[Dry information] The highlights of Buffett’s shareholder meeting are here

【干货】巴菲特股东大会精华都在这里了 一场股民的狂欢盛宴如期举行，About 40,000 people from all over the world flocked to the small American city of Omaha，Listen to the investment bible of "Stock God" Buffett and his old partner Munger。

At this shareholders' meeting，Buffett and Munger answer 56 questions investors care about，Involving opportunities in China、Retirement and succession issues、Increase investment in Apple and technology stocks、cryptocurrency、investment philosophy etc.，两位老人甚至还回怼了特斯拉CEO马斯克。 The following article will help you understand，What did Buffett say at the shareholder meeting?

1. Buffett：中国和美国一样 市场正改变未来一代命运 被问及具备中美两国经历的年轻人怎样才能更好奉献自己？ Buffett said，The market environment in both China and the United States will be somewhat，changes over time，Sometimes there is a pair of invisible invisible hands，It's the market，to truly change the destiny of our future generation。
2. Sino-US trade can be a win-win situation?Buffett:The two smartest countries will not do stupid things. Shareholders from China ask Buffett questions：Can China-U.S. trade be a win-win situation? Buffett said，United States and China，It is the country with the greatest super power in the world.，It is also the world’s largest economic system，And this phenomenon will continue for a long time。We have many common interests and interests，And we are really two very large economic systems。

Everyone pays great attention to these two countries，So it's a win-win situation。the two smartest、the smartest country，Wouldn't do something really stupid，Of course sometimes these little things happen。

1. 巴菲特第一次投资中国2亿拿了10亿回来 有深圳投资者问，If Buffett makes a small capital portfolio，How to invest，Especially how to invest in emerging markets like China。

Buffett：If I had 100 million dollars，I would probably invest in an economy comparable to the U.S. economy，Will mainly invest in the United States or China。Many investors in the United States today have missed the opportunity in China，These investors should direct their attention to China。 Munger said in response to a question，Buffett’s first investment in China was only 200 million，In the end, I got 1 billion back。

1. Buffett takes aim at Musk:Technology cannot solve all problems. Young children dream. Some investors asked.，Musk thinks，Moats are a stupid concept，Competitiveness is the right thing。Ask Buffett and Munger what they think。 Buffett said in response to a question about "moats"，Technology cannot solve all problems，it might be some young kid's dream，"I think there are some industries，its moat is very wide。

as a low cost producer，it is very important。” Buffett also said，The best moat is competitiveness，That's right，But it's also ridiculous。There are many industries，Competition is getting faster and faster，More and more moats are being eroded，But some moats are very strong。Musk is powerful，But I'm sure he won't compete with us on candy。

result，As soon as the meeting is over，Musk tweeted that he wanted to build a candy factory，He also said that he was very, very serious.。It can be said that his strength slaps Buffett in the face.。

1. Why reduce IBM's holdings and increase Apple's holdings?

Buffett：我在IBM投资上犯了错 在被问及为何第三次减持IBM，At the same time, he continued to increase his holdings of Apple，Buffett said："I think they are two very different companies，are two different types of investment decisions，And I made a mistake investing in the former。As for the latter，未来我们将会见证我到底是对了还是错了。

”

1. Buffett talks real estate：并不特别赚钱 对收入的贡献大概3% 巴菲特在谈及对房地产的看法时表示，It’s not a particularly profitable industry，"Or you own a house，I think this is a basic industry，It is also a direction that basically everyone invests in.。” Buffett also said，The United States contributes about 30% to real estate income。

“We will continue to buy some intermediary companies，If we get the proportion of 10% of intermediary companies in the United States，Still a good idea，can allow us to achieve 10%，5 million people can continue to buy houses，this is our hope。

”

1. Buffett talks cryptocurrencies:The result will be bad. Relying on others to take over at a higher price. When asked about cryptocurrency，Buffett said，The check itself produces nothing，Just a way of money circulation，“When buying unproductive assets，They all rely on others to take over the order at a higher price.，Because they think they will sell it to the next person，get more money。

” Buffett believes，Cryptocurrency is going to end badly，"Because it doesn't create any value。And you will also face some difficult issues such as exchange rates.。”

1. Buffett：Long-term Treasury bonds are not a good investment, asked under current policies，What do you think about the development of Treasury bonds? Buffett said，No one can make a judgment on this issue。

There are a lot of variables involved，But there's one thing I can tell you，Long-term Treasury bonds are not a good investment，At least at current rates，Not a good investment。

1. When will Buffett retire? There is no problem in transitioning to retirement. Regarding the topic of retirement，Buffett said，I have been semi-retired for decades，I have already handed over my investment responsibilities.，I'm primarily responsible for managing $100 billion in cash。

Munger replied：Warren is very good at doing nothing.。

1. Will it become more difficult for Berkshire Hathaway to acquire businesses once we retire? Buffett:Don’t worry. Buffett answered a question that shareholders are currently very concerned about.：Once he's no longer CEO，Will Berkshire Hathaway have difficulty acquiring businesses? Buffett isn't worried。"That reputation now belongs to Berkshire Hathaway，"he said。

"For those who care about their business，Of course we are their first choice，It will also be the first choice in the future。

”

1. Buffett：8月我就88岁了是黄道吉日 是并购公司好时机 巴菲特表示，8I will be 88 years old in March，It’s August again，I know too，"8" is the luckiest number spoken by Chinese people，So 88 years old、8moon，so i want，8month time，我们那个时候要并购某一个公司是最好的时机，Right? It's an auspicious day。
2. Buffett：投资那些会让人亲你而不是打你一耳光的产品 股东提问：How to make a successful investment? Buffett：If you are a teenage boy，You gave your girlfriend a box of candy，She will kiss you，如果那个时候送便宜的糖果是达不到那个效果的。

so，These products we invest in，When you give your product away, people want to kiss you.，Rather than slap you in the face，This is a very interesting thing，We all invest in this way。

1. Buffett talks about the healthcare industry：It's very rigid and I hope to really challenge it. Buffett said when talking about "challenging the existing medical insurance system"：“I want to make sure we improve the entire health care system without sacrificing the quality of health care.。

It's not just a motivation from a company，but a motivation to improve the entire system。The so-called moat of the medical insurance industry，We also hope to truly challenge it in the future，if we fail，We also hope that there will be successors who can succeed。”

1. When will you replace Wells Fargo?

Buffett：They're already correcting their mistakes Asked when they will replace Wells Fargo's 'leaky ship'，Buffett said，We don't expect 33,700 people to do as well as Model Franklin.，I don't know as we speak，They are already making mistakes，We don't want to create this kind of false incentive。

1. Buffett：We make $400 million a week, too much money to spend. Buffett made a statistical joke at the conference.，Says Berkshire earns $400 million a week，Because there is too much money，He had to put the flowers out，But it’s hard to make elephant-level acquisitions。as of quarter end，Berkshire has about $100 billion in cash on its books。
2. Eight-year-old girl asked Warren Buffett:When we grow up, let’s work in the asset allocation department. An 8-year-old shareholder asked Buffett，Said he has been a shareholder of Berkshire for two years，This is the second time to attend the conference。Buffett expresses gratitude that she is not yet 9 years old，She is 9 years old and doesn’t know how deep questions to ask。Buffett said to the little girl，Later, in our asset allocation department，There's definitely a job ready for you，Come when you grow up!

source：Look at Finance *Welcome to leave a message at the bottom，Exchange, study and discuss with the little master Tanglang。

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