① Although Munger passed away at the end of last year, his “appearance frequency” at this year's shareholders' meetings is still very high;
② Buffett also frequently talks about his advanced age and his later arrangements;
③ The editor of Berkshire's annual shareholder letter was also present to display Buffett's exclusive annual report pendant.
Last night and this morning, Beijing time, Berkshire's annual shareholders' meeting, which has attracted the attention of the global investment community, came to a successful conclusion once again. Buffett, 93, and his successor, Greg Abel, who is responsible for the company's non-insurance business, and Ajit Jahn, who is responsible for the insurance business, took the stage to answer questions from shareholders for five hours.
In addition to issues such as the level of cash flow and the sell-off of Apple shares, there were also quite a few small episodes on the scene that made shareholders laugh.
Shout Munger at Abel
As the first Berkshire annual shareholders' meeting since the death of 99.9-year-old Munger, it is clear that Buffett will need time to adjust.
Although a lot of space has already been spent in the opening video to commemorate Munger, Buffett habitually shouted “Munger (what do you think)” at his left hand after answering questions, and then looked back and saw Abel with a dazed face, only to realize that the person sitting next to him was no longer an old dude.
Buffett mocked himself that even though he had reminded himself many times before coming on stage, he was too used to being called that.
Abel also took over the matter, saying that it was his “great honor” to be mistaken for Munger.
It is worth mentioning that in the past, many books were sold at the Berkshire Annual Shareholders' Meeting, but this year there was only one — the latest edition of “The Poor Charlie Collection.”
(Source: social media)
Mention your old age frequently
Perhaps influenced by the death of an old friend, Buffett has clearly increased the frequency of talking about his age this year, especially the assumption that he is “gone.”
When it comes to investing in overseas emerging markets, Buffett turned the conversation around after discussing some investment principles and judgment criteria, and said to shareholders, “We will see how the next generation of Berkshire management can do their best. Fortunately, you won't wait too long.” The stock god stressed that although he “feels good,” he also knows a thing or two about the insured life table (meaning the probability that a person will live until the next year after reaching a certain age).
What saddens shareholders is that Buffett said he “can no longer accept a four-year employment contract” because he has reached the stage where he “doesn't know where he will be in four years.”
In a follow-up question and answer session, Buffett, who is about to turn 94 in August of this year, also made it clear that after he is “gone,” Berkshire's next CEO — that is, 61-year-old Abel, will be solely responsible for the final investment decision.
At the end of the meeting, as usual, Buffett revealed the egg hidden on the table — a sign advising himself to “shut up.” At the same time, he also hopes that all shareholders present will come back next year, and he also wishes that he “can come” next year.
It is worth mentioning that shareholders at the scene also asked 72-year-old Jahn if he had any plans for an heir. In response, Jahn said that every year he shares his views on the successors with the board of directors, and also submits a specific list of successors to them.
The editor of the Annual Shareholder Letter showed up and is about to celebrate his 95th birthday
Buffett also revealed on Saturday that Berkshire's annual shareholder letter, regarded as the “Investor's Bible,” is also one such person — Carol Loomis, who will be celebrating her 95th birthday in June this year. Carol Loomis is a former Fortune magazine reporter and senior special editor, and the creator of the financial term “hedge fund” (hedge fund).
(Front row, second from left, source: live video)
Buffett said that since 1977, Carol has been responsible for compiling Berkshire's annual shareholder letter every year. At the same time, he gives Carol an “Annual Report Homepage” bracelet pendant every year. As of today, it's 47 yuan. At the shareholders' meeting, Carol Loomis also displayed a full set of “Buffett Exclusive Pendant”.
(Source: Live Video)
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