2025 Buffett's 800-word Essential Edition is here (with full text)

The annual event in the investment world - Berkshire Hathaway shareholders' meeting kicked off on May 2, and the shareholders' meeting entered the meeting's shareholders' question-and-answer session at 9 pm on Saturday, Beijing time.

"Stock God" once again participated in the whole process, and answered shareholder questions with his CEO successor, Greg Abel, the head of Berkshire's non-insurance business, and Ajit Jain, the head of insurance business.

The key points of the Buffett shareholder meeting summarized by Wall Street News are as follows:

1) About Trade

" Trade should not be a weapon ", and the United States should seek to trade with other countries and do what they are good at. Protectionist policies are a "serious mistake."

2) About the United States

“Fiscal policy is my biggest concern in the United States” and the value of the currency can be “fearing” when the government takes irresponsible actions.

Buffett hinted that he was fully betting on the United States and supporting the American exceptionalism, saying that his luckiest day was the day he was born in the United States, and the United States was a model of capitalism.

3) About Japan

We won't invest overseas easily unless I think that's an opportunity with real huge potential. **
**

He intends to continue to hold shares in Japanese trading companies for fifty or sixty years . Even if the Bank of Japan raises interest rates, he will not consider selling.

Berkshire 's current investment in Japan has reached US$20 billion, and I even hope that we invested US$100 billion instead of US$20 billion.

4) About U.S. Stocks

The recent US stock market experience is "not a major fluctuation". Compared with the past collapse, "it is not a severe bear market" and it is not a similar situation.

5) About record cash reserves

There may be investment opportunities in the next five years as to how to leverage Berkshire’s record-breaking cash reserves.

Recently, Berkshire almost made a $10 billion investment.

6) About the successor

Abel, the head of Berkshire 's non-insurance business, should take over as CEO by the end of the year . He will not sell any shares he holds in Berkshire and will make a gradual donation.

7) About Berkshire

If Berkshire 's stock price falls by half one day, it will be an opportunity for me . It’s not that I have no emotions, but that the fluctuations in stock prices will not influence my rational judgment. It won't affect my evaluation of value.

Overall, Berkshire's profitability will continue to grow for some time.

8) About the investment company

Buffett believes that the balance sheet is a good starting point for evaluating whether a company is worth investing in.

"I spend more time studying the balance sheet than looking at the income statement," he said. "Wall Street doesn't really focus on the balance sheet, but I like to look at the balance sheet for an eight- to ten years before looking at the income statement, because there are things that are harder to hide or manipulate on the balance sheet."

9) About young people 's investment

If your life has a direction, then you must strive to make those you respect and desire to be your friends.

The fastest path to success is to find the kind of truly excellent person and walk with him.

At the end of the Q&A session, Buffett announced that he plans to propose to the board of directors to step down as CEO by the end of this year . That will be the beginning of the end of Berkshire's "Buffett era". Investors need to prepare for a Berkshire without Buffett at the helm.

Before the Q&A session of the shareholders' meeting began, Berkshire Hathaway also released its first quarter financial report, with some of the key points as follows:

• The company's operating profit in the first quarter was US$9.64 billion, compared with US$11.2 billion in the same period last year, down 14% year-on-year , less than analysts' expectations. The company warned that tariffs could further hit corporate profits.
• Berkshire 's overall profit was also hit by the dollar's depreciation in the first quarter . The company said it recorded about $713 million in foreign exchange, while it made $597 million in revenue due to exchange rate fluctuations a year ago.
• Berkshire has become the net seller of stocks for the tenth consecutive quarter, selling $1.5 billion in stock assets in the first quarter.

According to the financial report, Berkshire 's cash reserves reached US$347.7 billion in the quarter, setting a new record high. In an environment where tariffs lead to extremely high uncertainty, Buffett is cautious about current investment and expects good investment opportunities in the next five years. He said Berkshire's suspension of repurchases was partly due to the law issued by the Biden administration last year imposing a 1% consumption tax on stock repurchases.

The following is a transcript of the key points of the Q&A session of Buffett's shareholders' meeting, arranged in the order of questions:

21:00 The opening remarks of the Q&A session of the 2025 shareholders'

meeting

The shareholders' meeting begins. At the opening of the conference , Buffett said that this is my 60th general meeting of shareholders. There was thunderous applause at the scene.

Buffett introduced that 19,700 people came to attend the shareholders' meeting this year, setting a record number of audiences. At the shareholders' meeting, See's Candies' sales reached US$317,000. Brooks ' Brooks running shoes sold $310,000, while Jazwares' toys and other products sold $250,000.

Buffett introduced that this conference will release limited edition books to commemorate the 60th anniversary of Berkshire's acquisition. This is the only book sold by Bookworm, the official bookstore this year. Berkshire has printed and published about 8,000 books, an increase of about 3,000 from the initial plan, and about 4,000 have been sold at the conference site.

21:21 The first question of the general meeting of shareholders: trade

The first question to Buffett was about import certificates, a claim he made in a 2003 column aimed at narrowing the U.S. trade deficit.

"Import vouchers are designed to balance trade. I designed the idea of ​​this import voucher. It has a bit of a gimmick, but I think it's definitely much better than anything we're talking about right now."

Buffett criticized tariffs and trade protectionism and said that "trade should not be a weapon." He pointed out that the United States has gone from nothing to an extremely important country.

"We should seek to trade with the rest of the world, we should do what we do best, and they should do what they do best. The more trade the better."

"You can make some really good arguments to prove that balanced trade is good for the world. There is no doubt that trade and tariffs can be an act of war . I think it has had adverse consequences, just the attitude it triggers."

Buffett believes that protectionist policies may have a negative impact on the United States in the long run, especially after the United States has become the world's leading industrial country.

He said, "It seems to me that this is a serious mistake . When you make 7.5 billion people have little likes you, and 300 million people show off their achievements to some extent. I don't think it's right, nor do I think it's wise. I do believe that the more support and prosperity the rest of the world is, it doesn't hurt us."

We grew from nothing 250 years ago to an extremely important country, which is unprecedented in history.

Buffett's speech won applause from the audience. Buffett did not directly mention US President Trump in his speech.

21:26 The second question of the shareholders' meeting: Japan

When asked whether it would stop investing in Japanese stocks if the Bank of Japan raises interest rates in the future, Buffett said he would not sell the stock.

"We will not sell these stocks in the next fifty years. These companies in Japan have very good operating history," Buffett said, noting that companies such as Apple, American Express and Coca-Cola have always performed well in Japan.

Buffett said that investment in Japan is completely in line with Berkshire's investment philosophy. The five Japanese trading companies invested by Berkshire have performed very well in the past, intending to continue to hold shares in these trading companies for fifty to sixty years and hope to establish long-term and deep cooperative relationships with them.

Buffett said that the culture and habits of these trading companies are different from ours and their business methods are also different, but because of this, we value this cooperation more. "We won't sell any stocks. It won't happen in decades . Japan's investment is just what we want."

Buffett said Berkshire has no intention of selling the above-mentioned Japanese trading company shares in the short term. Their current operations are very successful, even if he is 94 now, he thinks so. Berkshire also plans to further expand cooperation.

Buffett said that Berkshire's current investment in Japan has reached US$20 billion, and I even hope that we invested US$100 billion instead of US$20 billion.

21:35 The third question of the shareholders' meeting: Berkshire's huge

cash deployment

When asked about the huge cash reserves that Berkshire currently holds, Buffett joked that he was not stopping investment to make Greg Abel “look good” in the future.

Buffett is cautious about current investment opportunities. He said he was always looking for investment opportunities, and the Berkshire company is "opportunistic" and hopes to reduce the cash on hand, which could drop to $50 billion.

Buffett said that Berkshire will find an opportunity to put the company's record-breaking cash into operation, which is likely to be achieved in the next five years.

"There are very attractive opportunities occasionally. But there are not good opportunities every day. It is unlikely that great deals will come tomorrow, but not in five years . We have made a lot of money from not investing in full at some point."

Buffett revealed that Berkshire almost invested $10 billion recently.

"For example, not long ago, we almost spent $10 billion , but we're going to spend $100 billion now. I mean, it's not difficult to make a decision like this when a project is reasonable for us, we understand and has good value."

Buffett pointed out that one problem in the investment industry is that things are not progressing in an orderly manner.

21:43 The fourth question of the general meeting of shareholders:

Challenges of investing in real estate in a global uncertain environment

Asked how to deal with the challenges of the real estate industry in the current global uncertain environment. Buffett said that investing in real estate is more complicated and difficult than stocks . Whether it is communication, negotiation, or bargaining, there are many people and links involved, such as who is the owner, legal structure, funding arrangements, etc. It is really not easy to negotiate a deal in real estate and get a good price, and there are too many variables.

If you choose to invest in stocks, there is a huge advantage, that is, you can see countless opportunities every second, especially in the US market. In contrast, real estate transactions are slow-paced and highly dependent on personal communication and negotiation. Real estate investment may be done by one person alone or by a team.

On the New York Stock Exchange, billions of dollars are trading every day, and thousands of unknown investors are participating in the market activities. You only need a suitable price to trade 20,000 shares of Berkshire stock in 5 seconds. But real estate is not like this. To complete a real estate transaction, not only is the process cumbersome, but the cycle is also very long. Even if the scale of today's transactions is large, once they enter the negotiation stage, there are many factors that need to be weighed and coordinated.

Buffett said Berkshire has also made real estate investments, such as during the financial crisis in 2008 and 2009. He suggested: If you want to do real estate, you must compare and choose in a more wise and strategic way.

21:49 The fifth question of the shareholders' meeting: the impact of AI

on the insurance industry

The question about whether artificial intelligence (AI) can change the insurance industry will be answered first by Jia Yin, the head of insurance business at Berkshire.

Jia Yin said that people invest a lot of time and money in AI. AI will be a tool used to change the rules of the industry. AI technology could “really change” the way the insurance industry currently evaluates, prices and sells risks, and the current way of claim settlement.

But Jain pointed out that Berkshire will not adopt AI first in the industry, and Berkshire has taken a more cautious approach to any high-profile new technology claims.

"I certainly think that people will end up investing huge sums of money to chase the next trend," Jain said. "We are not good at being the fastest or first to act. Our approach is more about waiting and seeing until the opportunity is concrete, and we have a clearer understanding of the risks of failure, the pros and cons of failure."

However, Jain added that once the right opportunity arises, Berkshire will invest without hesitation.

" Currently, some insurance companies are really trying out AI and trying to find the best way to use it, but we haven 't consciously invested a lot of money to seize this opportunity. I guess we'll be ready and once the opportunity arises, we'll invest it quickly."

Buffett said he would let Jain decide on Berkshire's insurance business in the next decade. Whether to use AI will be chosen by Jia Yin.

21:52 The sixth question of the shareholders' meeting: Why does Berkshire

invest in hot dog company Portillo's

Someone asked why Berkshire acquired Portillo's, a hot dog chain in Chicago, and Buffett replied that he didn't know much about Portillo's. He joked that someone might have voted secretly.

Buffett then turned to an anecdote about Jay Pritzker. Jay is a relative of Illinois Gov. JB Pritzker, who bought a Brooklyn-based chocolate company decades ago. Buffett said that Jain is a very outstanding manager.

Abel clarified that Berkshire does not own Portillo 's. The company is actually owned by an investment company with a similar name to Berkshire.

22:00 The seventh question of the shareholders' meeting. The United

States seems to be undergoing huge changes. Is it pessimistic or optimistic about the United States?

The questioner said that Buffett has always believed in the long-term advantages of the United States, but today's United States seems to be experiencing some unprecedented and nearly "revolutionary" changes. As an investor, how should we evaluate the current situation? Should we remain optimistic or pessimistic?

Regarding this question, Buffett answered that the questioner is a new generation of investors. These macro-level comments are usually not seen in Berkshire's annual manager report. But he can say that the United States will not experience that drastic "revolutionary" change.

Buffett said that the United States was once an agricultural country, but later society changed and its economic performance was very good. In the past, it was a male-dominated era, but later fair reforms were carried out and constitutional amendments were also made, and women had the same opportunity.

"I mentioned that we were originally an agricultural society. We were initially a hopeful society, but we didn't deliver on our promises well. We were constantly changing. We always found all kinds of criticism in this country, but the luckiest day of my life was the day I was born (because) I was born in the United States. "

Buffett said that from 1920 to the present changes, from 1776 to the present, we have done a lot of things and took a long time. I was born in the United States and almost everything happened in the United States at that time, but it's different now. As a man born in the United States, I am very lucky - it's not easy, but the United States has changed.

" We've been through the Great Recession, through the World War, through the development of atomic bombs that I never dreamed of when I was born, so even if we don't seem to solve all the problems that come up, I won't be discouraged. If I were born today, I would have been negotiating in the womb until they allow you to go to the United States."

From 1930 to the present, we have experienced many things, such as the Great Depression, the Two World Wars, and the tensions caused by the atomic bomb. These are all our experiences along the way. We are a very lucky country and I am also a very lucky person. I think it's much luckier to be born in the United States than to be born elsewhere.

22:04 The Eighth Question of the General Meeting of Shareholders: Can the

principle of patience be broken in investment

Someone asked, are you sometimes able to show impatience and break the principle of patience in investment?

Buffett said sometimes you have to act quickly. Berkshire made a lot of money because it was willing to make a quick move. You won't want to be patient with those meaningful deals.

"When a good opportunity comes, you shouldn't show patience at that time. You should have the patience to wait for those occasional opportunities. But you shouldn't hesitate to those reasonable deals. You shouldn't listen to empty talk that will never come true."

22:13 The ninth question of the shareholders' meeting: Auto insurance

company Geico

Jain said that Geico did face a crisis, but we turned the crisis into a turning point. When we first took over, there were two main problems: the first is that our rate structure is unreasonable, and the second is our systematic problem in actuarial and pricing mechanisms. Five or six years ago, these were the things we were worried about.

Through rapid technical adjustments and process optimization, these problems have now been solved. We not only improved the pricing model, but also did a lot of work on risk matching and optimized the overall price system.

Today, Geico has been able to price everyone based on the comprehensive risk level. We have done a great job in this regard and it has also turned into considerable profits.

Although we have achieved a lot, I don't think the task has been completed. We still have many technologies that can be used, such as new tools such as AI. Our goal is not to "catching up with others", but to "do better".

Buffett said this is a very interesting case study, especially about how a company deals with changes in the rules of the industry. Each business has its own challenges and opportunities.

Berkshire spent $50 million to buy Geico in the 1970s, but only partially held it. Later Geico brought us huge profits, and now we own the company 100% and can make $2 billion in profits in just one quarter. But this is the result of decades of continuous investment and improvement.

100 years ago, car insurance almost didn’t exist; but now, besides property and accident insurance, car insurance has become one of the largest types of insurance. Geico 's profits are very considerable, with up to $29 billion in liquid cash on hand. I bought this company for 50 million, which was a very cost-effective investment.

Geico was founded in 1936 and was originally created by a government employee who turned out to be an USAA employee. He made profits in the first year and made more in the second year, and then the company grew and successfully went public. The auto insurance industry began to emerge.

No one likes to buy insurance, but everyone likes to drive, which makes car insurance a necessity . Geico's development story is very interesting. It once tripled in a few years. Although it was later on the wrong side, it finally got back on track. We talk about Geico's related issues at the annual meeting almost every year.

Buffett specifically mentioned Geico CEO Todd Combs. Combs did a great job in this transformation, he said. He successfully reversed the situation at the subsidiary. Telematics, once considered a disadvantage, is no longer a competitive disadvantage. Combs also significantly streamlined the company's staff structure and cut thousands of jobs, which played an important role in improving efficiency.

22:22 The tenth question of the shareholders' meeting: Why do you think

Abel is the right successor

Buffett did not answer this question directly. He said it is important to work with outstanding talents whom he is willing to work with.

Buffett gave advice on choosing a job and starting a career. He said, " do what you like." Buffett reminds that employees’ habits may affect colleagues, so it is crucial to choose a job location carefully.

Buffett suggested that although you should choose your employer carefully, you should not be too concerned about factors such as starting salary. “If you can find great colleagues there, go there.”

Abel said he is honored to be involved in Berkshire's work.

22:31 The 11th question of the general meeting of shareholders: US dollar

depreciation and currency risk

Someone asked about the weakening of the dollar and the risk of currency. In response to how to reduce exposure to the risk of depreciation of the dollar, Buffett said his company would not invest in "worthless" currencies. “We don’t want to hold any currency that we think will depreciate.”

Buffett also mentioned that his holdings in the yen have increased. He did not rule out the possibility of future exploration and focus on other currencies.

Buffett also emphasized the complexity of currency game and pointed out that one of the government's responsibilities is to devalue its own currency.

Buffett said that he would not take any action specifically based on quarterly or annual earnings to manage monetary risks . In the monetary value system, it is very difficult to build an effective check and balance mechanism.

Additionally, Buffett said: " The U.S. fiscal policy scares me because it is formulated and all the motivations are to do a lot of things that may cause trouble with money. But it is not limited to the United States, but the whole world."

“I briefly mentioned in my annual report that fiscal policy is my biggest concern in the United States because it is formulated that way.”

"All the motivations are driving behaviors that may and do cause trouble on currency issues . But that's not limited to the United States, but in many parts of the world. In some places, this often goes out of control."

"We won't really invest in a currency that is about to 'crash'," Buffett said, adding that the value of the currency can be "fearing" when the government takes irresponsible actions.

"Charlie has always believed that if he had to choose an investment field outside of stocks, he felt he could make a lot of money in the forex market," Buffett said of the late vice chairman Charlie Munger.

" We tried once. We can 't say we won't do it again, but it's unlikely. Unless something happens in the United States that gives us the willingness to hold a large amount of currencies from other countries," Buffett said.

22:41 points, the 12th question of the shareholders' meeting: Mongolia

The questioner said that Mongolia is an emerging market, located between China and Russia. We have animal husbandry and mining, and the economy is still growing. We held a Mongolian investor conference in New York last year, attracting many interested investors. What does Buffett think of emerging markets like Mongolia? Are there long-term investment plans?

Buffett said, I remember that I attended an annual meeting about twenty years ago, and I started paying attention to Mongolia and heard introductions about Mongolia, so I still have some understanding of the situation in Mongolia -that happened a long time ago.

Now we will listen to some reports from the government and will also evaluate which business opportunities are truly developed. But we won 't invest overseas easily unless I think that's an opportunity with real huge potential.

Many people think that to make money, you have to go to places where inflation is rising, so that you can make a lot of money, but I don’t think so. At present, our company does not have any short-term investment plans in Mongolia unless it is a very attractive project on scale.

Maybe twenty years ago we would consider going over and taking a look. But I don't know much about your economy, such as livestock, mining, etc. This is what I think now.

22:45: The 13th question of the shareholders' meeting: Private equity

companies compete for the insurance industry

Someone asked, Blackstone, Apollo and KKR private equity companies are expanding in the insurance field, and these companies are more radical. What do you think?

Jain admitted that competition from private equity has made it more difficult for Berkshire to invest in insurance business. “There is no doubt that private equity firms have entered this space, and we have lost competitiveness in this space. We have been involved in this space in the past, but over the past three or four years, I don’t think we have done a single deal.”

However, Jia Yin said private equity adopts a model of higher leverage and more aggressive investment strategies. Private equity firms take certain risks in leverage and credit risk when the economy is performing well, especially in the life insurance sector. “ As long as the economy is good and the credit spread is low, they will make a lot of money. ”

However, there is always a risk that at some point regulators may be upset and say that the risk you take on behalf of policyholders is too great, and that this may end up in a tragedy, Jain said. “We don’t like the risk-to-reward ratio in these situations, so we chose to raise the white flag and decided not to compete with private equity firms in the life insurance space.”

Buffett said many companies want to imitate Berkshire 's model, but their CEOs don't put all their assets into the company like we do .

Buffett added that what makes Berkshire different from its competitors is that he himself assumes greater personal responsibility for investment . He said:

"They may have a little different sense of fiduciary responsibility for what they do, sometimes it works, sometimes it doesn't, and if it doesn't work, they turn to something else. But if what we do at Berkshire doesn't work, I'll spend the rest of my life regretting everything I've created, so it's a completely different personal relationship. In the realm of property and accident insurance, no company can really replicate Berkshire 's model ."

22:50: The 14th question for the shareholders' meeting: Young people

invest

The questioner was a young girl. She said she had just started to learn investment and wanted to hear what Buffett said. What lessons he learned in the early stages of his investment.

Buffett said this is a very good question. I really hope that when I was young, someone could give me such advice.

This matter is closely related to what kind of people are around you. Don't expect every decision you make is right. If your life has a direction, then you must strive to make those you respect and desire to be your friends .

I just mentioned a few people who worked with me in the past. Maybe they did things that were not as large as me, but they were people I liked very much, and getting along with them meant a lot to me. It is very precious to walk the road of life with like-minded people. Unfortunately, these principles are often not truly understood in the later stages of your life. When you get older, you will understand that these are the real things.

Buffett mentioned two former Berkshire directors Tom Murphy and Walter Scott. He said that if you have people like Tom Murphy and Walter Scott around you, your life will be better. But this does not mean that you are following the rich and copying their life patterns. I would suggest you get close to those who are really smart and wise, learn from them, ask them for advice, and try with them.

If you are looking for a meaningful job and you are not in a hurry to make money, then I suggest you spend time with great people like Charlie Munger . Find such an opportunity to share their success ; if you can’t find it, it doesn’t matter, just keep doing what you are doing and keep working hard. If you persist, you will eventually find those who live and think as seriously as you.

Buffett recalled that when I first went to Geico, the door was locked and I didn’t know who was behind it. Ten minutes later, I met that person, who later had a great impact on my human birth. When you meet such people, remember their help to you, and think about repaying them and helping them in the future. Never forget these noble people.

Of course, sometimes you may encounter some unsatisfactory situations. But if you are really lucky to live in a good environment and are surrounded by great people, then cherish it. You don't need to feel guilty about luck. There are 8 billion people around the world, and there are only more than 300 million people in the United States. If you live here, you are already in the lead in this game, and you should make good use of this.

If at work, someone asks you to do something you don 't want to do at all, don't be with them. Different industries have different standards for choosing people, but if you find the direction that makes you excited, then work hard, especially if that is a career you want to do for life.

The investment industry is very interesting. Many people are unwilling to continue doing it after making their first pot of gold. But I'm personally lucky that I've seen its long-term charm from the very beginning.

Like Tom Murphy, who lived to be 98 years old, has the ability to see the potential in others. We have not met another person who can discover talent so keenly, like him. If you want to be a better person, try to find someone like him and work with them.

There are many successful people in the world, but not everyone can make the right choice. The fastest way to success is to find the kind of truly excellent person and walk with him.

Berkshire's experience is also very valuable to me. Sandy Gottesman has been managing assets for us since 1963 until his death a few years ago, and Walter Scott and Abel, who all embodies what long-term success is. You can learn a lot from them that is truly valuable.

This is the advice I can give you. Some people can live long, maybe because they are surrounded by good people, or because they drink coke every day (laughs). But I believe that happy and happy people can live longer because they are always doing what they really love.

Question 15 of the shareholders' meeting at 22:59: Does the recent market

shock provide investment opportunities

Asked whether recent market volatility provides opportunities for big investment, Buffett downplayed recent market volatility and said "really nothing" , which is part of the investment . He disliked the stock market volatility that has disturbed investors in the past few weeks.

" What happened in the past 30 days, 45 days, 100 days... is really nothing, " Buffett said.

Buffett pointed out that Berkshire 's share price has fallen less than three times in the past 60 years. During this period, the company did not have any fundamental problems.

Berkshire Hathaway's share price has fallen less than three times in the past 60 years. He pointed out that during this period, the company did not have any fundamental problems.

In view of this, compared with the stock market crash in 1929, Buffett believes that the recent trend of US stocks is " not a huge move ", " This is not a dramatic bear market, nor is it a similar situation."

Buffett recalled that on his birthday in 1930, August 30, 1930, the Dow Jones Industrial Average was 240 points, and then fell to 41 points. Despite some "creepy" events, the Dow Jones closed above 41,300 points this Friday.

For those who are worried about the cyclical rise and fall of their investment portfolios, Buffett advises: They should change their investment philosophy and adapt to the world - not the world to adapt to them.

" For you, if it 's important for you to see whether your stock is down 15%, then you need to change your investment philosophy . The world won't adapt to you, you have to adapt to the world ."

He added: "People have emotions. But you have to control your emotions when investing."

Question 16 of the shareholders' meeting at 23:03: How to deal with

setbacks in life

A shareholder from Shanghai, China seeks advice on how to deal with setbacks in life.

"I'll focus on those good things, not bad things. Life can often be wonderful -- but it can also be bad setbacks," Buffett said.

At 23:09, the 17th issue of the shareholders' meeting.

Some people asked that autonomous driving has not yet been fully popular in the United States. If it really takes place in the future, what will Geico's insurance business be affected? How do you view the division of responsibilities, software issues, and broader changes brought about by autonomous driving?

Jia Yin, who is in charge of insurance business, replied that from an insurance perspective, autonomous driving will not immediately bring about essential changes . Most car insurance premiums are now priced based on the frequency of driver errors, and our policy and claims system operates in this way of risk calculation.

Jia Yin said that autonomous driving technology may indeed reduce the chance of accidents, and Geico holds a similar view to other insurance companies. But once this technology is truly popularized, we will make corresponding adjustments.

Buffett said it reminds me of what Charlie Munger had said to me before. When we decided to enter the textile industry, we could not foresee the future changes of the entire industry.

The world is changing all the time. Just like playing baseball or golf, not every swing can hit a home run, nor can you get a hole in every shot. You have to accept the fact that you will make mistakes.

Today we are talking about whether car insurance will be changed, which is a very important question. But at present, autonomous driving has not been fully commercialized, and the United States has not yet promoted it on a large scale. No one can accurately predict what the insurance industry will become in the next hundred years.

But one thing is clear: the world is dynamic. People love driving, we don't want to destroy the world. We have learned how to better protect the planet, even though the journey has been difficult. We know that there are eight countries around the world that have a significant impact on the development of all mankind, and we hope that these countries can have the best leaders.

Einstein published the special theory of relativity in 1905, which also promoted the study of energy conversion into powerful forces, but ultimately led to our having to face the threat posed by nuclear weapons. I also witnessed these consequences after being born in 1930. Even Einstein could not have expected the way these inventions would eventually change the world.

We have also seen the development of North Korea. No one can really predict what they will do next.这些不确定性并不会很快消失。

即便如此，变革也带来了许多好处，让我们今天的生活比100年前好得多。但我们依然要面对像大规模杀伤性武器这样的现实问题。

就像现在的汽车保险，我们看到技术发展很快，但对我来说，这种变化还比不上纺织业当年的冲击大。现在应该是人类历史上“最幸运”的阶段之一，你应该去享受生活，同时关注保险行业发生的变化。

保险这个行业我们做得很好。虽然它存在不少结构性问题，但我们也不是每件事都能完全掌控。如果你不知道怎么挥杆，就别打高尔夫球。

关于自动驾驶引发的产品责任、意外事故，确实还有很多条款需要厘清。一旦发生事故，由于技术升级，维修成本会显著增加。现在的汽车已经越来越像高科技产品，而这些技术相关的新问题，还没有完全解决。

比如我1950年刚去Geico的时候，一年平均保费大约是40美元，当然要看你住在哪个州。但现在，一年2000美元是常态。不过与此同时，交通事故死亡人数却大幅下降。如果你换个角度来看，其实现在开车比以前安全多了。整个行业未来的走势很难预测。你必须结合研究、现实和各种数据来看待。

还有能源行业、医疗、政治环境的变化，都可能造成产业结构调整。 在商业世界里，很多问题没有“答案”，只有“行动点”。今天的游戏规则和过去完全不同， 因此你每天醒来都要重新思考如何经营你的行业。

关于伯克希尔第一季度财报的一些补充说明：

我们保险板块的表现今年第一季度下滑明显。去年非常强劲，而今年则因价格下滑、风险上升而承压。

我们有些成就是无法复制的，也不建议大家去复制别人的模式。我们确实有一些优势。

我们的投资收入变化不大，因为我们整体的错误不多。我们预计今年投资总额在400亿美元左右，虽然整体收益会低一些，但负面也比过去少。

铁路业务今年比去年略有增长，有些问题正在改善，对伯克希尔来说仍是优质资产。能源板块的问题基本解决，今年收益也回升。其他业务需要我们继续加把劲。

我们做了很多测算，有的增长、有的下降，总体还不错。关于现金流，也请大家保持耐心。 芒格曾告诉我：“只要你有耐心，愿意每天坚持阅读财报、听听政界人士的讲话，就会找到非常优秀的机会。”

我们目前仍有充足现金，只要我们承保的业务能带来利润，这些现金就能派上用场。未来50年、100年，我们都有可能做出重要投资。当然，困难的年份也会到来，那时这些现金储备就显得尤为重要。

目前寿险部分的留存金是-2.2%。如果你没有准备好应对未来，那很可能会陷入麻烦。经营企业必须换一种思维方式来思考问题。

今年我们没有做任何收购。 如果你买伯克希尔的股票，也会获得应得的部分。

巴菲特表示， 伯克希尔今年暂停股票回购计划的部分原因是，大约一年前， 《通胀削减法案》 （the Inflation Reduction Act）出台，该法律对股票回购征收1%的消费税。这对我们来说比对其他公司伤害更大

巴菲特表示：“这确实让它（回购）的吸引力略低于以前。”

巴菲特举例称，像苹果这样，今年表现很好，花了1000亿美元做回购。他们为这些回购支付的税金也是巨大的。他们回购的价格甚至高于你买入时的价格——这是个好消息。

如今人们都在寻找提高成功几率的方法，但我想强调：你必须认真阅读。没有深入的阅读，是无法做出明智决策的。

如果未来出现重大变化，我们公司仍然会坚持保守审慎的参与策略。虽然我们进行了一些回购，但税负已经不容小觑。

0点05分下半场开场白及股东大会第18个问题：从芒格等人身上学到什么

开始下半场问答前，巴菲特向现场观众推荐一部关于已故《华盛顿邮报》出版商凯瑟琳·格雷厄姆（Katharine Graham）的纪录片：《成为凯瑟琳·格雷厄姆》。

巴菲特因与格雷厄姆的友谊以及在《华盛顿邮报》董事会中的角色出现在这部影片中。

贾因下半场并未登台，巴菲特和阿贝尔继续答问。

有股东提问阿贝尔希望人们如何记住他。他表示，自己作为父亲和教练的角色对他而言非常重要。

巴菲特打趣道，他希望人们记住他是因为“高龄” ，引发观众阵阵笑声。

巴菲特解释，他为何认为资产负债表是评估一家公司是否值得投资的一个良好起点。

他说： “ 我花在研究资产负债表上的时间，比看利润表的时间还多。 而华尔街其实并不太关注资产负债表，但我喜欢在看利润表之前，先查看一家公司八到十年的资产负债表，因为有些东西在资产负债表上更难隐藏或操纵。”

他补充道：“当然，这两者都不能给你全部答案。”

0点13分股东大会第19个问题：阿贝尔接替巴菲特后伯克希尔的资本配置

有人问，过去十几年，大家一直关注巴菲特和查理·芒格的投资策略。现在阿贝尔将接替巴菲特任CEO，未来可能会有更多的资本配置决策由他主导。他如何看待这方面的传承，他何看待未来？

阿贝尔首先提到，伯克希尔有一个非常强大的投资文化，这是巴菲特先生长期建立的成果。我们全体同仁都秉持着共同的价值观。

资本配置是我们经营哲学中最核心的一部分。我们在做决策时，不仅仅是管理层之间讨论，更重要的是，我们有很清晰的风险意识。这些价值观就是我们公司成功的关键。

我们始终重视伯克希尔的信誉，这对我们来说是最大的财富。巴菲特曾经提醒大家，在做任何投资决策时，第一件事是看清楚损益表，了解真实的数字。

现在我们拥有大量现金，这是巨大的优势，但同时也带来了挑战——怎么配置这些资金？这不是一个简单的问题，而是一门深奥的哲学。我们随时都有配置能力，但追求的是“更好的配置”。

我们一直强调的是，伯克希尔在任何环境下都不会依赖别人，我们不会依赖银行贷款来进行资本运作。无论是保险还是非保险业务，我们必须有充足的现金流，确保伯克希尔能够持续运作。

我们会继续关注各个行业的优质机会，不局限于保险业。我们的目标是在投资时，无论是购买一家企业100%的股份，还是只持有一部分，都必须充分理解这家公司的愿景。

就像巴菲特之前提到的： 我们在上一季度完成了一项100亿美元的收购。有时全盘收购是合适的，有时只买一部分股权也能发挥作用。关键是，无论我们持股1%还是100%，都必须了解这家公司未来5年、10年、20年想要成为什么样的企业。

我们会继续延续这套哲学。这是伯克希尔过去60年成功的核心，我们不会改变。

巴菲特接着说，要强调，现在美国确实面临一些重大的转型需求。 我们美国的电网、高速公路系统都已经落后于当前人口和经济的增长速度。要推动

这些改变，美国政府必须采取更强有力的措施。美国有50个州，每个州都有不同的思考方式。就像二战后，我们在很短时间内动员了整个制造业支援战争，当时效率惊人。但和平时期，要实现同样的效率，并不容易。

投资要看情境而定，我们有知识、有资本，但也要进行策略上的转变。如何发挥伯克希尔的作用，这需要既对国家有意义、也对人民和公司有意义的方案。

阿贝尔接下来也许会提出他对这些问题的看法。但有一点是明确的：我们需要准备好充足的现金储备， 以便在关键时刻介入。

过去我们做过很多合作项目。比如美国的高速公路系统，是在联邦政府推动下完成的。如果只是靠一家企业，是办不到的。未来类似的大项目，也需要政府与私营部门的密切合作。

阿贝尔说，从能源业的角度来看，我们的确还有很多可以推进的领域。目前电力需求增长迅速，要满足长期的能源需求，就必须做出必要的资本投资。我们在这个领域有着很强的能力，也正在积极应对相关风险。

只有解决了这些风险，我们才能部署应对未来需求的能力。而且我们现在就必须开始准备。

巴菲特表示赞同，他接着说， 必须借助美国联邦政府的力量。就像二战时修建高速公路系统，如果没有国家的协调，是不可能迅速完成的。

我们确实拥有资本，也拥有足够的知识，这使我们能够参与其中。但光有合作愿望是不够的，还需要有“集中力量办大事”的能力。

二战时期我们能做到这些，但在和平时期，要推动类似的全国性建设，是非常困难的。这项任务最终可能会落到下一代人手中。

0点26分股东大会第20个问题：14岁的女孩希望加入伯克希尔，怎样努力

来自香港的14岁女孩表示，她希望未来加入伯克希尔，问未来可以做什么工作。阿贝尔说，勤奋工作和乐于贡献的愿望会让你走得更远。“我们真诚地期待你成为伯克希尔的一员的那一天。”

巴菲特补充道： “ 保持好奇心，多读书 。”

0点29分股东大会第21个问题：野火影响公用事业，有何战略保护

谈到野火风险时，阿贝尔说：“它不会消失。公司已决定，当火灾来临时，有时需要切断设备电源。这可不是关灯就能解决的。”野火在加州、德州都在发生。在哪里投资是首先观点。

谈到伯克希尔公用事业公司在山火蔓延时承担的责任时，阿贝尔说道,“我们不能只是成为最后的保险人.我们不可能为发生的所有事情负责。”

巴菲特向股东保证， 伯克希尔不会把他们的钱用在公司认为“愚蠢”的事情上。

他补充道，如果他们真的这么做了，股东们“就应该把我们赶走”。

“用别人的钱做蠢事比用自己的钱更容易。这是政府普遍存在的问题之一。我们不想把这种现象带给私营企业，”巴菲特打趣道。

0点43分股东大会第22个问题：女粉希望巴菲特安排在办公室见面

提问来自一位波兰女士，她说，74年前的1951年1月，巴菲特曾搭乘火车8个小时去华盛顿，只为了解保险的知识，并一直坚持走在这条道路上，这是一段非常打动人的经历。2011年她才15岁，但她也给自己立下目标：有一天一定要见您一面。今天，她终于实现了这个承诺，她想请求巴菲特满足一个小愿望：能不能给她一点时间，在您办公室待上一个小时。

巴菲特感谢她的提问，笑着说你不需要宣布我的生平轶事，但我很感谢你的坚持和努力。今天在场有四万人，你的这个问题确实很特别。

巴菲特说，在我年轻的时候，我经常会开车走遍全国，去参观各种公司。当时这些公司通常没有投资人关系部，所以很多时候是CEO亲自接待我。我当时也担心他们可能不会理我，但我会事先准备好两个非常具体的问题。这个做法并不是坏主意。

如果你想拜访某个人并和他聊十分钟，那你要先想清楚你要说什么、你要问什么。你来设定这十分钟的条件，而不是让对方来设定。

你会发现，大多数公司现在都有投资人关系部门，他们的工作就是告诉你为什么你应该买他们的股票。这是一个越来越大的业务。但你完全可以用你自己的方式去学习和了解这个世界。伯克希尔也有我们自己的方式，我们不照搬别人那一套。

现在我们拥有足够的资料和人才，因此我们不需要像过去那样一个一个地做面试。今天在这里有四万多人，我们确实没有办法满足每个人的一小时请求。但我真的非常欣赏你的热情和坚持，我只能这样跟你说这些了。

0点50分股东大会第23个问题收购伯克希尔自身能源部门剩余资产

关于伯克希尔收购其自身能源部门剩余资产的决定。 巴菲特对公用事业行业并不乐观 ，他说道， “公用事业业务不如几年前那么好了 。 ”他将此归咎于社会因素，他说，价值会变，而且并不总是向上。

巴菲特谈到了 美国能源行业的投资机会，以及伯克希尔可以发挥的作用。“解决这一问题的方法，是实现某种政府与私营企业之间的合作 ，就像战争时期那样。我不认为在修建高速公路系统时，政府是自己派人去铺设大量混凝土或做类似的事。”

他补充说：“我们确实有资本，而且我们也掌握了一些极少数地方才有的知识。”

0点54分股东大会第24个问题：伯克希尔未来盈利

有人问巴菲特，在最近这个财政年度，对公司的收益有怎样的预估？未来的盈利是会增加，还是可能会下降。

巴菲特说，我认为我们的公共事业收入会受到一定影响，盈利不一定完全由并购决定，但不可否认的是，我们确实会不定期进行并购。 今年我们就花了100亿美元进行投资。

这类问题很多时候取决于市场的环境以及人们的情绪。有些人就比较悲观。作为1930年代出生的人，我经历过非常艰难的时期。有时候你会觉得某些机会特别有吸引力，但却没有行动，错失了机会。在我一生中，这种情况发生过很多次。

很多时候，我选择不去尝试一些我觉得没有把握的事情——比如你要我去走钢丝，我是不会去的。但在 金融市场方面，有些别人会害怕的东西，我并不害怕。

如果哪天伯克希尔的股价下跌一半，对我来说反而是个机会 。我知道很多人的反应跟我不一样，但我不会担心。不是说我没有情绪，而是股价的波动不会左右我理性的判断。它不会影响我对价值的评估。

从整体来看，伯克希尔的盈利能力在一段时间内仍会持续增长 。我们要做的是保留我们赚到的钱，然后理性地做出决定。每个人的能力和风险承受度都不同，而正是这些差异，才创造了投资市场中的机会。

0点59分股东大会第25个问题科技巨头的股票

科技巨头目前大举投入资本支出，投资AI。巴菲特表示， 科技巨头赚了很多钱，也做了很多投资。像可口可乐也有自己的装瓶公司，这些投资其实并不是很大。 企业的初始投资、比如机械所需的大，后面就少了。

巴菲特说，观察科技七巨头（Magnificant 7）未来资本密集程度的提升将会非常有趣。“ 美国有很多人通过关注别人如何投资而变得非常富有 。”

1点09分股东大会第26个问题：有什么高中的课程或活动有助于今后做投资

巴菲特说，未来的学校老师，工作中都可以学到。

1点17分股东大会第27个问题：DOGE对美国长期来说是好是坏

被问到政府效率部（DOGE），巴菲特笑着说，为什么要问我这么难的问题。对我来说，政府的官僚系统一直是个令人困惑的事情。在资本主义市场中， 很多官僚性的结构会“传染” ，也就是说，它们的低效率可能蔓延到其他领域。其实很多体系是有更好的管理方式的，就连伯克希尔内部也有需要精简和提高效率的空间。

但政府就是政府。它没有一个真正监管它的“上级”，这让人对未来的治理和财政状况感到不安。尤其是当选上的人说一套、做一套的时候，真的会让人担心。

我一直认为，政治人物如果有钱但没有信用，那对我来说是非常负面的信号。在财政政策方面，美国长期以来没有真正解决财政赤字的问题，这从来都不是一个被彻底解决的议题。

就美国而言，“我们现在的财政赤字状况难以在很长一段时间内持续下去。我们不知道这意味着（能持续）两年还是二十年，因为从来没有哪个国家像美国这样，这种情况不可能永远持续下去。”

有些时候你知道某件事不能持久，但你又不知道该怎么停止它——最后只能摊手放弃。想当年是（前美联储主席）保罗·沃尔克让美国避免了最糟的通胀崩溃。而如今，美国的通胀问题已经很严重，而且我们也经历过这类政策带来的后果。

巴菲特没有直接谈到DOGE，但他坦言， 削减预算赤字 是一项艰巨但重要的任务。

说实话，我不会想去负责修复财政系统、平衡收支——“那不是想做的工作，但那是一个应该做的工作” 。只不过现在看来， 国会并没有着手处理这个问题。

我们是一个伟大的国家，拥有全球最多的创新人才，但我们也确实存在很多结构性问题。如果有地方出问题了，这些问题不会立刻爆发，但它们一定会慢慢发酵。

治理中当然也有激励和制衡机制。就像在公司里一样，哪怕是最成功的公司也不可能没有问题。

巴菲特再次提到美元贬值的风险。 say:

“然而，所有这一切的根本在于拥有一种不会贬值的货币 。如果所有信任政府的人都受骗，而所有想方设法从中获利的人都变得富有或更富有，那么贬值会对社会的稳定造成怎样的影响？我认为你不会想要一个以这种方式运作的社会。”

1点23分股东大会第28个问题：假设穿越到1776年，如何为美国创建资本主义的基础、支持它长期繁荣

巴菲特表示：“当人们最悲观的时候，我们将达成最好的交易。”他表示，伯克希尔将会持续增强盈利能力，但这种增长不会是线性的。巴菲特为伯克希尔长期不使用他人资本进行交易的决策进行了辩护。

巴菲特称美国是资本主义的光辉典范，并将这一制度比作一座附带赌场的大教堂 。他说，“美国的资本主义取得了前所未有的成功。它是一座宏伟大教堂的结合体，这座大教堂创造了一个世界上从未见过的经济体系，同时它旁边还附带着一个巨大的赌场。诱惑非常大，尤其是现在，诱惑就是走进那家赌场。”

“在那座大教堂里，人们基本上是在设计能为三亿多人口生产商品和服务的系统，这种规模在历史上前所未有。”

虽然把所有时间和精力都投入到这个比喻中的赌场确实很有吸引力，但巴菲特提醒， 保持平衡至关重要。“赌场里，大家玩得很尽兴，金钱流动频繁，但你也必须确保大教堂得到供养。 未来100年里，美国必须确保这座大教堂不会被赌场吞噬。”

他补充道，“我们建立了一个有趣的制度，但它确实奏效了。资本主义在分配回报方面，看起来似乎非常随意且反复无常。”

1点31分股东大会第29个问题：伯克希尔经营子公司的模式

伯克希尔在子公司经营上采取“非干预”的管理方式，有人问，能否具体谈谈如何运作。

阿贝尔称，从2018年起，我开始更深入地了解伯克希尔旗下的各项业务。巴菲特本人的知识非常令人敬佩，而且他非常乐于分享：他会指出商业模式中可能存在的风险，我们一旦遇到问题，也会及时与他沟通。

我和他更多是在框架性问题上进行交流，比如如何看待一个行业的趋势、某项战略是否合理等。但在日常经营中，我们有非常大的自主权，可以独立决策、推进项目。

如果某个行业突然出现机会，或者我们打算追逐一个新方向，我们会跟巴菲特探讨一下是否值得去做。但在执行层面上，我们有高度的自由度。伯克希尔挑选的经理人都非常了解自己所在行业的运作，比如Geico的领导人。尤其是在保险领域经历变革的这几年，一个有远见的领导者非常关键。我们正是从过去的经验中受益。

巴菲特笑着说，我和阿贝尔共事多年。他做事非常认真，有时候我都希望自己能像个艺术家那样轻松一点，不那么努力工作。但说实话，如果一项业务经营得很好，那你就不用担心被炒鱿鱼。

阿贝尔做得非常出色。并不是所有人都适合当经理。有的人希望有人告诉他怎么做；有的人一旦你给他下命令，他就会辞职走人，我不会怪他们。但 阿贝尔不同，他有自主性，也乐于接受他人的建议或协助。他是一位真正的领导者。

在伯克希尔，我们并不是要求每个经理人都用相同的方式做事。有些人非常值得钦佩，有些人可能不是。 但一个组织的管理质量是可以看出来的——如果组织的风气开始走下坡路，那说明领导层可能也需要做出改进。

比如，在我们旗下的一家零售店里，曾有员工告诉朋友“来买东西我给你打折”，虽然他们只是好意，却违反了公司员工折扣的规则。这种行为是会“传染”的。

我们不希望看到上层管理者带头做出为了个人利益而改变规则的事情。一旦这样做，整个组织都可能走向错误的方向。

1点38分股东大会第30个问题：伯克希尔对环境变化怎么看

阿贝尔说，伯克希尔在支持和收购能源公司时都考虑到了这个问题，这个必须考虑到联邦政府和州政府的要求。

阿贝尔提供了21世纪初爱荷华州电力结构改变的例子。

阿贝尔说，21世纪初，爱荷华州的电力出现短缺，当时该州都是火力发电。他和州长商谈过。要确定怎样保持能源长期供应。当时讨论了各式各样的能源类型。

阿贝尔强调，在州议员的支持下，爱荷华州建设了一个大型风电项目，同时淘汰了一批燃煤机组。伯克希尔在爱荷华做了美国最大风力发电站的项目，投资了160亿美元，同时淘汰了一批燃煤机组。

阿贝尔补充道， 仍然需要燃煤机组来维持稳定的电力供应。这番话赢得了全场掌声。

阿贝尔称，可再生能源和非碳能源必须符合国家要求推进。伯克希尔做了完全符合联邦和州政府要求的决定，尊敬所有州的流程，与之配合。“我们将继续与各州合作，确定他们想要规划的路线。”

阿贝尔警告：“我们不能出现西班牙、葡萄牙那样的情况。” 他指的是最近席卷伊比利亚半岛西班牙和葡萄牙的停电事件，这意味着伯克希尔的能源业务目前仍然需要燃煤电厂来继续产生足够的电力。

1点44分股东大会第31个问题：美国医保改革

有位护士问伯克希尔为何终止与摩根大通和亚马逊在医疗保健领域的合作，对美国医保改革想法。巴菲特表示， 终止合作是因为他们面临的变革阻力太大了。

1点54分股东大会第32个问题：未来阿贝尔的角色

有人问，未来阿贝尔将全面接管伯克希尔，包括资产配置的职责，他将来的重点会是作为投资人，还是更多地担任企业运营者的角色。

巴菲特说，说实话，做一名企业的运营者是非常困难的，而坐在房间里管钱相对容易，也更容易让人羡慕。我一直觉得自己很幸运，因为我有机会选择与谁共事。我这一生中从未被自己的老师们或合作伙伴辜负过，这是很难得的。

我也很感激，我有选择自己每天想做什么事的自由，这种自由和灵活性是许多职业经理人所没有的。老实说，我从未想过要成为一个企业的“最高管理者”——那不是我擅长或者喜欢的角色。

现在我能用自己喜欢的方式经营公司，对我来说是一件幸福的事情。阿贝尔是个非常出色的经营者，他擅长处理复杂的运营事务。而我之所以能够把这项工作交给他，就是因为我相信他会处理得很好。

至于资产配置，那当然也是未来工作的一部分。但我想强调， 真正的挑战不只是“投资”，而是如何用伯克希尔的资源做正确的事。阿贝尔将是一个可以把这两件事结合得很好的人。

1点57分股东大会问答结尾

巴菲特宣布：

“格雷格（阿贝尔） 年底就应该成为（伯克希尔）公司的CEO了。”

巴菲特表示，卸任后，他仍会留在伯克希尔并提供帮助，但“最终决定权”在阿贝尔手中。

巴菲特称，阿贝尔并不知道这件事。除了他的孩子之外，董事会的其他成员也不知道。

巴菲特表示，他无意出售伯克希尔的任何股票，但会逐步把持股捐赠出去。他说：“我绝对没有打算出售伯克希尔-哈撒韦的任何股份， 我会逐步赠予 。” 这番话引起现场观众一阵阵的掌声和欢呼。

巴菲特继续说道：“我想补充一点：保留所有股份的决定是一个经济决策，因为我认为，在格雷格（阿贝尔）的管理下，伯克希尔的前景会比我管理时更好。”

他表示，这个决定也表明了他对阿贝尔领导能力有信心。巴菲特总结：

“但我会加入，也许有一天我们会有机会投入大量资金。到那时，我认为这对董事会来说可能很有帮助——让他们知道我把所有的钱都投入了公司，我认为这很明智，而且我已经看到了格雷格的成绩。”