"We don't do research on macro trends. Not only that, we have recently failed to make much profit from one of the biggest commodity booms in history. "

Buffett and Munger, two old partners, once said at the 2006 shareholders' meeting.

After 16 years, Buffett and Munger seem to be "standing with macro" this time?

What on earth do you buy in Macro New year?

According to Berkshire's first quarter report, about 66% of the fair value of Berkshire's stock positions is concentrated in$Apple Inc (AAPL.US) $、$Bank of America Corporation (BAC.US) $、$American Express Co (AXP.US) $And Chevron Corp.Energy company$Chevron Corp (CVX.US) $It was promoted to the fourth largest position, valued at $25.9 billion.

Berkshire's latest 13F disclosure announcement currently holds 23.5%.$Western Oil (OXY.US) $The shares are worth $12.1 billion. And the buying price from May 2 to 3 is between $56 and $59.

So far, Buffett has bought about $38 billion of oil, gas and energy stocks, and according to Ba's stock selection criteria, there seems to be a long-term optimistic trend for the fundamentals of oil.

Moreover, from the statement of the shareholders' meeting, Buffett felt that "I am very happy to buy this company. This is a company that can produce at least 11 million barrels of oil a day, and it is looking for 11 million barrels of oil in the United States. It's very valuable all over the world. We also hope that the industry and industry in the United States can continue to operate. "

"Oil will be a very precious resource in the future. But no one agreed with my idea before, and I don't think I mind. There is nothing wrong with my idea. In any case, the current point of view may not be very normal. "

Munger said, "work around the world may now be focused on oil companies." "

Both men's perception of being 190 seems to suggest that oil companies have ushered in a whole new cycle.

A new profit cycle?

The latest results of the two companies also highlight the investment vision of the stock god.

According to the quarterly report, Western Oil ushered in the best financial record in history, with revenue up 57% from a year earlier to $8.34 billion.The net profit of returning home reached a record of US $4.67 billion, turning losses into profits compared with the same period last year.；

Quarterly free cash flow hit an all-time high of $3.3 billion, with adjusted earnings per share of $2.12, exceeding market expectations.

Chevron Corp, a heavy energy stock, also reported bright results in the first quarter, with revenue rising 68.34% year-on-year to $52.314 billion, and net profit rising 354.54% year-on-year to $6.259 billion.

Moreover, both companies have promised to step up share buybacks and dividend payouts this year, equivalent to "winning twice".

In the face of inflation rarely seen in 40 years, Buffett's "approach" is to bet on oil companies.

At the end, I would like to repeat the question and answer of Balao's shareholders' meeting in 2006:

"it's a bit of a big picture for us. Our understanding is really only at the zero level-you know, we think more about whether people will continue to eat candy, whether we can raise prices next year, and so on. "