reserves

Mr. Buffett said Berkshire's cash reserves could climb to $200 billion by the end of the quarter (the second quarter). "our cash and Treasury bills were $182 billion at the end of last quarter, which I think is a reasonable assumption that they could reach about $200 billion by the end of this quarter."

"We really want to spend money, but we won't spend it unless we thinkFreeblackjackgamesThey are doing something with little risk that will make us a lot of money. " He added.

About artificial intelligence

When it comes to artificial intelligence, Buffett says he knows "nothing" about artificial intelligence, but that doesn't mean the technology is unimportant. Buffett likens it to nuclear weapons because it has the potential to make a big difference. "artificial intelligence has great potential and great 'harm'."

Mr Buffett said "artificial intelligence fraud" could be the next big "growth industry", and he described the recent encounter with artificial intelligence on the screen to generate his own images, which made him nervous about the technology.

If someone uses artificial intelligence to generate his image and say, "I need money, I just had a car accident and I need $50,000," he said. " That could lead to a lot of people being fooled, and this kind of fraud is common in the United States. If this kind of fraud is allowed to spread, it will become a "growth industry" in history.

"I said that when we developed nuclear weapons, we released the Genie from the bottle, and that elf has been doing some terrible things lately. The power of that elf scares me. And I don't know any way to put the genie back in the bottle. Artificial intelligence is a bit similar. " Buffett said.

About reducing Apple holdings

Asked why Berkshire had reduced its position in Apple, Mr Buffett said it was for tax reasons because there was a sizeable return on the investment, rather than any judgment based on his long-term view of the stock.

He also said it might have something to do with his view that US tax rates would be raised to finance the ballooning US fiscal deficit.

"I hope you don't have too much trouble. Berkshire's Apple position has always been high, and I don't think investors will mind that we sold a little bit of Apple stock this year. " Buffett said.

Mr Buffett said that despite the recent slowdown in sales, Apple was "very likely" to remain Berkshire's largest stake. When he retires and is replaced by Abel, Berkshire will continue to own current heavy holdings such as Apple, Coca-Cola and American Express.

About renewable energy

Buffett said renewable energy is interesting, but it takes time to develop.

"some things take some time. Let me give an example that my daughter hates to illustrate this. It takes a woman to conceive in October to have a child, but you can't let ten women create one child in a month. "

But Buffett also said solar energy may never be the only source of electricity. Greg Abel, Buffett's successor and chairman of Berkshire's energy business, also said reliability and affordability are important factors to keep in mind.

About overseas investment

During the question and answer session, investors asked whether Berkshire had invested in BYD before and whether it would continue to invest in other companies in China in the future. In response, Buffett said, "our main investment target will be in the United States. You see, the Coca-Cola or American Express we invest in are companies that expand their business around the world." It is a global consensus that companies with global operations, such as American Express or Coca-Cola, are hard to find around the world. And I think the investment in BYD is similar to our previous investment in Japan: we have quickly invested in five trading houses in Japan, and you rarely see us make such an investment overseas in the United States. "

Buffett also revealed that Berkshire's next big deal may not be an investment in companies outside the United States.

Buffett said that if Berkshire Hathaway insists on investing in the United States, it is unlikely to make a major mistake. "I understand America's rules, weaknesses, strengths, whatever it is," he said. I don't know much about other cultures, but fortunately, I don't have to. "

About Munger.

The short film before the shareholders' meeting is a tribute to Charlie Munger. Munger died in 2023 at the age of 99.

The short film details Charlie Munger's life, including his life in Omaha, Nebraska, where he and Buffett were born and raised, just two miles from Berkshire's annual arena. The short film also shows many of the short one-liners that the investor has been known for years. At a conference in 2015, Charlie Munger said: "Warren, if people didn't make mistakes all the time, we wouldn't be so rich."

At the end of the video, Buffett called Munger "the architect of Berkshire." The film, sometimes touching and sometimes light and humorous, aims to pay tribute to his old friends and business partners.

In the investor question session, Buffett mentioned Munger again. 'Munger is a trusted business partner, but he can also seek support from others or places,'he said.

"I totally trust my children and my wife, but that doesn't mean I ask them what stocks to buy. But when it comes to financial management, for decades, no one in the world has been better suited to talk than Charlie. That doesn't mean I'm not talking to other people. If I thought I couldn't do it myself, I wouldn't do it. So, to some extent, I am talking to myself on the issue of investment. "

Buffett says Munger is always honest, which is part of the reason why he has become an important partner. Buffett added that this applies to his work and personal life.