巴菲特股东大会来了！这是值得关注的几个要点

华尔街见闻2021-05-01

今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体...

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安安之佛系投資篇
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2021-05-01
Sherrybaby
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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n巴菲特股东大会来了！这是值得关注的几个要点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-01 07:54 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3629506>华尔街见闻</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体...\n\n<a href=\"https://wallstreetcn.com/articles/3629506\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BRK.B","symbol_name":"伯克希尔B","start_time":0,"source_url":"https://wallstreetcn.com/articles/3629506","article_id":"2132956144","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/7ede74b0434b73c8b7efd78492555ed3"],"rights":{"source":"wallstreetcn_api","url":"https://wallstreetcn.com/articles/3629506","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2132956144","pubTimestamp":1619826889,"columns":[],"sourceInfo":{"source_id":"wallstreetcn_api","name":"华尔街见闻"},"weMediaInfo":null,"summary":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"translate_title":"Buffett's shareholders' meeting is coming! These are some important points that deserve attention","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/6f88b4010e26d50a8aefcce866f5d9cc","symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9},"content_text":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体点击，也是这一备受瞩目的盛事首次在美国内布拉斯加州奥马哈市以外的地方举行。今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，年度股东大会的地点也暂时移师洛杉矶。去年因疫情出行限制，芒格没有参加2020年股东大会。近日，巴菲特的工作人员在回复中国媒体的问询时称，预计巴老不会在时长3个半小时的股东大会前后接受采访，感谢大家记挂，希望明年春天再聚奥马哈。巴菲特自1965年以来一直担任伯克希尔的董事长兼CEO，芒格自1978年来一直担任副董事长。2018年起升任公司非保险业务副董事长的Greg Abel，以及一同升任公司保险业务副董事长的Ajit Jain也出席大会回答股东提问，他们都是“后巴菲特时代”伯克希尔首席执行官的主要竞争者。华尔街见闻汇总中外媒体分析文章，总结出了今年股东大会的几大看点——看点1：伯克希尔经营产业的复苏情况伯克希尔旗下业务涵盖铁路、制造、零售和公用事业等传统经济领域，部分产业不可避免地遭遇疫情重创。它们的恢复情况也势必带出巴菲特对未来经济走势的看法。市场共识预期是，伯克希尔旗下产业将从美国经济重新开放中获益，具有“价值股”属性的公司股价今年或跑赢大盘。例如，为波音、空客、庞巴迪等飞机制造商生产指定零配件的精密机件公司（Precision Castparts）去年被迫减记98亿美元资产和裁员1.34万人，因旅行需求暴跌抹消了对飞机零部件的订单。伯克希尔投资经理之一Todd Combs领导的Geico汽车保险公司也面临争议，当其他险企在疫情期间向客户退还保费时，他们却只愿意向续保的司机提供信用优惠而非直接返现。股东们也可能关注伯克希尔、亚马逊和摩根大通试图削减员工医疗保险成本、但今年2月突然宣告失败的合资企业Haven。原本市场寄希望于这一创新公司颠覆美国复杂且昂贵的医保体系，结果该公司运行不到三年便宣告解散，人们猜测巴菲特也许会在股东大会谈到失败原因。看点2：创纪录的股票回购能否延续巴菲特在2月末发布的2021年致股东公开信中称，去年四季度伯克希尔回购了约90亿美元自家股票，令2020年总回购额达到创纪录新高的247亿美元，回购股份数量相当于流通股的5.2%，是2019年50亿回购总额的五倍。他表示，伯克希尔自去年底以来回购了更多股票，并且将来可能会进一步建减少流通的股票数量。公司只有在认为股票交易价格低于其内在价值市才会参与回购，而不是像其他公司那样“尴尬地在股票价格上涨而不是下跌时，投入更多资金回购，我们的方法恰恰相反。”知名零售经纪公司Edward Jones的分析师James Shanahan预计，伯克希尔在今年一季度又回购了50亿美元自家股票。不过，公司A类股在4月29日本周四创下近41.80万美元的收盘历史新高，今年累涨19%，跑赢标普500大盘同期逾11%的涨幅。伯克希尔A类股已较去年3月23日的低点大幅反弹52%，相对便宜的B类股过去12个月也涨超47%。如此高的股价是否还低于内在价值进而触发大额回购呢？投资者等待巴老点评。看点3：坐拥千亿现金，何时上演“大象级别的巨额收购”即便在2020年创纪录的回购之后，伯克希尔仍然持有可观的现金储备，去年四季度末高达1380亿美元，略低于去年三季度末的1457亿美元。股东们想知道，为什么巴菲特一直在大手笔回购伯克希尔股票，而不是进行他多年以来渴望的“大象般体量”大规模收购。巴菲特在去年股东大会上解释称，这一原因很简单，“因为我们还没有看到任何吸引人的东西”。但在过去一年中，伴随特殊目的收购公司SPAC的迅速崛起，并购交易环境竞争更加激烈。据SPAC Research统计，目前有超过500个SPAC手持超1380亿美元正在寻找目标收购公司。CFRA Research分析师Cathy Seifert指出，这是一家拥有大量现金头寸的重要公司，投资者有权知道他们打算如何使用这些现金。如果巴菲特还是讲述同样的老故事作为借口，股东们将开始感到疲倦。但鉴于其股票反弹力度可观，可能人们也不会抱怨太多。看点4：巴菲特的美股持仓策略和中国投资去年股东大会上，巴菲特透露已抛售伯克希尔的全部航空公司持股，包括美联航、美国航空、西南航空和达美航空的股份，合计价值超过40亿美元。当时人们认为传达了这一传奇价值投资者对航空业的悲观看法，但随着航空公司股价从2020年低点跳涨了三位数百分比（即已经翻倍），不少跟随巴菲特投资轨迹的观察者表示失望。就连美国前总统特朗普都批评巴菲特“一生都是对的”，唯独在清仓航空股上老马失蹄。投资者期待巴菲特是否在今年股东会上“承认失手”。但上文提到的分析师Shanahan称，巴菲特对航空业的看法可能仍正确，这一行业在疫情后已经发生根本性的变化，旅游出行恢复缓慢且飞机过多，就连美联航本月都承认全面复苏之路仍然坎坷，商务和国际旅行完全回归遥遥无期。截至2020年底，苹果公司仍是伯克希尔最大的普通股投资，持仓市值为1204亿美元，占总持仓的比例接近43%。不过去年四季度，伯克希尔减持了5716万股苹果股票。投资者想知道，这种操作是否代表巴菲特对苹果的态度发生变化？对苹果的造车新业务巴老又如何看待？去年底，伯克希尔还回撤了对金融业的敞口，清空了摩根大通和PNC Financial的仓位，把对富国银行的持仓量削减了近60%。同时，巴菲特趁疫情重创股价之际，扩大了对派息相当可观的雪佛龙石油和电信运营商威瑞森（Verizon）的持仓。人们渴望听到巴菲特如何评价疫情后期的股市反弹，以及他对股市整体估值是否日趋泡沫化的看法。分析师Shanahan认为，在出售了航空股和金融股之后，伯克希尔投资组合的构成方式以及苹果公司的出色表现，令其现在看起来要更像是新经济公司了，也许是“后巴菲特”时代的一窥。值得注意的是，今年4月初，芒格旗下报业公司Daily Journal提交给SEC的13F文件显示，在2021年第一季度建仓阿里巴巴，3月底的持仓市值近4000万美元。芒格对中概股和中国企业的前景是否有进一步的肯定和看好也值得关注。看点5：是否继续鄙视加密货币或其他市场热潮今年美国金融市场可谓风起云涌。先是散户大战机构、逼空华尔街，接着对冲基金世纪大爆仓引发全球多家金融机构遭受巨额损失，随后比特币火速冲破6.4万美元创新高，同时散户热炒空白支票公司（SPAC）希望从借壳上市的快车道分一杯羹。众所周知，巴菲特素来不看好比特币，认为属于“投机”而非“投资”，还称比特币是“老鼠药的平方”（rat poison squared）。芒格则引用奥斯卡·王尔德的名言称投资比特币为“徒劳无功”（the unspeakable in pursuit of the uneatable）。芒格曾于2月下旬在其担任主席的Daily Journal 年度会议火爆点评市场，指责Robinhood赚钱的方式“肮脏”，是在吸引毫无经验想要赌博的新手，无佣金交易是投资界最令人“恶心”的谎言之一；抨击SPAC是投行在“赚脏钱”，是“令人恼火的泡沫”，“只要狗屎能卖出去，投行业就将卖这些”；被问及5万美元的比特币或1万亿美元市值的特斯拉对比时，称不知道哪个更糟糕。他警告称，当前美股的主流态度是“赛马心理”，鼓励这种赌博心理是十分愚蠢的，疯狂购买股票是一种非常危险的投资方式，最终会以一种糟糕的方式结束，尽管他不确定是何时。在经过几个月的观察后，投资者想要听听两位投资界的传奇常青树对市场高风险是否悲观。看点6：“后巴菲特时代”的接班人是否明晰由于巴菲特和芒格均已年逾耄耋，伯克希尔掌门人的继任者究竟是谁，俨然正在成为每年股东大会的经典话题之一，不过每一年巴菲特都没有提及此事。观察人士注意到，2020年的股东大会由于芒格无法飞到奥马哈出席，负责伯克希尔非保险业务的副董事长Greg Abel代班芒格与巴菲特一道回答股东提问，市场也开始认为Abel最有可能接班。不过，目前华尔街主流分析师都猜测，巴菲特依旧不会详谈接班人的话题。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":101439730,"gmtCreate":1619929153920,"gmtModify":1704336497795,"author":{"id":"3581288830642660","authorId":"3581288830642660","name":"安安之佛系投資篇","avatar":"https://static.tigerbbs.com/6855a237da99c046510485a6bdcf9d52","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3581288830642660","authorIdStr":"3581288830642660"},"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101439730","repostId":2132956144,"repostType":2,"repost":{"id":"2132956144","kind":"highlight","pubTimestamp":1619826889,"share":"https://ttm.financial/m/news/2132956144?lang=en_US&edition=fundamental","pubTime":"2021-05-01 07:54","market":"us","language":"zh","title":"Buffett's shareholder meeting is here! Here are a few key points to watch","url":"https://stock-news.laohu8.com/highlight/detail?id=2132956144","media":"华尔街见闻","summary":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。","content":"This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett's shareholder meeting is here! Here are a few key points to watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett's shareholder meeting is here! Here are a few key points to watch\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-01 07:54\n\n</h4>\n</header>\n<article>\nThis year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3629506\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7ede74b0434b73c8b7efd78492555ed3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://wallstreetcn.com/articles/3629506","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132956144","content_text":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体点击，也是这一备受瞩目的盛事首次在美国内布拉斯加州奥马哈市以外的地方举行。今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，年度股东大会的地点也暂时移师洛杉矶。去年因疫情出行限制，芒格没有参加2020年股东大会。近日，巴菲特的工作人员在回复中国媒体的问询时称，预计巴老不会在时长3个半小时的股东大会前后接受采访，感谢大家记挂，希望明年春天再聚奥马哈。巴菲特自1965年以来一直担任伯克希尔的董事长兼CEO，芒格自1978年来一直担任副董事长。2018年起升任公司非保险业务副董事长的Greg Abel，以及一同升任公司保险业务副董事长的Ajit Jain也出席大会回答股东提问，他们都是“后巴菲特时代”伯克希尔首席执行官的主要竞争者。华尔街见闻汇总中外媒体分析文章，总结出了今年股东大会的几大看点——看点1：伯克希尔经营产业的复苏情况伯克希尔旗下业务涵盖铁路、制造、零售和公用事业等传统经济领域，部分产业不可避免地遭遇疫情重创。它们的恢复情况也势必带出巴菲特对未来经济走势的看法。市场共识预期是，伯克希尔旗下产业将从美国经济重新开放中获益，具有“价值股”属性的公司股价今年或跑赢大盘。例如，为波音、空客、庞巴迪等飞机制造商生产指定零配件的精密机件公司（Precision Castparts）去年被迫减记98亿美元资产和裁员1.34万人，因旅行需求暴跌抹消了对飞机零部件的订单。伯克希尔投资经理之一Todd Combs领导的Geico汽车保险公司也面临争议，当其他险企在疫情期间向客户退还保费时，他们却只愿意向续保的司机提供信用优惠而非直接返现。股东们也可能关注伯克希尔、亚马逊和摩根大通试图削减员工医疗保险成本、但今年2月突然宣告失败的合资企业Haven。原本市场寄希望于这一创新公司颠覆美国复杂且昂贵的医保体系，结果该公司运行不到三年便宣告解散，人们猜测巴菲特也许会在股东大会谈到失败原因。看点2：创纪录的股票回购能否延续巴菲特在2月末发布的2021年致股东公开信中称，去年四季度伯克希尔回购了约90亿美元自家股票，令2020年总回购额达到创纪录新高的247亿美元，回购股份数量相当于流通股的5.2%，是2019年50亿回购总额的五倍。他表示，伯克希尔自去年底以来回购了更多股票，并且将来可能会进一步建减少流通的股票数量。公司只有在认为股票交易价格低于其内在价值市才会参与回购，而不是像其他公司那样“尴尬地在股票价格上涨而不是下跌时，投入更多资金回购，我们的方法恰恰相反。”知名零售经纪公司Edward Jones的分析师James Shanahan预计，伯克希尔在今年一季度又回购了50亿美元自家股票。不过，公司A类股在4月29日本周四创下近41.80万美元的收盘历史新高，今年累涨19%，跑赢标普500大盘同期逾11%的涨幅。伯克希尔A类股已较去年3月23日的低点大幅反弹52%，相对便宜的B类股过去12个月也涨超47%。如此高的股价是否还低于内在价值进而触发大额回购呢？投资者等待巴老点评。看点3：坐拥千亿现金，何时上演“大象级别的巨额收购”即便在2020年创纪录的回购之后，伯克希尔仍然持有可观的现金储备，去年四季度末高达1380亿美元，略低于去年三季度末的1457亿美元。股东们想知道，为什么巴菲特一直在大手笔回购伯克希尔股票，而不是进行他多年以来渴望的“大象般体量”大规模收购。巴菲特在去年股东大会上解释称，这一原因很简单，“因为我们还没有看到任何吸引人的东西”。但在过去一年中，伴随特殊目的收购公司SPAC的迅速崛起，并购交易环境竞争更加激烈。据SPAC Research统计，目前有超过500个SPAC手持超1380亿美元正在寻找目标收购公司。CFRA Research分析师Cathy Seifert指出，这是一家拥有大量现金头寸的重要公司，投资者有权知道他们打算如何使用这些现金。如果巴菲特还是讲述同样的老故事作为借口，股东们将开始感到疲倦。但鉴于其股票反弹力度可观，可能人们也不会抱怨太多。看点4：巴菲特的美股持仓策略和中国投资去年股东大会上，巴菲特透露已抛售伯克希尔的全部航空公司持股，包括美联航、美国航空、西南航空和达美航空的股份，合计价值超过40亿美元。当时人们认为传达了这一传奇价值投资者对航空业的悲观看法，但随着航空公司股价从2020年低点跳涨了三位数百分比（即已经翻倍），不少跟随巴菲特投资轨迹的观察者表示失望。就连美国前总统特朗普都批评巴菲特“一生都是对的”，唯独在清仓航空股上老马失蹄。投资者期待巴菲特是否在今年股东会上“承认失手”。但上文提到的分析师Shanahan称，巴菲特对航空业的看法可能仍正确，这一行业在疫情后已经发生根本性的变化，旅游出行恢复缓慢且飞机过多，就连美联航本月都承认全面复苏之路仍然坎坷，商务和国际旅行完全回归遥遥无期。截至2020年底，苹果公司仍是伯克希尔最大的普通股投资，持仓市值为1204亿美元，占总持仓的比例接近43%。不过去年四季度，伯克希尔减持了5716万股苹果股票。投资者想知道，这种操作是否代表巴菲特对苹果的态度发生变化？对苹果的造车新业务巴老又如何看待？去年底，伯克希尔还回撤了对金融业的敞口，清空了摩根大通和PNC Financial的仓位，把对富国银行的持仓量削减了近60%。同时，巴菲特趁疫情重创股价之际，扩大了对派息相当可观的雪佛龙石油和电信运营商威瑞森（Verizon）的持仓。人们渴望听到巴菲特如何评价疫情后期的股市反弹，以及他对股市整体估值是否日趋泡沫化的看法。分析师Shanahan认为，在出售了航空股和金融股之后，伯克希尔投资组合的构成方式以及苹果公司的出色表现，令其现在看起来要更像是新经济公司了，也许是“后巴菲特”时代的一窥。值得注意的是，今年4月初，芒格旗下报业公司Daily Journal提交给SEC的13F文件显示，在2021年第一季度建仓阿里巴巴，3月底的持仓市值近4000万美元。芒格对中概股和中国企业的前景是否有进一步的肯定和看好也值得关注。看点5：是否继续鄙视加密货币或其他市场热潮今年美国金融市场可谓风起云涌。先是散户大战机构、逼空华尔街，接着对冲基金世纪大爆仓引发全球多家金融机构遭受巨额损失，随后比特币火速冲破6.4万美元创新高，同时散户热炒空白支票公司（SPAC）希望从借壳上市的快车道分一杯羹。众所周知，巴菲特素来不看好比特币，认为属于“投机”而非“投资”，还称比特币是“老鼠药的平方”（rat poison squared）。芒格则引用奥斯卡·王尔德的名言称投资比特币为“徒劳无功”（the unspeakable in pursuit of the uneatable）。芒格曾于2月下旬在其担任主席的Daily Journal 年度会议火爆点评市场，指责Robinhood赚钱的方式“肮脏”，是在吸引毫无经验想要赌博的新手，无佣金交易是投资界最令人“恶心”的谎言之一；抨击SPAC是投行在“赚脏钱”，是“令人恼火的泡沫”，“只要狗屎能卖出去，投行业就将卖这些”；被问及5万美元的比特币或1万亿美元市值的特斯拉对比时，称不知道哪个更糟糕。他警告称，当前美股的主流态度是“赛马心理”，鼓励这种赌博心理是十分愚蠢的，疯狂购买股票是一种非常危险的投资方式，最终会以一种糟糕的方式结束，尽管他不确定是何时。在经过几个月的观察后，投资者想要听听两位投资界的传奇常青树对市场高风险是否悲观。看点6：“后巴菲特时代”的接班人是否明晰由于巴菲特和芒格均已年逾耄耋，伯克希尔掌门人的继任者究竟是谁，俨然正在成为每年股东大会的经典话题之一，不过每一年巴菲特都没有提及此事。观察人士注意到，2020年的股东大会由于芒格无法飞到奥马哈出席，负责伯克希尔非保险业务的副董事长Greg Abel代班芒格与巴菲特一道回答股东提问，市场也开始认为Abel最有可能接班。不过，目前华尔街主流分析师都猜测，巴菲特依旧不会详谈接班人的话题。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":101805840,"gmtCreate":1619871809480,"gmtModify":1704335931612,"author":{"id":"3581836602644436","authorId":"3581836602644436","name":"Bee8988","avatar":"https://static.tigerbbs.com/6548fc620bba0bea9505a37d1be2d83c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3581836602644436","authorIdStr":"3581836602644436"},"htmlText":"Focus","listText":"Focus","text":"Focus","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101805840","repostId":2132956144,"repostType":4,"repost":{"id":"2132956144","kind":"highlight","pubTimestamp":1619826889,"share":"https://ttm.financial/m/news/2132956144?lang=en_US&edition=fundamental","pubTime":"2021-05-01 07:54","market":"us","language":"zh","title":"Buffett's shareholder meeting is here! Here are a few key points to watch","url":"https://stock-news.laohu8.com/highlight/detail?id=2132956144","media":"华尔街见闻","summary":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。","content":"This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett's shareholder meeting is here! Here are a few key points to watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett's shareholder meeting is here! Here are a few key points to watch\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-01 07:54\n\n</h4>\n</header>\n<article>\nThis year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3629506\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7ede74b0434b73c8b7efd78492555ed3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://wallstreetcn.com/articles/3629506","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132956144","content_text":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体点击，也是这一备受瞩目的盛事首次在美国内布拉斯加州奥马哈市以外的地方举行。今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，年度股东大会的地点也暂时移师洛杉矶。去年因疫情出行限制，芒格没有参加2020年股东大会。近日，巴菲特的工作人员在回复中国媒体的问询时称，预计巴老不会在时长3个半小时的股东大会前后接受采访，感谢大家记挂，希望明年春天再聚奥马哈。巴菲特自1965年以来一直担任伯克希尔的董事长兼CEO，芒格自1978年来一直担任副董事长。2018年起升任公司非保险业务副董事长的Greg Abel，以及一同升任公司保险业务副董事长的Ajit Jain也出席大会回答股东提问，他们都是“后巴菲特时代”伯克希尔首席执行官的主要竞争者。华尔街见闻汇总中外媒体分析文章，总结出了今年股东大会的几大看点——看点1：伯克希尔经营产业的复苏情况伯克希尔旗下业务涵盖铁路、制造、零售和公用事业等传统经济领域，部分产业不可避免地遭遇疫情重创。它们的恢复情况也势必带出巴菲特对未来经济走势的看法。市场共识预期是，伯克希尔旗下产业将从美国经济重新开放中获益，具有“价值股”属性的公司股价今年或跑赢大盘。例如，为波音、空客、庞巴迪等飞机制造商生产指定零配件的精密机件公司（Precision Castparts）去年被迫减记98亿美元资产和裁员1.34万人，因旅行需求暴跌抹消了对飞机零部件的订单。伯克希尔投资经理之一Todd Combs领导的Geico汽车保险公司也面临争议，当其他险企在疫情期间向客户退还保费时，他们却只愿意向续保的司机提供信用优惠而非直接返现。股东们也可能关注伯克希尔、亚马逊和摩根大通试图削减员工医疗保险成本、但今年2月突然宣告失败的合资企业Haven。原本市场寄希望于这一创新公司颠覆美国复杂且昂贵的医保体系，结果该公司运行不到三年便宣告解散，人们猜测巴菲特也许会在股东大会谈到失败原因。看点2：创纪录的股票回购能否延续巴菲特在2月末发布的2021年致股东公开信中称，去年四季度伯克希尔回购了约90亿美元自家股票，令2020年总回购额达到创纪录新高的247亿美元，回购股份数量相当于流通股的5.2%，是2019年50亿回购总额的五倍。他表示，伯克希尔自去年底以来回购了更多股票，并且将来可能会进一步建减少流通的股票数量。公司只有在认为股票交易价格低于其内在价值市才会参与回购，而不是像其他公司那样“尴尬地在股票价格上涨而不是下跌时，投入更多资金回购，我们的方法恰恰相反。”知名零售经纪公司Edward Jones的分析师James Shanahan预计，伯克希尔在今年一季度又回购了50亿美元自家股票。不过，公司A类股在4月29日本周四创下近41.80万美元的收盘历史新高，今年累涨19%，跑赢标普500大盘同期逾11%的涨幅。伯克希尔A类股已较去年3月23日的低点大幅反弹52%，相对便宜的B类股过去12个月也涨超47%。如此高的股价是否还低于内在价值进而触发大额回购呢？投资者等待巴老点评。看点3：坐拥千亿现金，何时上演“大象级别的巨额收购”即便在2020年创纪录的回购之后，伯克希尔仍然持有可观的现金储备，去年四季度末高达1380亿美元，略低于去年三季度末的1457亿美元。股东们想知道，为什么巴菲特一直在大手笔回购伯克希尔股票，而不是进行他多年以来渴望的“大象般体量”大规模收购。巴菲特在去年股东大会上解释称，这一原因很简单，“因为我们还没有看到任何吸引人的东西”。但在过去一年中，伴随特殊目的收购公司SPAC的迅速崛起，并购交易环境竞争更加激烈。据SPAC Research统计，目前有超过500个SPAC手持超1380亿美元正在寻找目标收购公司。CFRA Research分析师Cathy Seifert指出，这是一家拥有大量现金头寸的重要公司，投资者有权知道他们打算如何使用这些现金。如果巴菲特还是讲述同样的老故事作为借口，股东们将开始感到疲倦。但鉴于其股票反弹力度可观，可能人们也不会抱怨太多。看点4：巴菲特的美股持仓策略和中国投资去年股东大会上，巴菲特透露已抛售伯克希尔的全部航空公司持股，包括美联航、美国航空、西南航空和达美航空的股份，合计价值超过40亿美元。当时人们认为传达了这一传奇价值投资者对航空业的悲观看法，但随着航空公司股价从2020年低点跳涨了三位数百分比（即已经翻倍），不少跟随巴菲特投资轨迹的观察者表示失望。就连美国前总统特朗普都批评巴菲特“一生都是对的”，唯独在清仓航空股上老马失蹄。投资者期待巴菲特是否在今年股东会上“承认失手”。但上文提到的分析师Shanahan称，巴菲特对航空业的看法可能仍正确，这一行业在疫情后已经发生根本性的变化，旅游出行恢复缓慢且飞机过多，就连美联航本月都承认全面复苏之路仍然坎坷，商务和国际旅行完全回归遥遥无期。截至2020年底，苹果公司仍是伯克希尔最大的普通股投资，持仓市值为1204亿美元，占总持仓的比例接近43%。不过去年四季度，伯克希尔减持了5716万股苹果股票。投资者想知道，这种操作是否代表巴菲特对苹果的态度发生变化？对苹果的造车新业务巴老又如何看待？去年底，伯克希尔还回撤了对金融业的敞口，清空了摩根大通和PNC Financial的仓位，把对富国银行的持仓量削减了近60%。同时，巴菲特趁疫情重创股价之际，扩大了对派息相当可观的雪佛龙石油和电信运营商威瑞森（Verizon）的持仓。人们渴望听到巴菲特如何评价疫情后期的股市反弹，以及他对股市整体估值是否日趋泡沫化的看法。分析师Shanahan认为，在出售了航空股和金融股之后，伯克希尔投资组合的构成方式以及苹果公司的出色表现，令其现在看起来要更像是新经济公司了，也许是“后巴菲特”时代的一窥。值得注意的是，今年4月初，芒格旗下报业公司Daily Journal提交给SEC的13F文件显示，在2021年第一季度建仓阿里巴巴，3月底的持仓市值近4000万美元。芒格对中概股和中国企业的前景是否有进一步的肯定和看好也值得关注。看点5：是否继续鄙视加密货币或其他市场热潮今年美国金融市场可谓风起云涌。先是散户大战机构、逼空华尔街，接着对冲基金世纪大爆仓引发全球多家金融机构遭受巨额损失，随后比特币火速冲破6.4万美元创新高，同时散户热炒空白支票公司（SPAC）希望从借壳上市的快车道分一杯羹。众所周知，巴菲特素来不看好比特币，认为属于“投机”而非“投资”，还称比特币是“老鼠药的平方”（rat poison squared）。芒格则引用奥斯卡·王尔德的名言称投资比特币为“徒劳无功”（the unspeakable in pursuit of the uneatable）。芒格曾于2月下旬在其担任主席的Daily Journal 年度会议火爆点评市场，指责Robinhood赚钱的方式“肮脏”，是在吸引毫无经验想要赌博的新手，无佣金交易是投资界最令人“恶心”的谎言之一；抨击SPAC是投行在“赚脏钱”，是“令人恼火的泡沫”，“只要狗屎能卖出去，投行业就将卖这些”；被问及5万美元的比特币或1万亿美元市值的特斯拉对比时，称不知道哪个更糟糕。他警告称，当前美股的主流态度是“赛马心理”，鼓励这种赌博心理是十分愚蠢的，疯狂购买股票是一种非常危险的投资方式，最终会以一种糟糕的方式结束，尽管他不确定是何时。在经过几个月的观察后，投资者想要听听两位投资界的传奇常青树对市场高风险是否悲观。看点6：“后巴菲特时代”的接班人是否明晰由于巴菲特和芒格均已年逾耄耋，伯克希尔掌门人的继任者究竟是谁，俨然正在成为每年股东大会的经典话题之一，不过每一年巴菲特都没有提及此事。观察人士注意到，2020年的股东大会由于芒格无法飞到奥马哈出席，负责伯克希尔非保险业务的副董事长Greg Abel代班芒格与巴菲特一道回答股东提问，市场也开始认为Abel最有可能接班。不过，目前华尔街主流分析师都猜测，巴菲特依旧不会详谈接班人的话题。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":101935855,"gmtCreate":1619835697377,"gmtModify":1704335545578,"author":{"id":"3571545468727267","authorId":"3571545468727267","name":"翔利ONEM","avatar":"https://static.tigerbbs.com/e86d64b0971184a4e43c934daf0254dd","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3571545468727267","authorIdStr":"3571545468727267"},"htmlText":"關注","listText":"關注","text":"關注","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101935855","repostId":2132956144,"repostType":4,"repost":{"id":"2132956144","kind":"highlight","pubTimestamp":1619826889,"share":"https://ttm.financial/m/news/2132956144?lang=en_US&edition=fundamental","pubTime":"2021-05-01 07:54","market":"us","language":"zh","title":"Buffett's shareholder meeting is here! Here are a few key points to watch","url":"https://stock-news.laohu8.com/highlight/detail?id=2132956144","media":"华尔街见闻","summary":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。","content":"This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett's shareholder meeting is here! Here are a few key points to watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett's shareholder meeting is here! Here are a few key points to watch\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-01 07:54\n\n</h4>\n</header>\n<article>\nThis year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3629506\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7ede74b0434b73c8b7efd78492555ed3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://wallstreetcn.com/articles/3629506","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132956144","content_text":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体点击，也是这一备受瞩目的盛事首次在美国内布拉斯加州奥马哈市以外的地方举行。今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，年度股东大会的地点也暂时移师洛杉矶。去年因疫情出行限制，芒格没有参加2020年股东大会。近日，巴菲特的工作人员在回复中国媒体的问询时称，预计巴老不会在时长3个半小时的股东大会前后接受采访，感谢大家记挂，希望明年春天再聚奥马哈。巴菲特自1965年以来一直担任伯克希尔的董事长兼CEO，芒格自1978年来一直担任副董事长。2018年起升任公司非保险业务副董事长的Greg Abel，以及一同升任公司保险业务副董事长的Ajit Jain也出席大会回答股东提问，他们都是“后巴菲特时代”伯克希尔首席执行官的主要竞争者。华尔街见闻汇总中外媒体分析文章，总结出了今年股东大会的几大看点——看点1：伯克希尔经营产业的复苏情况伯克希尔旗下业务涵盖铁路、制造、零售和公用事业等传统经济领域，部分产业不可避免地遭遇疫情重创。它们的恢复情况也势必带出巴菲特对未来经济走势的看法。市场共识预期是，伯克希尔旗下产业将从美国经济重新开放中获益，具有“价值股”属性的公司股价今年或跑赢大盘。例如，为波音、空客、庞巴迪等飞机制造商生产指定零配件的精密机件公司（Precision Castparts）去年被迫减记98亿美元资产和裁员1.34万人，因旅行需求暴跌抹消了对飞机零部件的订单。伯克希尔投资经理之一Todd Combs领导的Geico汽车保险公司也面临争议，当其他险企在疫情期间向客户退还保费时，他们却只愿意向续保的司机提供信用优惠而非直接返现。股东们也可能关注伯克希尔、亚马逊和摩根大通试图削减员工医疗保险成本、但今年2月突然宣告失败的合资企业Haven。原本市场寄希望于这一创新公司颠覆美国复杂且昂贵的医保体系，结果该公司运行不到三年便宣告解散，人们猜测巴菲特也许会在股东大会谈到失败原因。看点2：创纪录的股票回购能否延续巴菲特在2月末发布的2021年致股东公开信中称，去年四季度伯克希尔回购了约90亿美元自家股票，令2020年总回购额达到创纪录新高的247亿美元，回购股份数量相当于流通股的5.2%，是2019年50亿回购总额的五倍。他表示，伯克希尔自去年底以来回购了更多股票，并且将来可能会进一步建减少流通的股票数量。公司只有在认为股票交易价格低于其内在价值市才会参与回购，而不是像其他公司那样“尴尬地在股票价格上涨而不是下跌时，投入更多资金回购，我们的方法恰恰相反。”知名零售经纪公司Edward Jones的分析师James Shanahan预计，伯克希尔在今年一季度又回购了50亿美元自家股票。不过，公司A类股在4月29日本周四创下近41.80万美元的收盘历史新高，今年累涨19%，跑赢标普500大盘同期逾11%的涨幅。伯克希尔A类股已较去年3月23日的低点大幅反弹52%，相对便宜的B类股过去12个月也涨超47%。如此高的股价是否还低于内在价值进而触发大额回购呢？投资者等待巴老点评。看点3：坐拥千亿现金，何时上演“大象级别的巨额收购”即便在2020年创纪录的回购之后，伯克希尔仍然持有可观的现金储备，去年四季度末高达1380亿美元，略低于去年三季度末的1457亿美元。股东们想知道，为什么巴菲特一直在大手笔回购伯克希尔股票，而不是进行他多年以来渴望的“大象般体量”大规模收购。巴菲特在去年股东大会上解释称，这一原因很简单，“因为我们还没有看到任何吸引人的东西”。但在过去一年中，伴随特殊目的收购公司SPAC的迅速崛起，并购交易环境竞争更加激烈。据SPAC Research统计，目前有超过500个SPAC手持超1380亿美元正在寻找目标收购公司。CFRA Research分析师Cathy Seifert指出，这是一家拥有大量现金头寸的重要公司，投资者有权知道他们打算如何使用这些现金。如果巴菲特还是讲述同样的老故事作为借口，股东们将开始感到疲倦。但鉴于其股票反弹力度可观，可能人们也不会抱怨太多。看点4：巴菲特的美股持仓策略和中国投资去年股东大会上，巴菲特透露已抛售伯克希尔的全部航空公司持股，包括美联航、美国航空、西南航空和达美航空的股份，合计价值超过40亿美元。当时人们认为传达了这一传奇价值投资者对航空业的悲观看法，但随着航空公司股价从2020年低点跳涨了三位数百分比（即已经翻倍），不少跟随巴菲特投资轨迹的观察者表示失望。就连美国前总统特朗普都批评巴菲特“一生都是对的”，唯独在清仓航空股上老马失蹄。投资者期待巴菲特是否在今年股东会上“承认失手”。但上文提到的分析师Shanahan称，巴菲特对航空业的看法可能仍正确，这一行业在疫情后已经发生根本性的变化，旅游出行恢复缓慢且飞机过多，就连美联航本月都承认全面复苏之路仍然坎坷，商务和国际旅行完全回归遥遥无期。截至2020年底，苹果公司仍是伯克希尔最大的普通股投资，持仓市值为1204亿美元，占总持仓的比例接近43%。不过去年四季度，伯克希尔减持了5716万股苹果股票。投资者想知道，这种操作是否代表巴菲特对苹果的态度发生变化？对苹果的造车新业务巴老又如何看待？去年底，伯克希尔还回撤了对金融业的敞口，清空了摩根大通和PNC Financial的仓位，把对富国银行的持仓量削减了近60%。同时，巴菲特趁疫情重创股价之际，扩大了对派息相当可观的雪佛龙石油和电信运营商威瑞森（Verizon）的持仓。人们渴望听到巴菲特如何评价疫情后期的股市反弹，以及他对股市整体估值是否日趋泡沫化的看法。分析师Shanahan认为，在出售了航空股和金融股之后，伯克希尔投资组合的构成方式以及苹果公司的出色表现，令其现在看起来要更像是新经济公司了，也许是“后巴菲特”时代的一窥。值得注意的是，今年4月初，芒格旗下报业公司Daily Journal提交给SEC的13F文件显示，在2021年第一季度建仓阿里巴巴，3月底的持仓市值近4000万美元。芒格对中概股和中国企业的前景是否有进一步的肯定和看好也值得关注。看点5：是否继续鄙视加密货币或其他市场热潮今年美国金融市场可谓风起云涌。先是散户大战机构、逼空华尔街，接着对冲基金世纪大爆仓引发全球多家金融机构遭受巨额损失，随后比特币火速冲破6.4万美元创新高，同时散户热炒空白支票公司（SPAC）希望从借壳上市的快车道分一杯羹。众所周知，巴菲特素来不看好比特币，认为属于“投机”而非“投资”，还称比特币是“老鼠药的平方”（rat poison squared）。芒格则引用奥斯卡·王尔德的名言称投资比特币为“徒劳无功”（the unspeakable in pursuit of the uneatable）。芒格曾于2月下旬在其担任主席的Daily Journal 年度会议火爆点评市场，指责Robinhood赚钱的方式“肮脏”，是在吸引毫无经验想要赌博的新手，无佣金交易是投资界最令人“恶心”的谎言之一；抨击SPAC是投行在“赚脏钱”，是“令人恼火的泡沫”，“只要狗屎能卖出去，投行业就将卖这些”；被问及5万美元的比特币或1万亿美元市值的特斯拉对比时，称不知道哪个更糟糕。他警告称，当前美股的主流态度是“赛马心理”，鼓励这种赌博心理是十分愚蠢的，疯狂购买股票是一种非常危险的投资方式，最终会以一种糟糕的方式结束，尽管他不确定是何时。在经过几个月的观察后，投资者想要听听两位投资界的传奇常青树对市场高风险是否悲观。看点6：“后巴菲特时代”的接班人是否明晰由于巴菲特和芒格均已年逾耄耋，伯克希尔掌门人的继任者究竟是谁，俨然正在成为每年股东大会的经典话题之一，不过每一年巴菲特都没有提及此事。观察人士注意到，2020年的股东大会由于芒格无法飞到奥马哈出席，负责伯克希尔非保险业务的副董事长Greg Abel代班芒格与巴菲特一道回答股东提问，市场也开始认为Abel最有可能接班。不过，目前华尔街主流分析师都猜测，巴菲特依旧不会详谈接班人的话题。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":101004610,"gmtCreate":1619828660430,"gmtModify":1704335384587,"author":{"id":"3576569270776531","authorId":"3576569270776531","name":"Sherrybaby","avatar":"https://static.tigerbbs.com/3d399bec7724a39de2cbb28db7065953","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3576569270776531","authorIdStr":"3576569270776531"},"htmlText":"，，，，，，，，，，","listText":"，，，，，，，，，，","text":"，，，，，，，，，，","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/101004610","repostId":2132956144,"repostType":4,"repost":{"id":"2132956144","kind":"highlight","pubTimestamp":1619826889,"share":"https://ttm.financial/m/news/2132956144?lang=en_US&edition=fundamental","pubTime":"2021-05-01 07:54","market":"us","language":"zh","title":"Buffett's shareholder meeting is here! Here are a few key points to watch","url":"https://stock-news.laohu8.com/highlight/detail?id=2132956144","media":"华尔街见闻","summary":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。","content":"This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett's shareholder meeting is here! Here are a few key points to watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett's shareholder meeting is here! Here are a few key points to watch\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-01 07:54\n\n</h4>\n</header>\n<article>\nThis year, the 90-year-old Buffett will make a special trip to California to \"fit\" with Munger, a 97-year-old partner who has worked together for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history that it will be held outside Omaha, Nebraska. On Saturday, May 1, 2021, after the release of the first quarter 2021 financial report, \"Stock God\" Buffett led<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway is scheduled to officially hold its 56th anniversary shareholders' meeting at 1:30 p.m. EST.This is the second consecutive year that an important annual meeting, usually attended by nearly 40,000 people, has been held online due to the impact of the epidemic. Last year, it attracted 2.5 million streaming hits, and it is also the first time that this high-profile event has been held outside Omaha, Nebraska, USA.This year, the 90-year-old Buffett will make a special trip to California to \"fit\" with his 97-year-old partner Munger, who has worked together for more than 60 years. The venue of the annual shareholders' meeting will also be temporarily moved to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.Recently, Buffett's staff said in response to inquiries from Chinese media that it is not expected that Balao will be interviewed before and after the three-and-a-half-hour shareholders' meeting. Thank you for your concern and hope to get together in Omaha next spring.Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been the vice chairman since 1978. Greg Abel, who has been promoted to the vice chairman of the company's non-insurance business since 2018, and Ajit Jain, who has also been promoted to the vice chairman of the company's insurance business, also attended the meeting to answer questions from shareholders. They are both Berkshire CEOs in the \"post-Buffett era\" main competitors.Wall Street News summarizes analysis articles from Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-Highlight 1: The recovery of Berkshire's business industryBerkshire's business covers traditional economic fields such as railways, manufacturing, retail and public utilities, and some industries will inevitably be hit hard by the epidemic.Their recovery is bound to bring out Buffett's views on future economic trends. The market consensus expectation is that Berkshire's industries will benefit from the reopening of the U.S. economy, and the stock prices of companies with \"value stocks\" attributes may outperform the broader market this year.For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, Airbus, Bombardier and other aircraft manufacturers that produce designated spare parts, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunge in travel demand erased orders for aircraft parts. Geico Auto Insurance Company led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. When other insurance companies refund premiums to customers during the epidemic, they are only willing to provide credit concessions to renewed drivers rather than direct cashbacks.Shareholders may also be looking at Berkshire,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Haven, a joint venture that tried to cut the cost of employee medical insurance, suddenly failed in February this year. Originally, the market hoped that this innovative company would subvert the complex and expensive medical insurance system in the United States. As a result, the company was dissolved after less than three years of operation. People speculated that Buffett might talk about the reasons for the failure at the shareholders' meeting.Highlight 2: Can record share buybacks continueBuffett stated in an open letter to shareholders in 2021 released at the end of February that Berkshire repurchased about US $9 billion of its own stock in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of US $24.7 billion. The number of shares repurchased is equivalent to 5.2% of the outstanding shares, five times the total repurchase amount of 5 billion in 2019.He said Berkshire has repurchased more shares since the end of last year and may further reduce the number of shares outstanding in the future. Companies will only participate in buybacks if they think the stock is trading below its intrinsic value market, instead of \"embarrassingly investing more money in buybacks when the stock price is rising rather than falling, as other companies do. Our approach is just the opposite.\"James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, predicts that Berkshire repurchased another $5 billion of its own stock in the first quarter of this year.However, the company's Class A shares hit a record closing high of nearly $418,000 on Thursday, April 29th, rising 19% this year, outperforming the S&P 500's gain of more than 11% over the same period. Berkshire Class A shares have rebounded sharply 52% from the low point on March 23 last year, and relatively cheap Class B shares have also risen by more than 47% in the past 12 months.Is such a high stock price still lower than the intrinsic value and triggers a large repurchase? Investors wait for Balao's comments.<img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\">Aspect 3: With hundreds of billions of cash, when will the \"elephant-level huge acquisition\" be staged?Even after record buybacks in 2020, Berkshire still holds considerable cash reserves, as high as $138 billion at the end of the fourth quarter of last year, slightly lower than the $145.7 billion at the end of the third quarter of last year.Shareholders wonder why Buffett has been buying back Berkshire shares in a big way instead of making the \"elephant-sized\" massive acquisitions he has longed for for years.Buffett explained at last year's shareholder meeting that the reason is simple, \"because we haven't seen anything attractive yet\". However, in the past year, with the rapid rise of special purpose acquisition company SPACs, the M&A transaction environment has become more competitive. According to statistics from SPAC Research, there are currently more than 500 SPACs holding more than US $138 billion looking for target acquisition companies.CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors deserve to know how they intend to use that cash. If Buffett still tells the same old story as an excuse, shareholders will start to get tired. But given its stock's impressive rebound, people probably won't complain too much either.Aspect 4: Buffett's U.S. stock position strategy and China investmentAt last year's shareholder meeting, Buffett revealed that he had sold all Berkshire's airline holdings, including United Airlines,<a href=\"https://laohu8.com/S/AAL\">American Airlines</a>、<a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a>And<a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a>Of shares, with a total value of more than $4 billion.At the time, it was thought to convey this legendary value investor's pessimistic view on the aviation industry, but as airline stock prices jumped by a triple-digit percentage from their 2020 lows (that is, they have doubled), many observers who followed Buffett's investment trajectory expressed disappointment. Even former U.S. President Trump criticized Buffett for \"being right all his life\", but for his failure in clearing aviation stocks.Investors are looking forward to whether Buffett \"admits failure\" at this year's shareholder meeting. But Shanahan, the analyst mentioned above, said that Buffett's view on the aviation industry may still be correct. This industry has undergone fundamental changes after the epidemic, with travel recovery slow and too many planes. Even United Airlines this month It is acknowledged that the road to full recovery is still bumpy, and the full return of business and international travel is nowhere in sight.As of the end of 2020,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company remains Berkshire's largest common stock investment, with a market value of US $120.4 billion, accounting for nearly 43% of its total holdings. However, in the fourth quarter of last year, Berkshire reduced its holdings of 57.16 million Apple shares. Investors want to know, does this operation represent a change in Buffett's attitude towards Apple? What do you think of Apple's new car-making business?At the end of last year, Berkshire also pullback/retracement its exposure to the financial industry, clearing positions in JPMorgan Chase and PNC Financial, and putting<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Open interest was cut by nearly 60%. At the same time, Buffett took advantage of the epidemic to hit the stock price hard and expanded his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Petroleum and telecom operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon) holdings.People are eager to hear how Buffett evaluates the stock market rally in the late period of the epidemic and his views on whether the overall valuation of the stock market is becoming increasingly frothy. Analyst Shanahan believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is structured and Apple's outstanding performance make it now look more like a new economy company, perhaps a \"post-Buffett\" A glimpse of the era.It is worth noting that in early April this year, the 13F document submitted by Munger's newspaper company Daily Journal to the SEC showed that it would open a position in the first quarter of 2021<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the market value of the position at the end of March was nearly 40 million US dollars. Whether Munger has further affirmation and optimism about the prospects of Chinese concept stocks and Chinese companies is also worthy of attention.Aspect 5: Whether to continue to despise cryptocurrencies or other market crazesThe U.S. financial market has been surging this year. First, retail investors fought against institutions and squeezed Wall Street short. Then the hedge fund explosion of the century caused huge losses to many financial institutions around the world. Then Bitcoin quickly broke through a new high of US $64,000. At the same time, retail investors were speculating on blank check companies (SPACs), hoping to get a piece of the fast lane of listing.As we all know, Buffett has never been optimistic about Bitcoin, considering it \"speculation\" rather than \"investment\", and calling Bitcoin \"rat poison squared\". Munger quoted Oscar Wilde as saying investing in Bitcoin was \"futile work\" the unspeakable in pursuit of the uneatable.Munger made a hot comment on the market at the annual meeting of the Daily Journal chaired by him in late February, accusing Robinhood of making money of \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is the most disgusting in the investment world. One of the \"disgusting\" lies; Criticizing SPACs as investment banks \"making dirty money\" and \"irritating bubbles\", \"as long as the shit can be sold, the investment industry will sell these\"; Asked about a $50,000 Bitcoin or a $1 trillion market capitalization<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, I don't know which one is worse.He warned that the current mainstream attitude of U.S. stocks is \"horse racing psychology\", and it is very foolish to encourage this kind of gambling psychology. Buying stocks like crazy is a very dangerous investment method, and it will end up in a bad way, although he is not sure when.After months of observation, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.Aspect 6: Is the successor in the \"post-Buffett era\" clear?Since Buffett and Munger are both over the age, who will succeed the head of Berkshire is becoming one of the classic topics at the annual shareholder meeting, but Buffett has not mentioned this matter every year.Observers noticed that because Munger was unable to fly to Omaha to attend the 2020 shareholder meeting, Greg Abel, the vice chairman in charge of Berkshire's non-insurance business, answered shareholder questions with Buffett on behalf of Munger, and the market also began to think that Abel was the most likely to take over.However, at present, mainstream analysts on Wall Street are speculating that Buffett will still not elaborate on the topic of successor.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3629506\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7ede74b0434b73c8b7efd78492555ed3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://wallstreetcn.com/articles/3629506","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2132956144","content_text":"今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，股东大会暂时移师洛杉矶，是史上首次在内布拉斯加州奥马哈市以外的地方举行。2021年5月1日周六，在发布2021年第一季度财报后，“股神”巴菲特领导的伯克希尔-哈撒韦公司定于美东时间下午1点半正式召开了56周年的股东大会。这是通常近4万人到现场参加的重要年会因疫情影响而连续第二年在线上举行，去年吸引了250万流媒体点击，也是这一备受瞩目的盛事首次在美国内布拉斯加州奥马哈市以外的地方举行。今年，90岁高龄的巴菲特将专程飞赴加州，与合作了60多年的97岁老搭档芒格“合体”，年度股东大会的地点也暂时移师洛杉矶。去年因疫情出行限制，芒格没有参加2020年股东大会。近日，巴菲特的工作人员在回复中国媒体的问询时称，预计巴老不会在时长3个半小时的股东大会前后接受采访，感谢大家记挂，希望明年春天再聚奥马哈。巴菲特自1965年以来一直担任伯克希尔的董事长兼CEO，芒格自1978年来一直担任副董事长。2018年起升任公司非保险业务副董事长的Greg Abel，以及一同升任公司保险业务副董事长的Ajit Jain也出席大会回答股东提问，他们都是“后巴菲特时代”伯克希尔首席执行官的主要竞争者。华尔街见闻汇总中外媒体分析文章，总结出了今年股东大会的几大看点——看点1：伯克希尔经营产业的复苏情况伯克希尔旗下业务涵盖铁路、制造、零售和公用事业等传统经济领域，部分产业不可避免地遭遇疫情重创。它们的恢复情况也势必带出巴菲特对未来经济走势的看法。市场共识预期是，伯克希尔旗下产业将从美国经济重新开放中获益，具有“价值股”属性的公司股价今年或跑赢大盘。例如，为波音、空客、庞巴迪等飞机制造商生产指定零配件的精密机件公司（Precision Castparts）去年被迫减记98亿美元资产和裁员1.34万人，因旅行需求暴跌抹消了对飞机零部件的订单。伯克希尔投资经理之一Todd Combs领导的Geico汽车保险公司也面临争议，当其他险企在疫情期间向客户退还保费时，他们却只愿意向续保的司机提供信用优惠而非直接返现。股东们也可能关注伯克希尔、亚马逊和摩根大通试图削减员工医疗保险成本、但今年2月突然宣告失败的合资企业Haven。原本市场寄希望于这一创新公司颠覆美国复杂且昂贵的医保体系，结果该公司运行不到三年便宣告解散，人们猜测巴菲特也许会在股东大会谈到失败原因。看点2：创纪录的股票回购能否延续巴菲特在2月末发布的2021年致股东公开信中称，去年四季度伯克希尔回购了约90亿美元自家股票，令2020年总回购额达到创纪录新高的247亿美元，回购股份数量相当于流通股的5.2%，是2019年50亿回购总额的五倍。他表示，伯克希尔自去年底以来回购了更多股票，并且将来可能会进一步建减少流通的股票数量。公司只有在认为股票交易价格低于其内在价值市才会参与回购，而不是像其他公司那样“尴尬地在股票价格上涨而不是下跌时，投入更多资金回购，我们的方法恰恰相反。”知名零售经纪公司Edward Jones的分析师James Shanahan预计，伯克希尔在今年一季度又回购了50亿美元自家股票。不过，公司A类股在4月29日本周四创下近41.80万美元的收盘历史新高，今年累涨19%，跑赢标普500大盘同期逾11%的涨幅。伯克希尔A类股已较去年3月23日的低点大幅反弹52%，相对便宜的B类股过去12个月也涨超47%。如此高的股价是否还低于内在价值进而触发大额回购呢？投资者等待巴老点评。看点3：坐拥千亿现金，何时上演“大象级别的巨额收购”即便在2020年创纪录的回购之后，伯克希尔仍然持有可观的现金储备，去年四季度末高达1380亿美元，略低于去年三季度末的1457亿美元。股东们想知道，为什么巴菲特一直在大手笔回购伯克希尔股票，而不是进行他多年以来渴望的“大象般体量”大规模收购。巴菲特在去年股东大会上解释称，这一原因很简单，“因为我们还没有看到任何吸引人的东西”。但在过去一年中，伴随特殊目的收购公司SPAC的迅速崛起，并购交易环境竞争更加激烈。据SPAC Research统计，目前有超过500个SPAC手持超1380亿美元正在寻找目标收购公司。CFRA Research分析师Cathy Seifert指出，这是一家拥有大量现金头寸的重要公司，投资者有权知道他们打算如何使用这些现金。如果巴菲特还是讲述同样的老故事作为借口，股东们将开始感到疲倦。但鉴于其股票反弹力度可观，可能人们也不会抱怨太多。看点4：巴菲特的美股持仓策略和中国投资去年股东大会上，巴菲特透露已抛售伯克希尔的全部航空公司持股，包括美联航、美国航空、西南航空和达美航空的股份，合计价值超过40亿美元。当时人们认为传达了这一传奇价值投资者对航空业的悲观看法，但随着航空公司股价从2020年低点跳涨了三位数百分比（即已经翻倍），不少跟随巴菲特投资轨迹的观察者表示失望。就连美国前总统特朗普都批评巴菲特“一生都是对的”，唯独在清仓航空股上老马失蹄。投资者期待巴菲特是否在今年股东会上“承认失手”。但上文提到的分析师Shanahan称，巴菲特对航空业的看法可能仍正确，这一行业在疫情后已经发生根本性的变化，旅游出行恢复缓慢且飞机过多，就连美联航本月都承认全面复苏之路仍然坎坷，商务和国际旅行完全回归遥遥无期。截至2020年底，苹果公司仍是伯克希尔最大的普通股投资，持仓市值为1204亿美元，占总持仓的比例接近43%。不过去年四季度，伯克希尔减持了5716万股苹果股票。投资者想知道，这种操作是否代表巴菲特对苹果的态度发生变化？对苹果的造车新业务巴老又如何看待？去年底，伯克希尔还回撤了对金融业的敞口，清空了摩根大通和PNC Financial的仓位，把对富国银行的持仓量削减了近60%。同时，巴菲特趁疫情重创股价之际，扩大了对派息相当可观的雪佛龙石油和电信运营商威瑞森（Verizon）的持仓。人们渴望听到巴菲特如何评价疫情后期的股市反弹，以及他对股市整体估值是否日趋泡沫化的看法。分析师Shanahan认为，在出售了航空股和金融股之后，伯克希尔投资组合的构成方式以及苹果公司的出色表现，令其现在看起来要更像是新经济公司了，也许是“后巴菲特”时代的一窥。值得注意的是，今年4月初，芒格旗下报业公司Daily Journal提交给SEC的13F文件显示，在2021年第一季度建仓阿里巴巴，3月底的持仓市值近4000万美元。芒格对中概股和中国企业的前景是否有进一步的肯定和看好也值得关注。看点5：是否继续鄙视加密货币或其他市场热潮今年美国金融市场可谓风起云涌。先是散户大战机构、逼空华尔街，接着对冲基金世纪大爆仓引发全球多家金融机构遭受巨额损失，随后比特币火速冲破6.4万美元创新高，同时散户热炒空白支票公司（SPAC）希望从借壳上市的快车道分一杯羹。众所周知，巴菲特素来不看好比特币，认为属于“投机”而非“投资”，还称比特币是“老鼠药的平方”（rat poison squared）。芒格则引用奥斯卡·王尔德的名言称投资比特币为“徒劳无功”（the unspeakable in pursuit of the uneatable）。芒格曾于2月下旬在其担任主席的Daily Journal 年度会议火爆点评市场，指责Robinhood赚钱的方式“肮脏”，是在吸引毫无经验想要赌博的新手，无佣金交易是投资界最令人“恶心”的谎言之一；抨击SPAC是投行在“赚脏钱”，是“令人恼火的泡沫”，“只要狗屎能卖出去，投行业就将卖这些”；被问及5万美元的比特币或1万亿美元市值的特斯拉对比时，称不知道哪个更糟糕。他警告称，当前美股的主流态度是“赛马心理”，鼓励这种赌博心理是十分愚蠢的，疯狂购买股票是一种非常危险的投资方式，最终会以一种糟糕的方式结束，尽管他不确定是何时。在经过几个月的观察后，投资者想要听听两位投资界的传奇常青树对市场高风险是否悲观。看点6：“后巴菲特时代”的接班人是否明晰由于巴菲特和芒格均已年逾耄耋，伯克希尔掌门人的继任者究竟是谁，俨然正在成为每年股东大会的经典话题之一，不过每一年巴菲特都没有提及此事。观察人士注意到，2020年的股东大会由于芒格无法飞到奥马哈出席，负责伯克希尔非保险业务的副董事长Greg Abel代班芒格与巴菲特一道回答股东提问，市场也开始认为Abel最有可能接班。不过，目前华尔街主流分析师都猜测，巴菲特依旧不会详谈接班人的话题。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4187673,"gmtCreate":1619832299895,"gmtModify":1680786441271,"authorId":3581608528633395,"author":{"id":3581608528633395,"idStr":"3581608528633395","authorId":3581608528633395,"name":"林癸源","avatar":"https://community-static.tradeup.com/news/64ab6cd5db62119f730277b3a65da70c","vip":1,"crmLevel":11,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":101004610,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":17,"commentSize":4,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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