2024-05-05 19:24:16
Legendary investor Berkshire shareholders meeting site
Apple sells 13% of its stock to “make money to pay taxes”
Observation of preference for cash over stock market due to high interest rates
“Has Apple’s investment attractiveness decreased since the first investment in 2016?”
CHI Health Center in Omaha, Nebraska, USA on the 4th (local time). A question from Malaysian shareholder Sherman Lam (27) was chosen as the first question at the Berkshire Hathaway shareholders’ meeting, where about 30,000 people from around the world gathered. This was immediately after the announcement that Berkshire Hathaway had sold approximately 115 million shares, equivalent to 13% of Apple shares, held in the first quarter (January to March). Tim Cook, Apple CEO, was sitting in the front row.
Berkshire Hathaway Chairman Warren Buffett (pictured) said, “No. “Apple will be the largest share of our holdings this year,” he said. “The federal government owns a certain portion of corporate profits (through taxes), and the fiscal deficit is high, so they will want to increase that percentage.” The company explained that it was a reduction in its stake due to concerns about rising corporate taxes and that it was not a change in its outlook for Apple. Chairman Buffett again emphasized, “We will hold on to Coca-Cola, Amex, and Apple until the end unless something special happens.”
Berkshire Hathaway owns $135.4 billion (about 184 trillion won) worth of Apple stock as of the end of March. Despite the massive sale, it is still Apple’s largest shareholder excluding exchange traded funds (ETFs). Berkshire Hathaway also announced on this day that its cash assets increased from $167.6 billion at the end of last year to $189 billion (about 257 trillion won) at the end of the first quarter.
Buffett: “I’m concerned about AI fraud, I was fooled by someone who created a fake.”
Berkshire shareholder meeting in Omaha, USA
“AI reminds me of nuclear weapons
“I’m afraid that if I make a genie, I won’t be able to put a lamp in it.”
When asked about ‘intention to invest in China’, “The basics are the US.”
Berkshire Hathaway plans an annual shareholders’ meeting program where management and shareholders come together to discuss the company’s present and future for three days and two nights. This year’s shareholders’ meeting attracted about 30,000 shareholders from all over the world, including not only the United States but also Germany, Japan, China, Italy, and Ireland. Following the side event the previous day, on the 4th, the official shareholders’ meeting day, an event was held for 6 hours to ask Chairman Buffett, known as the ‘investment genius’, about various topics.
Berkshire Hathaway’s $189 billion in cash equivalents at the end of the first quarter is the largest cash holding in the company’s history. Chairman Buffett said, “It is reasonable to assume that it could increase to $200 billion (about 272 trillion won) by the end of this quarter (2nd quarter, April to June).” In response to a shareholder’s direct question, ‘Why are you hoarding money and not doing anything?’, he said, “We only swing (the bat) when we like the ball flying,” and invested in the stock market in a situation where short-term bonds have high yields due to high interest rates. He said that there was no place to do it.
When a shareholder from Hong Kong asked whether he was considering investing in other Chinese or Hong Kong companies while investing in Chinese electric vehicle BYD, Chairman Buffett drew a line, saying, “Our basic investment destination is the United States.” He then responded, “We have invested in Japanese trading companies due to their irresistible appeal, but it is unlikely that we will invest heavily in countries other than the United States.” Chairman Buffett sold all of Taiwan’s TSMC stocks from the end of last year to the first quarter of this year and purchased a large number of stocks of Japanese trading companies such as Mitsubishi Corporation.
When asked about investing in generative artificial intelligence (AI), he said, “If I had been interested in investing in fraud, this would have become the largest growth industry of all time,” and expressed his view that false information originating from AI is a concern. He said he recently saw an image of himself created by AI and added, “I am about to be tricked into sending money to a fake me from some country.” He also said, “AI reminds me of nuclear weapons. “I am afraid that we will not be able to put the genie we created back into the lamp,” he said.
There were many shareholders seeking life advice. Chairman Buffett said, “I want to say this to students looking for jobs. “Find something you want to do even when you don’t have to work,” he said. He continued, “Start today and go towards your goal. “There will be difficulties, but it will be okay,” he added.
Omaha = Correspondent Kim Hyun-soo [email protected]
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2024-05-05 19:24:16