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Buffett shareholders" meeting

2020-05-10| 发布者: 永城便民网| 查看: 144| 评论: 3|来源:互联网

摘要: Berkshireannounceditsfirst-quarterearningsbeforetheshareholders"meeting.Accordingtofinancialresults,Berkshirepostedarecordnetlossof$49.746billioninthe...
Berkshire announced its first-quarter earnings before the shareholders" meeting. According to financial results, Berkshire posted a record net loss of $49.746 billion in the first quarter, compared with a net profit of $21.661 billion in the same period last year.
Buffett said that this does not look like an annual meeting, nor does it feel like an annual meeting. My partner of 60 years, Charles Munger, did not sit here, making this feel especially unlike an annual meeting. I think most of the people who attended our meeting came to listen to Charlie, but I want to assure you that Charlie is in good condition at 96.
Buffett said that he used to talk with Charles Munger here. Charles Munger is now 96 years old and he is still very strong, but he thinks the best choice this year is to let Munger not come to the meeting. Charles Munger is in good condition and will return to China in 2021.
Buffett said that accounting was good at school, but biology was a mess, so I knew as much about the epidemic as everyone else, and the result could not be worse. At present, it is impossible to fully predict the future development of the epidemic.
in the shareholders" meeting, Buffett has repeatedly stressed the change of residents" living habits caused by the epidemic. this may completely change some business rules, or affect some industries for a long time. the manufacturing business may be laid off and some small enterprises may not open again.
Buffett also said that the death rate of newly crowned pneumonia was not as high as that of the 1918 Spanish influenza pandemic, but it was highly infectious. The recent blockade measures against the virus by various countries are "a considerable experiment", and I believe the US economy can overcome the difficulties brought about by the epidemic.
Buffett said that investors should not borrow money to invest in the stock market. Buffett believes that ordinary investors should buy a wide range of markets over a long period of time, instead of listening to other people"s stock selection suggestions.
Buffett pointed out that stocks will perform better than treasury bonds. Their performance will exceed the money you hide under the mattress. They are very stable investments. As long as he uses them as an investment, not a gambling tool, or something you think you can safely buy on margin.
Buffett confirmed that Berkshire Hathaway has sold "all (stock) positions" of the four major U.S. airlines (American airlines, delta airlines, southwest airlines and United airlines).
Buffett said he made an "understandable mistake" when evaluating airline stocks, and their prices fell sharply as travel stopped almost globally due to the new crown epidemic. He said: "Facts have proved that my view on this business is wrong."
Buffett said: "over the years, I have always held special respect for Paul Volcker (former chairman of the federal reserve). as far as the chairman of the federal reserve is concerned, he is a particularly perfect candidate ... I think Jay Powell and the board of directors of the federal reserve deserve the same respect as Volcker because of their actions in mid-March."
Buffett said: "maybe what happened in 2008 and 2009 guided their work to some extent. They responded on an unprecedented scale and from then on, virtually everything went on as it was. The financing market was almost frozen in March and did not begin to melt until March 23. And March was also the largest month of corporate bond issuance in history. Everyone who issues corporate bonds at the end of March and April should write a thank-you note to the Federal Reserve, because if they do not act with unprecedented speed and determination, the issuance of corporate bonds will not succeed. "
Buffett said at the shareholders" meeting that at present, there will not be too many problems in the banking system. Although there may be some situations in the credit of energy companies or consumers, the banking system has sufficient capital and reserves, so banking is not our main concern.
Buffett said at the shareholders" meeting that crude oil production will drop significantly in the next few years because of the sharp drop in demand. the oil price of $20 per barrel will make it impossible for oil companies to continue, and drilling activities will drop. I wonder if the oil price will increase significantly in the future.
Buffett pointed out that the future of oil producers cannot be predicted. If oil prices remain low, there will be a large amount of non-performing energy loans, and it is impossible to imagine what will happen to equity holders.
Buffett said that we did not make any large-scale acquisitions because we did not see any attractive opportunities to do so. Now, this situation may change quickly, but it may not change.
Buffett also pointed out that what we want to buy is to buy the whole enterprise directly. we often do this, and of course we don"t mind buying some shares in high-quality enterprises.




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