09/25/2020

Buffett shareholders’ countdown!What are the highlights of the first online antiques this year?

Buffett shareholders’ countdown!What are the highlights of the first online antiques this year?
In the early morning of May 3, Beijing time, the annual Buffett Shareholders’ Meeting will kick off.This year’s shareholders ‘meeting is different from the previous years’ controversial. Affected by the new crown pneumonia epidemic, it was first transformed into an online antique this year; in addition, Buffett’s old partner Charlie?Munger will not attend the shareholders meeting.Buffett’s general meeting of shareholders has always been a “feast” of the investment circle. At the moment when the epidemic has a huge impact on the global financial market, how will the “stock god” weather the crisis?The first move from offline to online to cancel all special events. Buffett shareholders’ meeting is actually Berkshire?Shareholders’ meeting of Hathaway (Berkshire Hathaway).Annual shareholder meeting, holding Berkshire?Shareholders of Hathaway’s stock can get admission tickets, and many investment circles and Buffett believers buy tickets through various channels. The number of participants in 2019 is about 50,000.The shareholder meeting is held in Omaha, Nebraska, the hometown of Buffett.This year, due to the impact of the new coronary pneumonia epidemic, participants were unable to go to Omaha for a “pilgrimage”, and the shareholders’ meeting was transformed into an online antique for the first time.March 13, Berkshire?Hathaway published a letter from Buffett to shareholders on its official website, announcing that this year’s general meeting will not allow shareholders to attend the meeting, and all special events will be cancelled because the large gatherings may cause participation and large-scale communitiesHealth threats.The conference will be broadcast live online through Yahoo Finance.This year’s general meeting of shareholders’ elections has also been temporarily reduced. Shareholder disputes are mainly represented by reporters. Shareholders will give questions to three reporters.According to Berkshire?Hathaway ‘s official website announced that the three reporters include Becky?Becky Quick, Carol?Carol Loomis and Andrew?Rose?Sorkin (Andrew Ross Sorkin)).Among them, Quaker is a CNBC host, known for interviews with the richest and most influential investors in the world, and has interviewed Buffett and Munger many times.Quick will ask the reporters the most interesting and important questions.Buffett did not know what questions would be asked before, but would not discuss politics or specific investment holdings.In addition to the communication between Buffett and shareholders, there are many special events at Buffett’s general meeting each year, which are arranged after the shareholders’ meeting as a shareholder leisure day.Among them, the fixed project is a five-minute long-distance run. Buffett will start shooting for the long-distance run; Buffett and shareholders will have some interactive games, including playing table tennis, playing bridge and so on.For the steak dinner, lucky shareholders can dine next to Buffett.However, this year’s participants were unable to enjoy these close encounters with the stock gods.Munger is not ready to attend the successor?Another major change at this year ‘s general meeting is Charlie?Munger did not attend.Munger as Berkshire?Hathaway Vice Chairman, long-term partner Buffett attended the shareholders meeting to answer shareholders’ questions.This year, Buffett’s partner is Berkshire’s non-insurance vice chairman Greg?Abel (Greg Abel).This has also triggered speculation that Abel will become the “successor”.Buffett and Munger are 90-year-old and 96-year-old respectively, which is why the annual shareholders meeting is called “Look once, see once”.The successor is no longer related to Berkshire, but is also concerned by all investors, not all shareholders meeting Buffett replaced the question of “who is the successor.In 2018, Buffett promoted two executives to serve on Berkshire’s board of directors, Greg?Areg (Greg Abel) and Ajit?Ajit Jain (Ajit Jain), Abel was appointed as Berkshire’s vice chairman of non-insurance business, Jain served as vice chairman of the insurance business.Buffett’s successor is believed to replace the double generation.Abel Air Force works at California Energy Corporation (CalEnergy), Berkshire?Hathaway acquired the company later, better known as Berkshire?Hathaway Energy, led by Abel.Berkshire?Hathaway Energy Company is Berkshire’s non-insurance business ranked second in profit contribution subsidiary, second only to BNSF Railway Company.Among the two candidates, Abel’s obvious advantage is age.Abel is 58 years old, Jain is 11 years older than Abel, and he is 69 years old this year.Buffett has made it clear that the next CEO must be able to run Berkshire for at least ten years. Considering the long-term operation, Abel may become the successor.Aspect: How does the epidemic affect investment strategies?How to treat the Chinese market?For investors, the most important significance of the shareholders’ meeting is to learn from Buffett’s investment philosophy.This year’s general meeting of shareholders, sauna, and nightnet sorted out some of the highlights that deserve investors’ attention.The top view is the impact of the new crown epidemic on the market and investment.Since the beginning of this year, the global financial market has suffered a severe setback. In March, U.S. stocks broke down four times in a row within half a month. The Dow Jones Index erased the growth in the past three years and fell below the 20,000 mark.Buffett said in an interview with foreign media that “he hasn’t seen this scene after living at 89 years old”, which once became a hot topic among netizens.Under the epidemic “Black Swan”, how will the global economy and financial markets go?Will Buffett’s investment strategy change in 2020?The second aspect is how Buffett will handle huge amounts of cash.According to Berkshire ‘s 2019 annual report, Berkshire Hathaway ‘s cash reserves exceed $ 120 billion.Buffett once said in a letter to shareholders in 2019 that he hopes to make a “large-scale” acquisition, but he believes that the target at that time was too high.U.S. stocks have plummeted this year and the market style has turned. Munger revealed in an interview on April 17 that they are more aware of maintaining liquidity in the crisis. “When the hurricane hit, we were more like a ship.Captain, we hope to come out with a lot of liquidity.”Will the god of stocks make a bargain-hunting in the crisis?The third aspect is Buffett’s view on aviation stocks.Aviation stocks are an important investment target of Berkshire. Berkshire is the largest shareholder of Delta Air Lines, the second largest shareholder of United Airlines and Southwest Airlines, and the third largest shareholder of American Airlines Group.Due to travel restrictions caused by the epidemic, major airlines’ businesses have been rapidly reduced this year, and their market value has shrunk dramatically. Will Buffett sell aviation stocks?In fact, this year Berkshire has reduced its shareholding in Delta Air Lines and Southwest Airlines. Will it continue to reduce its shareholding?Buffett’s judgment on technology stocks is also one of the highlights of this shareholders meeting.From the perspective of past investment, Buffett’s enthusiasm for technology stocks is relatively low.Among Berkshire’s top ten heavyweight stocks at the end of 2019, only Apple is a technology company, and most of the others are financial stocks.However, Buffett is not opposed to investing in technology stocks. He said at the 2019 general meeting that he would not invest in technology stocks that he does not understand, but would hire investment managers to invest because they are more familiar with this field.Buffett also said that if the technology company can indeed build a moat, it will be very successful.Will stock gods buy technology stocks this year?Another topic that many Chinese investors are concerned about is Buffett’s views on investment opportunities in the Chinese market.The Buffett Air Force has said that it is optimistic about the investment opportunities in the Chinese market. At the 2018 general meeting of shareholders, Buffett said that the Chinese stock market will outperform US stocks. It also said that the Chinese market is relatively young and a huge market.Now that the Chinese economy is recovering after the epidemic, how does Buffett view the future development of the Chinese market?Are you still optimistic about A shares?At this general meeting of shareholders, these questions may be answered by Buffett.Sauna, Ye Wang Gu Zhijuan Editor Li Weijia Proofreading Wu Xingfa