Warren Buffett shares his arrows

Warren Buffett shares his arrows

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The 91-year-old businessman held the annual general meeting of his large investment fund Berkshire Hathaway on Saturday night.

Over 90, Warren Buffett was in good shape on Saturday afternoon for the Berkshire Hathaway general assembly. The 91-year-old multi-billionaire was answering questions from Berkshire Hathaway shareholders for more than five hours with his right-hand man Charlie Munger, 98, in Omaha, Nevada.

If he still regretted not knowing where to put his money, he revealed on Saturday that he had spent tens of billions of dollars on shopping since the beginning of the year while sending pike to Wall Street.

It bought more than $ 51 billion in stock between January and March, increasing its stake in Chevron from $ 4.5 billion at the end of 2021 to $ 26 billion at the end of March, or acquiring 14% of Occidental Petroleum. It has also acquired 11% of computer and printer maker HP since the beginning of the year and increased its stake in video game publisher Activision to Microsoft’s acquisition of 9.5%. Berkshire also plans to buy insurance company Alleghany for $ 11.6 billion.

Bitcoin “produces nothing”

Berkshire CEO since 1970 has launched some sticks on Wall Street where, he believes, “a lot more money comes out when people gamble like in a casino than when they invest.” The fact that Berkshire was able to buy 14% of Occidental in two weeks, for example, shows that “most of the big companies in the United States have become poker chips,” he said.

As for bitcoin, the billionaire left it out, without giving it any real value.

“I do not know if in five or ten years it will be worth more or less than today. But what I am sure of is that nothing changes, it does not produce anything,” he said. .

Strong conservatism

Charlie Munger’s henchman also mocked bitcoin, but also Robinhood trading application and financial advisers. He also mocked the shareholders’ proposal to separate the roles of chairman of the board and CEO of Berkshire.

It was as if Odysseus had returned from his victory in the Trojan War (…) and a stranger said to him “I do not like the way you held your spear when you won that battle”.

The proposal was rejected by the shareholders. While the question of their succession is increasingly raised in view of their page, neither Mr. Buffett nor Mr. Manger gave any indication of a possible departure.

Resolutions calling on the portfolio company to provide more information on climate change or diversity were also not complied with.

pointed out inflation

Warren Buffett also made some discreet remarks to the Fed, which is currently gradually raising interest rates to stem inflation. This was recorded at an annual rate of 6.6% in the United States, something unheard of since the 1980s.

“Inflation deceives the bond investor … it deceives the man who keeps his cash under his mattress, he deceives almost everyone.”

Berkshire fell 53% in first-quarter net profit to $ 5.5 billion due to investment. The profits of the companies it owns remained stable at $ 7.04 billion.

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