Berkshire Hathaway’s annual shareholders meeting was held on May 4th, during which Chairman and CEO Warren Buffett responded to the reasons for reducing their Apple holdings and stated that AI has “enormous potential benefits and enormous potential harm,” but the ultimate outcome is still unknown.
Buffett hinted that the decision to sell Apple shares was motivated by a desire to avoid higher future tax rates due to the fiscal deficit, stating, “The fiscal deficit will be the problem, and the US government may raise taxes in response.”
Buffett expressed his understanding of the rules, weaknesses, and strengths of the United States but admitted limited knowledge of other cultures. He emphasized that if Berkshire Hathaway maintains a US-focused position, it is less likely to make significant mistakes outside of the United States.
Buffett revealed that Berkshire Hathaway is evaluating investment opportunities in Canada and expressed confidence in investing in the country. However, he did not disclose specific Canadian companies that Berkshire Hathaway is interested in. Buffett stated that Canadian companies operate similarly to those in the United States, but Canada has fewer large companies. Some businesses that Berkshire Hathaway can excel in could benefit from their participation in Canada.
Buffett believes that India has great opportunities, but the question is whether Berkshire Hathaway’s insights into India have any advantages and whether their investments align with India’s desires for their involvement. He stated that there may be areas that they have not explored or paid attention to, and there may be more opportunities in the future.
Buffett also discussed investments in several Japanese trading companies, describing them as attractive investments, stating, “We bought them as fast as we could.”
Buffett confirmed that his successor, Greg Abel, will fully take over investment decisions, stating, “Capital allocation at Berkshire Hathaway should be entirely his responsibility. I don’t want to have 200 people each managing $10 billion.” He jokingly mentioned that he may not sign any more four-year employment contracts, as his reading speed, physical abilities, and operational efficiency have declined significantly compared to 30 years ago.
Prior to the Q&A session at the shareholders meeting, Berkshire Hathaway released its first-quarter financial report. The report highlighted a 5% increase in revenue compared to the same period last year, with gains from premium and railroad income. Investment income reached nearly $1.9 billion, and although net profit declined by 64% compared to the previous year, it exceeded market concerns. The company’s cash reserves further increased to $189 billion, reaching a new high for multiple quarters. Berkshire Hathaway repurchased $2.6 billion worth of company stock in the first quarter, nearly half of the previous quarter’s $22 billion, and reduced its stock investments by nearly $20 billion.
Buffett stated that he is not eager to make trades just for the sake of trading, and they only swing at pitches they like. He predicted that cash would increase to $200 billion by the end of the second quarter.
The Q&A session at the shareholders meeting followed the following order of questions (based on Eastern Time in the United States):
– Presentation of historical footage of Charlie Munger’s participation in the Q&A session
– A film tribute to Charlie Munger, described as the “architect” of Berkshire Hathaway
– Opening remarks for the 2024 shareholders meeting Q&A session
– Buffett explained the first-quarter Berkshire Hathaway financial report
– A question from an investor in Hong Kong about Buffett’s previous investment in BYD and the possibility of investing in Hong Kong or mainland China stocks
– Despite reducing Apple holdings over multiple quarters, Buffett stated that they will continue to hold Apple, Coca-Cola, and American Express in the long term
– Buffett unintentionally said, “Charlie, it’s your turn to answer,” instead of calling on CEO Greg Abel
– A question about Berkshire Hathaway’s energy business and concerns about environmental changes and regulations
– Closing remarks
Overall, the shareholders meeting provided insights into Buffett’s views on various investments and future plans for Berkshire Hathaway.Electricity investment, such as in Utah. These measures are considered fair and bring returns to their work. In terms of public electricity, in the 1930s, some privately owned electricity companies or public utility companies may be more efficient than state-owned ones. Now, companies in this field must make significant investments and invest a large amount of capital, so sometimes private investors cannot do it.
Berkshire’s energy sector investments have satisfied us, and we will have returns, but the return rate may not make us rich. Of course, if there is no return at all, we will not do it. The current work may be related to environmental changes. The investment costs nowadays are surprising, but we have some funds, and the support of some major projects is important. We will not waste investments. In Utah, the environment is not very friendly.
During this period, Buffett misspoke and called Abel wrong as Munger. Buffett said, “I’m used to it,” and admitted that there may be such misstatements in the future. Abel said it was a great honor.
Abel: The challenges we face today come from our significant investments in utilities. Berkshire pays great attention to investing in public utilities. Berkshire has developments in AI. There are at least over 1 billion dollars in changes. Wildfires occur in many places. Wildfire claims are numerous.
Therefore, Berkshire faces legal challenges such as lawsuits, which is a huge challenge. Berkshire will handle all lawsuits. Fundamentally, we need legislation and reform so that we can make contributions with progressive capital investment. We don’t want to waste investments. We see some opportunities. We are confident in investing in Utah. They recently passed a bill that sets a cap on non-economic wildfire losses.
Investments in the electricity sector will certainly not bring as much returns as other businesses. Utility investments, especially in energy, can at most achieve moderate returns. Now they face threats like wildfires, policy changes, and climate change. We will definitely make investments of over 100 billion dollars, but we will not simply waste these investments.
11:06 The impact of generative AI on traditional industries, Buffett was asked about how much advantage AI can bring.
Buffett admitted, “I know nothing about AI (laughs),” but it doesn’t mean that this technology is not important. Last year, I mentioned letting the genie out of the bottle. Let it come out, genies are useful to many people, but I hope these genies can do good things in the future.
I can’t evaluate it. When nuclear technology emerged during World War II, we thought it was necessary to end the war. The development of AI makes me nervous, especially recent advances. Some of the phenomena I have witnessed are scary. AI can lead to fraud problems, such as a picture that is difficult to distinguish between true and false, and the growth of fraudulent markets can be rapid. Of course, AI can also do good things.
11:10 Buffett defends Geico’s lower operating costs for auto insurance.
A shareholder asked why Geico was bought instead of Progressive, as the latter performed better in data analysis.
Buffett defended Geico, the third-largest auto insurance company in the United States, stating that its underwriting costs are the lowest in the industry, which is an irreplaceable advantage and a better aspect than its competitor Progressive, operating at lower costs.
Buffett said, “This is not a matter of survival or profitability. What we want most is the best model in the insurance industry and the ability to continue serving customers at low costs. These are what I want. Geico will continue to improve its business but will not contract its business. In the future, we will become one of the best companies in data analysis in the insurance industry.”
Insurance business leader Jain said, “Unfortunately, technology is a bottleneck, but we are making progress. I realize that we are still behind and taking measures to narrow the gap. By the end of 2025, we should be on par with the best players in data analysis.”
11:16 The importance of Jain’s insurance business and his successor.
Buffett: Jain’s appearance allows us to have the insurance business as it is today. The insurance business structure built by Berkshire now was unimaginable before Jain appeared. Insurance is one of Berkshire’s most important business lines. Investment is also important, but it cannot be compared to insurance.
Jain: No one is irreplaceable. For example, Cook has done a good job taking over Jobs. Our board of directors is concerned about succession. We will consider what to do if one day I am hit by a truck. We also have images of future candidates. We will gradually find successors who give me confidence.
11:37 A question from a young child: If there is a chance to spend another day with Munger, what would you do?
Buffett said that he and Munger do something that makes them happy every day. Munger enjoys learning and is interested in many things. He has broader interests than me. We get along well and enjoy spending time together. “Our joy also comes from making mistakes together, correcting mistakes, and learning from them. This seems to be more rewarding because your partner helps you get out of trouble, and then you see the decisions you made ten years ago still making money.”
Buffett admitted that if there is a chance to spend another day with Munger, it would not be much different from previous days. “I have never seen anyone like Munger, who reaches the peak of life at the age of 99 and everyone in the world wants to see you. Munger once said that it would be great if you knew the day you would die so that you would never go to that day.”
Buffett also said that people become smarter as they get older because they can learn and grow from their mistakes. “We still find the world interesting. When we reach this age, I asked Munger, ‘Who would you want to have dinner with in the past 20 years?’ Charlie said he has met all of them. Everyone should ask themselves who they want to spend their last day with and go meet them and work with them now.”
11:45 Political changes have resulted in attacks and dangers on the internet.
Jain: The market involved in cyberattacks is worth at least $10 billion. We are cautious about whether to offer cyber insurance. It is difficult to understand how losses are calculated and what standards are involved in operations. The calculation is vast. The cost of losses is difficult to measure, and the damage is not necessarily immediate after one attack. Losses span over time and have long-term effects. It cannot be simply calculated. How should policies understand rate calculations? This is a huge business, sometimes highly profitable, and sometimes with significant losses.
Buffett mentioned that there were riots during Kennedy’s presidency in 1968. He said, if you want to write an insurance policy, you must limit the coverage. The problem is, if someone is assassinated, because of such an event, it causes thousands of business losses. How do you underwrite that? Today you offer 1,000 insurances, and this one issue is significant. Sometimes court decisions are needed. Agents of cyber insurance can earn high commissions, but when writing policies, they must understand the risks involved.
11:51 A question about the situation of vehicle insurance in Florida getting out of control.
Jain: In Florida, there has been a major shift in auto insurance, resulting in a sharp increase in premiums, and the frequency of local wind disasters has increased, causing significant losses. This has affected the insurance business. Florida is a large market. Local legislators are passing laws to lower rates, and we hope that the insurance industry in the region can return to normal. Florida has its own problems, and losses will increase, but ultimately it will reach a balance.
12:01 Buffett was asked to share his thoughts today.
Buffett: Today’s meeting is more about Q&A, and we don’t have any prepared speeches, but we are happy to answer questions and share our thoughts on various topics.What do we all need to hear the most?
Buffett: Now that you live in the United States, there are many opportunities here that many other countries cannot find. I want to follow Munger’s advice and focus on education first. Based on your personal situation, interact with the right people. I hope to find someone who can guide me in the right direction in life. In the past 200 years, we have had the Industrial Revolution and made great progress in science, medicine, and education. We are lucky to be born in such an era. The world you are in is the best it has ever been. Find your interests, find the job you want, and find someone to share your life with. Sometimes it takes a long time to find these things, but don’t forget your original intention.
12:05 How do you view Buffett not retiring yet and his management team turning to Abel and Jain for reporting work?
Buffett said that due to his old age, his reading speed, physical strength, and operating efficiency have all declined compared to 30 years ago. He is also not familiar with many of the management teams of the subsidiaries. He asked, “If there are better people to do the reporting work, why come to me?”
Buffett believes that the current operating mode is “as perfect as it can be.” Abel understands the challenges of the business and can provide advice, while Jain possesses unparalleled wisdom in the insurance industry. Both vice-chairmen also have better energy and proper ways of conveying messages.
Jain mentioned that the transition period after announcing Abel as the successor CEO went very smoothly. Previously, the management teams of some subsidiaries would call Buffett to report on business, but now Buffett deliberately directs those calls to Abel and Jain to handle.
12:13 India’s economy has performed well in the past five to twenty years. Is Berkshire actively looking for opportunities in the Indian equity market? What will drive your investments in India?
Buffett: I believe there are plenty of opportunities in India. The question is, do we have any advantages in our view of India? Is our investment what India wants us to participate in? Perhaps there are areas that we have not explored or noticed, but it is not up to me to explore them. In the future, there may be more opportunities, and there may be opportunities now. The question is whether Berkshire has an advantage in pursuing these opportunities or making them a reality. Investments in Japan have been good, and India may have similar opportunities, but I’m not sure because the cultures are different.
12:19 If there are new architects joining Berkshire, what kind of work will they have?
Buffett: If the board of directors wants to find a new director, some people may retire at the age of 65, although this does not happen very often. Our managers need to make frequent decisions. It is a challenging job within our existing system.
Some people have told us not to take the same plane or car. For example, Abel’s job responsibilities require him to inform the board of directors about what has been done and what will happen. All of our directors need to decide whether Abel has made the right decisions.
We are looking for experienced and inspiring managers. We now have a diverse group of candidates, all of whom are the best choices, and we have already obtained the best group of managers at Berkshire. Berkshire’s culture ensures that we attract the best managers.
12:26 Berkshire currently holds over $180 billion in cash. What are you waiting for?
Buffett: This is a good question. None of the people on stage have a good idea of how to use this money properly in the current 5.4% interest rate environment. We won’t use this money now because the interest rate is so high (don’t tell the Fed). Many people swing the bat whenever they can because they think they have missed opportunities in the past. We don’t need returns as high as before, and there are not as many attractive targets for us to allocate so many assets. We’ll see if there are any changes in the future.
12:38 The 6% commission standard for buying and selling houses in the United States is about to be abolished. What impact will this have on the real estate industry?
A month ago, the National Association of Realtors (NAR) reached a settlement agreement with a group of home sellers, agreeing to pay $418 million in compensation and abolish the commission standard to end a landmark antitrust lawsuit.
Abel said that the entire industry will go through a transitional period, and Berkshire’s real estate service subsidiary and the entire industry will have to adapt to the new reality. However, real estate agents still play an important role in buying and selling transactions, as their consultation and guidance services are still important. The change in future commissions will be negotiated rather than a fixed percentage. The impact of the aforementioned settlement agreement will be limited to Berkshire’s real estate service subsidiary.
Previously, it was reported that Berkshire Hathaway HomeServices, the company’s real estate brokerage business, said it would pay $250 million to settle a lawsuit alleging excessive commissions, the largest amount ever paid by a single brokerage firm.
Buffett stated that in his experience of buying and selling houses, as a seller, he has never refused to pay the commission to the real estate agent, no matter how expensive the house is, and he has never asked for a commission discount. He bought a mature company directly as Berkshire’s real estate brokerage business, and the price at the time was reasonable. Real estate brokerage is a fundamental industry in the economy and will not disappear.
Buffett said he was indeed surprised by the settlement agreement, but just like there have been surprising decisions in the insurance industry, we need to accept the facts. Just like the 9/11 terrorist attacks, no one could have imagined it happening, but it did. We need to accept reality.
Abel added that the model of the real estate brokerage industry may change, but he has also bought houses in the UK, and buying houses outside of the US is a completely different experience. Our real estate agents invest time and capital to ensure smooth and satisfactory transactions. The US may not have the most cost-effective model, but the price-to-value ratio is good (you get what you pay for).
12:48 Tesla’s autonomous driving technology claims to significantly reduce accidents. What impact will this technology have on car insurance, and what will be the future returns?
Buffett: Autonomous driving may reduce accidents or costs. Some people have started using it, and future data will show what will happen. People have been discussing it in recent years, just like when Uber started to rise. For some things, past estimates have been wrong. Insurance is not an easy business as people initially thought. If accidents can be reduced by 50%, it sounds good. We are looking for opportunities. Even if someone drives a lot of miles, they can still die in accidents. It is not easy to estimate this figure.
Jain: Tesla’s technological improvements seem to reduce accidents. However, the average number of accidents may not decrease. It won’t be easy for the car insurance industry to completely change. Tesla has been considering directly providing insurance but has not been very successful.
13:00-14:00 Q&A session, lunch break for an hour
14:15 Regarding Berkshire’s future capital allocation decisions
Buffett said that the Berkshire board of directors now has the power to brainstorm. When he is no longer in charge of Berkshire, Abel will have the final decision-making power for investment decisions. If he were a member of the board, he might allocate capital to Abel based on his situation. Abel understands the company very well, and if you understand the company, you understand common stocks.
Buffett said that Berkshire’s two investment managers, Todd Combs and Ted Weschler, have clear responsibilities, and they know what they are doing. If we want Berkshire to achieve more benefits, strategic considerations are important. Abel has the ability to make strategic deployments.
14:25 Buffett and Abel discuss the criteria for evaluating acquisition targets
Answer: When you have an outstanding person to manage things, you will have many self-selecting opportunities. We will encounter people who devote themselves to us. We just don’t have enough talent for smaller-scale acquisitions. Based on our experience with TTI, we have a good understanding of the distribution business. TTI is an impressive operating model. We will also make some small acquisitions, but they must fit into our current framework rather than being made for the sake of investing. We can also buy more TTI for shareholders, but we are more inclined to repurchase.
14:32 Previously, it was mentioned that Berkshire reduced its stake in Apple to increase cash. Where do you see future investment opportunities? How do you compare the current market conditions with the investment returns in 1999?
Buffett said that sometimes he feels full of opportunities and can put everything in when night falls, but sometimes a year goes by without finding meaningful and timely investment opportunities, and there may be better opportunities than now. “Munger and I have missed many investment opportunities, but we don’t particularly regret it. It is not regrettable to miss something we don’t understand. What is really regrettable is missing opportunities that later proved to be very significant. I can’t remember 1999 clearly unless something particularly dramatic happened at that time, such as in 1987, 2008, or 2015. Otherwise, I can’t remember. I just see what I can do every day.”14:37 Someone asked Buffett, do you prefer the period when you held shares of American Express and Coca-Cola for decades, or something else? Recently, Berkshire Hathaway increased its holdings in Chevron. What was the thought process behind these investments?
Buffett: There are many factors involved in making these investments. I started buying stocks in 1942. Munger and I sometimes make decisions quickly, and we think about what factors allow us to make quick decisions. We believe these factors are clearly visible. Regarding the large investment in Apple, one thing I learned from Munger is the importance of consumer behavior. If we were to buy a furniture store, we would quickly realize that it was a mistake, but this mistake would help us better consider the process of asset allocation. We slowly learned about consumer behavior.
Buffett mentioned the investment in See’s Candies and said, “We didn’t know how to operate a candy business, but we learned about consumer behavior through the investment process. We continuously learn about consumer behavior. The same goes for the investment in Apple. You can observe that customers are interested in your product. This is a preference in consumer psychology. At that time, I saw that the value of Apple’s stock was lower than its actual value. For example, buying a second iPhone is different from buying a second car. The value of buying a second car may be twenty times higher than buying a second iPhone. At that time, I didn’t know how the iPhone would be executed, but I knew that consumers liked it and its value was greatly underestimated. And I knew that Apple’s CEO Cook was just as outstanding as Jobs.
When talking about the iPhone, Buffett said, “It is one of the greatest products, and possibly the greatest product ever.”
Buffett said that if you have experience in a certain business, you may have a flash of inspiration and make investments. Some things may not happen immediately, but you can do a lot of preparation. This is also the case with the quick decision to invest in Chevron.
Buffett said that he had been continuously studying the oil and gas industry and had done a lot of research on it. Sometimes he didn’t fully understand the trick, but sometimes he had some insights that he kept in mind until he met Vicki Hollub, the CEO of Chevron. Buffett said, “I am satisfied with the investment in Chevron.” Regarding the media stock Pāramitā Global, Buffett said that he takes responsibility for this investment, which caused a lot of losses, and he is solely responsible for it.
14:50 The board of directors mentioned that there has been a decline in BNSF and more investments have been made in freight and construction. What is the reason behind this decline in the railroad business?
Buffett replied: Railways are essential for a country. The U.S. government once nationalized the railways and there were multiple rounds of negotiations, and even a nationwide rail shutdown. It is now almost impossible to build new railways, such as the high-speed rail in California. They would worry about the environmental impact. If such a thing were done nationwide in the U.S., the opposition would be significant. This may not be the best business, but it is definitely a necessary existence, and its alternative value is too high. We hold the related railway business in a very tax-efficient manner. Buying BNSF is still a good investment. We hope to find more reasonable investment targets in other industries. Abel made the decision to buy BNSF.
Abel said: There have been some disappointments in the railway business, but compared to peers, it is still doing well. If we go back to 2021, the situation was completely different. In 2022, supply chain problems in the West were discovered. In 2023, all business costs and structures have been improved accordingly. The team has worked hard and reallocated costs and resources, and done a lot of things, realizing the need to reconsider demand. Our competitors are the trucking industry, and the structure of the trucking industry allows us to compete with them. We need to find ways to solve structural problems. Our team has been committed to the right structure.
15:03 Someone asked Buffett: at the end of 2008, you mentioned that investing $1 million could guarantee a 50% annual return. How would you invest $1 million now?
Buffett: When I read Moody’s book on transportation, I was only in my twenties, and it is hard to imagine a young person back then understanding the railroad industry in that way. I don’t know if there is anything like Moody’s handbook now. If you can achieve a 50% annual return by investing $1 million now, that would be great. Some people can find investment opportunities because they are willing to explore and expand their knowledge in different fields. The human brain is complex. When we understand what the brain is good at, your potential can be fully realized. If you can’t find suitable areas to invest in that suit you and interest you, the returns may not be good.
15:09 Munger mentioned that having ownership of property is better for management. Many pension fund managers do not have the strength of Berkshire Hathaway and their decisions do not align with shareholder interests. What measures should be taken in such situations?
Buffett: Berkshire Hathaway has good management. First, consider it as a national asset and find more solutions. This should be considered by our board of directors. The human mind influences many behaviors. Some things are done, and you don’t want to do them again. This has happened during acquisition activities.
15:16 How to find true idols/mentors in life and how to make good friends?
Buffett said that having a suitable idol in life is important, and both he and Munger have one. “It is important to have someone who continues to love you, even if you break some rules. Munger and I have experienced this kind of love. You need a suitable hero to admire, depending on what kind of person you want to become. If you choose the right idol, you will be on the right track. It is not just about making money, but about your entire life.”
15:21 Regarding the disagreement over the investment in the chain truck stop enterprise Pilot, Berkshire Hathaway was accused of wrongdoing in the investment and almost went to court, but a settlement was reached out of court.
Buffett said that our investment in Pilot was still good, but he didn’t want to talk about it in detail. Later, he mentioned the characteristics of Pilot truck stops, saying that it is a characteristic of the American environment.
15:28 An investor from China asked, how can we maximize compound interest investments?
Buffett: Luck plays a very important role. My best skill now is avoiding risks and staying away from disasters. When you are lucky, you must maximize its use, of course, this luck is not always present. If I lived again, my choices might be different, but I wouldn’t miss out on these effective things. In the later period of my life, there have been tremendous changes. When my sister was still in school, she was told by our family that she must get married while in school, otherwise, all the good men would be taken. It’s truly unparalleled to see the great progress we have made. Now there is definitely a better expectation than 100 years ago.
15:34 In the past, Buffett said that he would leave 90% of his inheritance to his wife to invest in low-cost S&P 500 index funds. Now, technology companies account for a quarter of the S&P’s weight. Would he consider shifting the allocation of the inheritance to equal-weighted index funds or similar investments?
Buffett said that in the process of regularly amending his will, his investment advice has not changed. He amends his will every three years and still advises his wife to allocate 10% of the inheritance to short-term government bonds and 90% to low-cost S&P 500 index funds. Considering the size of the trust fund she will inherit, it doesn’t matter whether her investment portfolio outperforms the S&P 500. The main thing is that she feels her financial situation does not need to consider this.
Buffett said that he hopes to find better ways to use the best resources and solve the world’s most pressing problems with the inheritance funds. He said, “I think the inheritance funds can be used in the areas of the world that need it most. I think everyone in the audience needs a will. You should know that four former U.S. presidents died without leaving a will. Imagine, these people left without a will, how terrible. Everyone has their own weaknesses and flaws, don’t be too hard on yourself, but don’t completely relax either, because you can change the future.”
15:44 Now that the genie of AI has been let out of the bottle, which of Berkshire’s businesses is most at risk in the face of AI?
Answer: Any labor-intensive industry will be threatened by AI. Of course, this will provide more leisure time underneath. There are some more issues in between. AI is a topic that needs to be discussed at a deeper level. When it comes to genies, I have many to share. If we use them in social aspects, we may have better advantages. But if we use them for inappropriate things like using atomic bombs, then there are problems. AI is talked about in all jobs, in all industries, and every company is talking about which ones can be done more safely. Many things are still premature. It is currently unpredictable, and it is premature to make accurate predictions. Of course, AI is absolutely incredible. The atomic bomb project was also discussed with great excitement back then.
15:50 The U.S. Treasury market is now six times larger than it was in 2008. When will there be too much supply of U.S. bonds for the market to absorb?
Buffett said the best guess is that U.S. Treasury bonds will continue to be accepted by the market for a long period of time because there are no better alternatives. In considering the size of the U.S. Treasury bonds for a long time, you have to consider factors such as inflation, crises that threaten the global economy, and the status of the U.S. dollar as a reserve currency. “It’s not the absolute amount of U.S. debt that threatens the U.S. financial system, but inflation and the future value of the U.S. dollar that threaten the entire system. So I’m not worried about the absolute amount of U.S. debt supply, but rather the prospects for fiscal deficits. Many people now focus on the actions of the Federal Reserve, but it is fiscal policy/deficits that should be the focus. Federal Reserve Chairman Powell is a very, very intelligent person, but he cannot control fiscal policy, and he is calling attention to fiscal policy/deficits, which is the problem, and what will cause a crisis.”
Someone also asked how the current situation is different from 2008 and 2009.
Buffett mentioned Paul Volcker, the former chairman of the Federal Reserve, who faced high inflation pressure in the late 1970s and early 1980s. Volcker received death threats when he tried to lower inflation. Buffett said, “We cannot fully predict what decisions the Federal Reserve will make. Federal Reserve Chairman Powell is a very smart person, but the financial system and decisions in the U.S. are not under his control.”
15:58 If you could make requests of Berkshire Hathaway shareholders, what requests would you make? Why?
Answer: This question applies to both the rich and the poor. If you are lucky enough, make sure to help those around you also have such luck.
16:00 Q&A session ends! Buffett jokingly said that he hopes you all come next year, and he hopes to attend as well.
He also recommended that everyone buy “The Tao of Charlie Munger.” Attendees mentioned that every checkout lane for the book was crowded.
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