At Berkshire Hathaway's 2024 shareholder meeting, Warren Buffett, known as the "God of Stocks", and his team had in-depth discussions on a number of topics. Here's a summary of some of the key points:
1. Warren Buffett's Market View: Warren Buffett shared his views on the U.S. economy at the shareholder meeting, arguing that the U.S. economy's surge is coming to an end and that most business earnings are likely to move lower in the future.
2. Investment strategy: Buffett mentioned that Berkshire spent $41 billion on stocks in the first quarter of 2022, while in 2024 it sold $13.3 billion in stocks and only added $2.9 billion worth of stocks.
3. Apple: Buffett emphasized that Apple remains Berkshire's largest holding, despite Berkshire's stake in Apple, and that they had a long conversation, with Cook saying it felt good.
4. Cash Reserves: Buffett mentioned that Berkshire's cash reserves will reach $200 billion and emphasized that the funds will only be used when the risk is small and there is a decent return.
5. Succession Issues: Warren Buffett reaffirmed that Greg Abel is his successor, and made several references to his late friend Charlie Munger at the conference, showing nostalgia for his old friend.
6. Views on AI: Warren Buffett likened the invention of artificial intelligence to nuclear weapons, believing that both are technologies that "made the elf jump out of the box", and he is both curious and wary of AI.
7. Climate Change Risk: Buffett believes that Berkshire addresses climate risk on an annual basis and takes these factors into account when underwriting.
8. Reducing Apple's stake: Buffett explained that the reduction in Apple's stake is for tax reasons and not a judgment on Apple's long-term prospects.
9. Invest in yourself: Warren Buffett suggests that in the face of high inflation, the best investment is to invest in yourself and improve your personal capabilities.
10. Bitcoin Evaluation: Both Warren Buffett and Munger are critical of Bitcoin, with Munger believing that Bitcoin is stupid, evil, and may be worth zero.
11. Berkshire's Results: Berkshire's first-quarter revenue increased 5% year-over-year, driven by higher premiums and rail revenue. Investment income was nearly $1.9 billion, and net profit fell 64% year-on-year, but better than market fears.
12. Format of the shareholder meeting: This is the third time Berkshire has held an annual shareholder meeting in person since the start of the pandemic, and the number of attendees is expected to reach 40,000.
These highlights provide a comprehensive review of the 2024 Berkshire Hathaway shareholders' meeting, covering a wide range of aspects such as economic forecasts, investment decisions, corporate governance, and market trends.