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2024-12-31

$Tesla Motors(TSLA)$ 3 coming

2021-05-01

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Buffett Shareholders' Meeting is Coming! Here are a few points to keep an eye on

2021-04-29

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href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 3 coming&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 3 coming&nbsp;","text":"$Tesla Motors(TSLA)$ 3 coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387605097578584","isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101805840,"gmtCreate":1619871809480,"gmtModify":1704335931612,"author":{"id":"3581836602644436","authorId":"3581836602644436","name":"Bee8988","avatar":"https://static.tigerbbs.com/6548fc620bba0bea9505a37d1be2d83c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581836602644436","idStr":"3581836602644436"},"themes":[],"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 Shareholders' Meeting is Coming! Here are a few points to keep an eye on","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":"<p>This year, the 90-year-old Buffett will fly to California to \"merge\" with his 97-year-old partner Munger, who has been working with him for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history to be held outside Omaha, Nebraska. On Saturday, May 1, 2021, following the release of its first quarter 2021 earnings, \"Stock God\" Buffett's<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway's 56th Anniversary General Meeting is scheduled to be held at 1:30 p.m. EST.</p><p>This is the second year in a row that the important annual meeting, typically attended by nearly 40,000 people, has been held online due to the pandemic, attracting 2.5 million streaming hits last year and the first time the high-profile event has been held outside of Omaha, Nebraska, USA.</p><p>This year, the 90-year-old Buffett will fly to California to \"fit\" with his 97-year-old partner Munger, who has been working with him for more than 60 years, and the venue of the annual shareholders' meeting will temporarily move to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.</p><p>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 remembering and hope to gather in Omaha next spring.</p><p>Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been 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 conference to answer questions from shareholders. They are the main competitors for Berkshire's CEO in the \"post-Buffett era\".</p><p><b>Wall Street summarizes the analysis articles of Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-</b></p><p><b>Point 1: The recovery of Berkshire's operating industries</b></p><p>Berkshire's business covers traditional economic sectors such as railroads, manufacturing, retail and utilities, and some industries have inevitably been hit hard by the pandemic.</p><p>Their recovery is bound to bring out Buffett's view of the future economic trend. The consensus expectation is that Berkshire's industries will benefit from the reopening of the US economy, and the share prices of companies with \"value stocks\" attributes may outperform the broader market this year.</p><p>For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, which makes specified spare parts for aircraft manufacturers such as Airbus, Airbus and Bombardier, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunging travel demand wiped out orders for aircraft parts. Geico Auto Insurance, led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. While other insurers refunded premiums to customers during the pandemic, they were only willing to offer credit offers instead of direct cashback to drivers who renewed their policies.</p><p>Shareholders may also be eyeing 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 health insurance but suddenly failed in February. Originally, the market hoped that this innovative company would subvert the complicated and expensive medical insurance system in the United States. As a result, the company dissolved after less than three years of operation. People speculated that Buffett may talk about the reasons for the failure at the shareholders' meeting.</p><p><b>Point 2: Can Record Stock Buybacks Continue</b></p><p>In his 2021 open letter to shareholders released at the end of February, Buffett said that Berkshire repurchased about $9 billion of its own shares in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of $24.7 billion, and the number of shares repurchased is equivalent to 5.2% of outstanding shares, five times the total of 5 billion repurchases in 2019.</p><p>He said that Berkshire has bought back more shares since the end of last year and may further build to reduce the number of shares in circulation in the future. Companies only participate in buybacks if they believe that the stock is trading below its intrinsic value market, rather than \"embarrassingly investing more money in buybacks when the stock price rises rather than falls, as other companies do, our approach is the opposite.\"</p><p>James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, expects Berkshire to buy back another $5 billion of its own stock in the first quarter of this year.</p><p>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 more than 11% gain in the same period. Berkshire's Class A shares have rebounded sharply 52% from their March 23 lows last year, and relatively cheap Class B shares have also risen more than 47% over the past 12 months.</p><p>Is such a high share price still lower than the intrinsic value and trigger a large repurchase? Investors wait for Balao's comments.</p><p><img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>Point 3: Sitting on hundreds of billions of cash, when will \"elephant-level huge acquisition\" be staged</b></p><p>Even after record buybacks in 2020, Berkshire still held substantial cash reserves, which amounted to $138 billion at the end of the fourth quarter of last year, slightly down from $145.7 billion at the end of the third quarter of last year.</p><p>Shareholders wonder why Buffett has been making big buys of Berkshire shares rather than making the \"elephant-sized\" massive acquisition he's been craving for years.</p><p>Buffett explained at last year's shareholder meeting that the reason was simply \"because we haven't seen anything appealing\". However, in the past year, with the rapid rise of SPAC, the M&A transaction environment has become more competitive. According to SPAC Research, there are currently more than 500 SPACs with over $138 billion in hand looking for target acquisition companies.</p><p>CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors have a right 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 the strength of its stock rebound, people probably won't complain too much.</p><p><b>Point 4: Buffett's U.S. Stock Position Strategy and China Investment</b></p><p>At last year's shareholder meeting, Buffett revealed that he had sold off all of 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 Airlines</a>Of shares, worth a combined amount of more than $4 billion.</p><p>It was thought at the time to convey this legendary value investor's pessimistic view of the aviation industry, but with airline shares jumping by a triple-digit percentage from their 2020 lows (i.e. already doubling), more than a few observers following Buffett's investment trajectory expressed disappointment. Even former US President Trump criticized Buffett for \"being right all his life\", but he lost his foot in clearing airline stocks.</p><p>Investors are looking forward to whether Buffett \"admits miss\" at this year's shareholder meeting. However, 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. Travel travel has recovered slowly and there are too many planes. Even United Airlines admitted this month that the road to full recovery is still bumpy, and the complete return of business and international travel is far away.</p><p>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 capitalization of $120.4 billion, or nearly 43% of the 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 toward Apple? What do you think of Balao, Apple's new car-making business?</p><p>Late last year, Berkshire also pullback/retracement its exposure to the Financial sector, emptying positions in JPMorgan Chase and PNC Financial.<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>The position has been cut by nearly 60%. At the same time, Buffett took advantage of the pandemic hitting stock prices to expand his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Oil and Telecom Operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon)' s position.</p><p>People are eager to hear how Buffett assesses the stock market rally late in the pandemic and his views on whether overall stock market valuations are increasingly bubbling. Shanahan, an analyst, believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is composed and Apple's outstanding performance makes it now look more like a new economy company, perhaps a peek into the \"post-Buffett\" era.</p><p>Notably, in early April of this year, Munger's newspaper company Daily Journal filed a 13F filing with the SEC, showing that opening 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. It is also worth paying attention to whether Munger has further affirmation and optimism about the prospects of Chinese stocks and Chinese enterprises.</p><p><b>Watch 5: Do you continue to despise cryptocurrency or other market booms</b></p><p>The financial market in the United States has been turbulent this year. First, retail investors fought against institutions and forced Wall Street short. Then, the explosion of hedge funds in the century caused huge losses for many financial institutions around the world. Then, Bitcoin quickly broke through a record high of $64,000. At the same time, retail investors speculated on blank check companies (SPACs), hoping to get a piece of the pie from the fast lane of backdoor listing.</p><p>As we all know, Buffett has never been optimistic about Bitcoin, thinking it is \"speculation\" rather than \"investment\", and also calling Bitcoin \"rat poison squared\". Munger, quoting Oscar Wilde's famous quote, called investing in Bitcoin \"a futile effort the unspeakable in pursuit of the uneatable.</p><p>In late February, Munger commented on the market at the annual conference of Daily Journal, where he chaired it, accusing Robinhood of making money as \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is one of the most \"disgusting\" lies in the investment community; Slamming SPAC is that investment banks are \"making dirty money\" and \"irritating bubbles\". \"As long as shit can be sold, the investment industry will sell these\"; Asked about $50,000 Bitcoin or $1 trillion market cap<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, say you don't know which is worse.</p><p>He warned that the current mainstream attitude of U.S. stocks is \"horse racing mentality\", and it is foolish to encourage this gambling mentality. Buying stocks on a frenzy is a very dangerous way of investing, which will end in a bad way, although he is not sure when.</p><p>After months of watching, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.</p><p><b>Point 6: Is the successor of the \"post-Buffett era\" clear</b></p><p>Because Buffett and Munger are both over the age, who will be the successor of Berkshire's head is becoming one of the classic topics at the annual shareholders' meeting, but Buffett doesn't mention it every year.</p><p>Observers noticed that in 2020, because Munger couldn't fly to Omaha to attend the shareholders' meeting, Greg Abel, vice chairman in charge of Berkshire's non-insurance business, answered shareholders' questions on behalf of Munger and Buffett, and the market began to think that Abel was most likely to take over.</p><p>However, at present, mainstream analysts on Wall Street are speculating that Buffett still won't talk about the topic of succession in detail.</p>","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 Shareholders' Meeting is Coming! 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Here are a few points to keep an eye on\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-05-01 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This year, the 90-year-old Buffett will fly to California to \"merge\" with his 97-year-old partner Munger, who has been working with him for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history to be held outside Omaha, Nebraska. On Saturday, May 1, 2021, following the release of its first quarter 2021 earnings, \"Stock God\" Buffett's<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway's 56th Anniversary General Meeting is scheduled to be held at 1:30 p.m. EST.</p><p>This is the second year in a row that the important annual meeting, typically attended by nearly 40,000 people, has been held online due to the pandemic, attracting 2.5 million streaming hits last year and the first time the high-profile event has been held outside of Omaha, Nebraska, USA.</p><p>This year, the 90-year-old Buffett will fly to California to \"fit\" with his 97-year-old partner Munger, who has been working with him for more than 60 years, and the venue of the annual shareholders' meeting will temporarily move to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.</p><p>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 remembering and hope to gather in Omaha next spring.</p><p>Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been 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 conference to answer questions from shareholders. They are the main competitors for Berkshire's CEO in the \"post-Buffett era\".</p><p><b>Wall Street summarizes the analysis articles of Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-</b></p><p><b>Point 1: The recovery of Berkshire's operating industries</b></p><p>Berkshire's business covers traditional economic sectors such as railroads, manufacturing, retail and utilities, and some industries have inevitably been hit hard by the pandemic.</p><p>Their recovery is bound to bring out Buffett's view of the future economic trend. The consensus expectation is that Berkshire's industries will benefit from the reopening of the US economy, and the share prices of companies with \"value stocks\" attributes may outperform the broader market this year.</p><p>For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, which makes specified spare parts for aircraft manufacturers such as Airbus, Airbus and Bombardier, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunging travel demand wiped out orders for aircraft parts. Geico Auto Insurance, led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. While other insurers refunded premiums to customers during the pandemic, they were only willing to offer credit offers instead of direct cashback to drivers who renewed their policies.</p><p>Shareholders may also be eyeing 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 health insurance but suddenly failed in February. Originally, the market hoped that this innovative company would subvert the complicated and expensive medical insurance system in the United States. As a result, the company dissolved after less than three years of operation. People speculated that Buffett may talk about the reasons for the failure at the shareholders' meeting.</p><p><b>Point 2: Can Record Stock Buybacks Continue</b></p><p>In his 2021 open letter to shareholders released at the end of February, Buffett said that Berkshire repurchased about $9 billion of its own shares in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of $24.7 billion, and the number of shares repurchased is equivalent to 5.2% of outstanding shares, five times the total of 5 billion repurchases in 2019.</p><p>He said that Berkshire has bought back more shares since the end of last year and may further build to reduce the number of shares in circulation in the future. Companies only participate in buybacks if they believe that the stock is trading below its intrinsic value market, rather than \"embarrassingly investing more money in buybacks when the stock price rises rather than falls, as other companies do, our approach is the opposite.\"</p><p>James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, expects Berkshire to buy back another $5 billion of its own stock in the first quarter of this year.</p><p>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 more than 11% gain in the same period. Berkshire's Class A shares have rebounded sharply 52% from their March 23 lows last year, and relatively cheap Class B shares have also risen more than 47% over the past 12 months.</p><p>Is such a high share price still lower than the intrinsic value and trigger a large repurchase? Investors wait for Balao's comments.</p><p><img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>Point 3: Sitting on hundreds of billions of cash, when will \"elephant-level huge acquisition\" be staged</b></p><p>Even after record buybacks in 2020, Berkshire still held substantial cash reserves, which amounted to $138 billion at the end of the fourth quarter of last year, slightly down from $145.7 billion at the end of the third quarter of last year.</p><p>Shareholders wonder why Buffett has been making big buys of Berkshire shares rather than making the \"elephant-sized\" massive acquisition he's been craving for years.</p><p>Buffett explained at last year's shareholder meeting that the reason was simply \"because we haven't seen anything appealing\". However, in the past year, with the rapid rise of SPAC, the M&A transaction environment has become more competitive. According to SPAC Research, there are currently more than 500 SPACs with over $138 billion in hand looking for target acquisition companies.</p><p>CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors have a right 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 the strength of its stock rebound, people probably won't complain too much.</p><p><b>Point 4: Buffett's U.S. Stock Position Strategy and China Investment</b></p><p>At last year's shareholder meeting, Buffett revealed that he had sold off all of 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 Airlines</a>Of shares, worth a combined amount of more than $4 billion.</p><p>It was thought at the time to convey this legendary value investor's pessimistic view of the aviation industry, but with airline shares jumping by a triple-digit percentage from their 2020 lows (i.e. already doubling), more than a few observers following Buffett's investment trajectory expressed disappointment. Even former US President Trump criticized Buffett for \"being right all his life\", but he lost his foot in clearing airline stocks.</p><p>Investors are looking forward to whether Buffett \"admits miss\" at this year's shareholder meeting. However, 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. Travel travel has recovered slowly and there are too many planes. Even United Airlines admitted this month that the road to full recovery is still bumpy, and the complete return of business and international travel is far away.</p><p>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 capitalization of $120.4 billion, or nearly 43% of the 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 toward Apple? What do you think of Balao, Apple's new car-making business?</p><p>Late last year, Berkshire also pullback/retracement its exposure to the Financial sector, emptying positions in JPMorgan Chase and PNC Financial.<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>The position has been cut by nearly 60%. At the same time, Buffett took advantage of the pandemic hitting stock prices to expand his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Oil and Telecom Operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon)' s position.</p><p>People are eager to hear how Buffett assesses the stock market rally late in the pandemic and his views on whether overall stock market valuations are increasingly bubbling. Shanahan, an analyst, believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is composed and Apple's outstanding performance makes it now look more like a new economy company, perhaps a peek into the \"post-Buffett\" era.</p><p>Notably, in early April of this year, Munger's newspaper company Daily Journal filed a 13F filing with the SEC, showing that opening 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. It is also worth paying attention to whether Munger has further affirmation and optimism about the prospects of Chinese stocks and Chinese enterprises.</p><p><b>Watch 5: Do you continue to despise cryptocurrency or other market booms</b></p><p>The financial market in the United States has been turbulent this year. First, retail investors fought against institutions and forced Wall Street short. Then, the explosion of hedge funds in the century caused huge losses for many financial institutions around the world. Then, Bitcoin quickly broke through a record high of $64,000. At the same time, retail investors speculated on blank check companies (SPACs), hoping to get a piece of the pie from the fast lane of backdoor listing.</p><p>As we all know, Buffett has never been optimistic about Bitcoin, thinking it is \"speculation\" rather than \"investment\", and also calling Bitcoin \"rat poison squared\". Munger, quoting Oscar Wilde's famous quote, called investing in Bitcoin \"a futile effort the unspeakable in pursuit of the uneatable.</p><p>In late February, Munger commented on the market at the annual conference of Daily Journal, where he chaired it, accusing Robinhood of making money as \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is one of the most \"disgusting\" lies in the investment community; Slamming SPAC is that investment banks are \"making dirty money\" and \"irritating bubbles\". \"As long as shit can be sold, the investment industry will sell these\"; Asked about $50,000 Bitcoin or $1 trillion market cap<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, say you don't know which is worse.</p><p>He warned that the current mainstream attitude of U.S. stocks is \"horse racing mentality\", and it is foolish to encourage this gambling mentality. Buying stocks on a frenzy is a very dangerous way of investing, which will end in a bad way, although he is not sure when.</p><p>After months of watching, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.</p><p><b>Point 6: Is the successor of the \"post-Buffett era\" clear</b></p><p>Because Buffett and Munger are both over the age, who will be the successor of Berkshire's head is becoming one of the classic topics at the annual shareholders' meeting, but Buffett doesn't mention it every year.</p><p>Observers noticed that in 2020, because Munger couldn't fly to Omaha to attend the shareholders' meeting, Greg Abel, vice chairman in charge of Berkshire's non-insurance business, answered shareholders' questions on behalf of Munger and Buffett, and the market began to think that Abel was most likely to take over.</p><p>However, at present, mainstream analysts on Wall Street are speculating that Buffett still won't talk about the topic of succession in detail.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3629506\">华尔街见闻</a></p>\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.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109672237,"gmtCreate":1619696207129,"gmtModify":1704728144708,"author":{"id":"3581836602644436","authorId":"3581836602644436","name":"Bee8988","avatar":"https://static.tigerbbs.com/6548fc620bba0bea9505a37d1be2d83c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581836602644436","idStr":"3581836602644436"},"themes":[],"htmlText":"Tesla?","listText":"Tesla?","text":"Tesla?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109672237","isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":387605097578584,"gmtCreate":1735660675256,"gmtModify":1735662419843,"author":{"id":"3581836602644436","authorId":"3581836602644436","name":"Bee8988","avatar":"https://static.tigerbbs.com/6548fc620bba0bea9505a37d1be2d83c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581836602644436","authorIdStr":"3581836602644436"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 3 coming&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> 3 coming&nbsp;","text":"$Tesla Motors(TSLA)$ 3 coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387605097578584","isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101805840,"gmtCreate":1619871809480,"gmtModify":1704335931612,"author":{"id":"3581836602644436","authorId":"3581836602644436","name":"Bee8988","avatar":"https://static.tigerbbs.com/6548fc620bba0bea9505a37d1be2d83c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581836602644436","authorIdStr":"3581836602644436"},"themes":[],"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 Shareholders' Meeting is Coming! Here are a few points to keep an eye on","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":"<p>This year, the 90-year-old Buffett will fly to California to \"merge\" with his 97-year-old partner Munger, who has been working with him for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history to be held outside Omaha, Nebraska. On Saturday, May 1, 2021, following the release of its first quarter 2021 earnings, \"Stock God\" Buffett's<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway's 56th Anniversary General Meeting is scheduled to be held at 1:30 p.m. EST.</p><p>This is the second year in a row that the important annual meeting, typically attended by nearly 40,000 people, has been held online due to the pandemic, attracting 2.5 million streaming hits last year and the first time the high-profile event has been held outside of Omaha, Nebraska, USA.</p><p>This year, the 90-year-old Buffett will fly to California to \"fit\" with his 97-year-old partner Munger, who has been working with him for more than 60 years, and the venue of the annual shareholders' meeting will temporarily move to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.</p><p>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 remembering and hope to gather in Omaha next spring.</p><p>Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been 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 conference to answer questions from shareholders. They are the main competitors for Berkshire's CEO in the \"post-Buffett era\".</p><p><b>Wall Street summarizes the analysis articles of Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-</b></p><p><b>Point 1: The recovery of Berkshire's operating industries</b></p><p>Berkshire's business covers traditional economic sectors such as railroads, manufacturing, retail and utilities, and some industries have inevitably been hit hard by the pandemic.</p><p>Their recovery is bound to bring out Buffett's view of the future economic trend. The consensus expectation is that Berkshire's industries will benefit from the reopening of the US economy, and the share prices of companies with \"value stocks\" attributes may outperform the broader market this year.</p><p>For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, which makes specified spare parts for aircraft manufacturers such as Airbus, Airbus and Bombardier, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunging travel demand wiped out orders for aircraft parts. Geico Auto Insurance, led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. While other insurers refunded premiums to customers during the pandemic, they were only willing to offer credit offers instead of direct cashback to drivers who renewed their policies.</p><p>Shareholders may also be eyeing 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 health insurance but suddenly failed in February. Originally, the market hoped that this innovative company would subvert the complicated and expensive medical insurance system in the United States. As a result, the company dissolved after less than three years of operation. People speculated that Buffett may talk about the reasons for the failure at the shareholders' meeting.</p><p><b>Point 2: Can Record Stock Buybacks Continue</b></p><p>In his 2021 open letter to shareholders released at the end of February, Buffett said that Berkshire repurchased about $9 billion of its own shares in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of $24.7 billion, and the number of shares repurchased is equivalent to 5.2% of outstanding shares, five times the total of 5 billion repurchases in 2019.</p><p>He said that Berkshire has bought back more shares since the end of last year and may further build to reduce the number of shares in circulation in the future. Companies only participate in buybacks if they believe that the stock is trading below its intrinsic value market, rather than \"embarrassingly investing more money in buybacks when the stock price rises rather than falls, as other companies do, our approach is the opposite.\"</p><p>James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, expects Berkshire to buy back another $5 billion of its own stock in the first quarter of this year.</p><p>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 more than 11% gain in the same period. Berkshire's Class A shares have rebounded sharply 52% from their March 23 lows last year, and relatively cheap Class B shares have also risen more than 47% over the past 12 months.</p><p>Is such a high share price still lower than the intrinsic value and trigger a large repurchase? Investors wait for Balao's comments.</p><p><img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>Point 3: Sitting on hundreds of billions of cash, when will \"elephant-level huge acquisition\" be staged</b></p><p>Even after record buybacks in 2020, Berkshire still held substantial cash reserves, which amounted to $138 billion at the end of the fourth quarter of last year, slightly down from $145.7 billion at the end of the third quarter of last year.</p><p>Shareholders wonder why Buffett has been making big buys of Berkshire shares rather than making the \"elephant-sized\" massive acquisition he's been craving for years.</p><p>Buffett explained at last year's shareholder meeting that the reason was simply \"because we haven't seen anything appealing\". However, in the past year, with the rapid rise of SPAC, the M&A transaction environment has become more competitive. According to SPAC Research, there are currently more than 500 SPACs with over $138 billion in hand looking for target acquisition companies.</p><p>CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors have a right 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 the strength of its stock rebound, people probably won't complain too much.</p><p><b>Point 4: Buffett's U.S. Stock Position Strategy and China Investment</b></p><p>At last year's shareholder meeting, Buffett revealed that he had sold off all of 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 Airlines</a>Of shares, worth a combined amount of more than $4 billion.</p><p>It was thought at the time to convey this legendary value investor's pessimistic view of the aviation industry, but with airline shares jumping by a triple-digit percentage from their 2020 lows (i.e. already doubling), more than a few observers following Buffett's investment trajectory expressed disappointment. Even former US President Trump criticized Buffett for \"being right all his life\", but he lost his foot in clearing airline stocks.</p><p>Investors are looking forward to whether Buffett \"admits miss\" at this year's shareholder meeting. However, 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. Travel travel has recovered slowly and there are too many planes. Even United Airlines admitted this month that the road to full recovery is still bumpy, and the complete return of business and international travel is far away.</p><p>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 capitalization of $120.4 billion, or nearly 43% of the 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 toward Apple? What do you think of Balao, Apple's new car-making business?</p><p>Late last year, Berkshire also pullback/retracement its exposure to the Financial sector, emptying positions in JPMorgan Chase and PNC Financial.<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>The position has been cut by nearly 60%. At the same time, Buffett took advantage of the pandemic hitting stock prices to expand his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Oil and Telecom Operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon)' s position.</p><p>People are eager to hear how Buffett assesses the stock market rally late in the pandemic and his views on whether overall stock market valuations are increasingly bubbling. Shanahan, an analyst, believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is composed and Apple's outstanding performance makes it now look more like a new economy company, perhaps a peek into the \"post-Buffett\" era.</p><p>Notably, in early April of this year, Munger's newspaper company Daily Journal filed a 13F filing with the SEC, showing that opening 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. It is also worth paying attention to whether Munger has further affirmation and optimism about the prospects of Chinese stocks and Chinese enterprises.</p><p><b>Watch 5: Do you continue to despise cryptocurrency or other market booms</b></p><p>The financial market in the United States has been turbulent this year. First, retail investors fought against institutions and forced Wall Street short. Then, the explosion of hedge funds in the century caused huge losses for many financial institutions around the world. Then, Bitcoin quickly broke through a record high of $64,000. At the same time, retail investors speculated on blank check companies (SPACs), hoping to get a piece of the pie from the fast lane of backdoor listing.</p><p>As we all know, Buffett has never been optimistic about Bitcoin, thinking it is \"speculation\" rather than \"investment\", and also calling Bitcoin \"rat poison squared\". Munger, quoting Oscar Wilde's famous quote, called investing in Bitcoin \"a futile effort the unspeakable in pursuit of the uneatable.</p><p>In late February, Munger commented on the market at the annual conference of Daily Journal, where he chaired it, accusing Robinhood of making money as \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is one of the most \"disgusting\" lies in the investment community; Slamming SPAC is that investment banks are \"making dirty money\" and \"irritating bubbles\". \"As long as shit can be sold, the investment industry will sell these\"; Asked about $50,000 Bitcoin or $1 trillion market cap<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, say you don't know which is worse.</p><p>He warned that the current mainstream attitude of U.S. stocks is \"horse racing mentality\", and it is foolish to encourage this gambling mentality. Buying stocks on a frenzy is a very dangerous way of investing, which will end in a bad way, although he is not sure when.</p><p>After months of watching, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.</p><p><b>Point 6: Is the successor of the \"post-Buffett era\" clear</b></p><p>Because Buffett and Munger are both over the age, who will be the successor of Berkshire's head is becoming one of the classic topics at the annual shareholders' meeting, but Buffett doesn't mention it every year.</p><p>Observers noticed that in 2020, because Munger couldn't fly to Omaha to attend the shareholders' meeting, Greg Abel, vice chairman in charge of Berkshire's non-insurance business, answered shareholders' questions on behalf of Munger and Buffett, and the market began to think that Abel was most likely to take over.</p><p>However, at present, mainstream analysts on Wall Street are speculating that Buffett still won't talk about the topic of succession in detail.</p>","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 Shareholders' Meeting is Coming! 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Here are a few points to keep an eye on\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-05-01 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This year, the 90-year-old Buffett will fly to California to \"merge\" with his 97-year-old partner Munger, who has been working with him for more than 60 years. The shareholders' meeting will temporarily move to Los Angeles, which is the first time in history to be held outside Omaha, Nebraska. On Saturday, May 1, 2021, following the release of its first quarter 2021 earnings, \"Stock God\" Buffett's<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>-Hathaway's 56th Anniversary General Meeting is scheduled to be held at 1:30 p.m. EST.</p><p>This is the second year in a row that the important annual meeting, typically attended by nearly 40,000 people, has been held online due to the pandemic, attracting 2.5 million streaming hits last year and the first time the high-profile event has been held outside of Omaha, Nebraska, USA.</p><p>This year, the 90-year-old Buffett will fly to California to \"fit\" with his 97-year-old partner Munger, who has been working with him for more than 60 years, and the venue of the annual shareholders' meeting will temporarily move to Los Angeles. Munger did not attend the 2020 shareholder meeting last year due to pandemic travel restrictions.</p><p>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 remembering and hope to gather in Omaha next spring.</p><p>Buffett has been Berkshire's chairman and CEO since 1965, and Munger has been 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 conference to answer questions from shareholders. They are the main competitors for Berkshire's CEO in the \"post-Buffett era\".</p><p><b>Wall Street summarizes the analysis articles of Chinese and foreign media, and summarizes several highlights of this year's shareholders' meeting-</b></p><p><b>Point 1: The recovery of Berkshire's operating industries</b></p><p>Berkshire's business covers traditional economic sectors such as railroads, manufacturing, retail and utilities, and some industries have inevitably been hit hard by the pandemic.</p><p>Their recovery is bound to bring out Buffett's view of the future economic trend. The consensus expectation is that Berkshire's industries will benefit from the reopening of the US economy, and the share prices of companies with \"value stocks\" attributes may outperform the broader market this year.</p><p>For example, for<a href=\"https://laohu8.com/S/BA\">boeing</a>Precision Castparts, which makes specified spare parts for aircraft manufacturers such as Airbus, Airbus and Bombardier, was forced to write down $9.8 billion in assets and lay off 13,400 jobs last year as plunging travel demand wiped out orders for aircraft parts. Geico Auto Insurance, led by Todd Combs, one of Berkshire's investment managers, is also facing controversy. While other insurers refunded premiums to customers during the pandemic, they were only willing to offer credit offers instead of direct cashback to drivers who renewed their policies.</p><p>Shareholders may also be eyeing 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 health insurance but suddenly failed in February. Originally, the market hoped that this innovative company would subvert the complicated and expensive medical insurance system in the United States. As a result, the company dissolved after less than three years of operation. People speculated that Buffett may talk about the reasons for the failure at the shareholders' meeting.</p><p><b>Point 2: Can Record Stock Buybacks Continue</b></p><p>In his 2021 open letter to shareholders released at the end of February, Buffett said that Berkshire repurchased about $9 billion of its own shares in the fourth quarter of last year, bringing the total repurchase amount in 2020 to a record high of $24.7 billion, and the number of shares repurchased is equivalent to 5.2% of outstanding shares, five times the total of 5 billion repurchases in 2019.</p><p>He said that Berkshire has bought back more shares since the end of last year and may further build to reduce the number of shares in circulation in the future. Companies only participate in buybacks if they believe that the stock is trading below its intrinsic value market, rather than \"embarrassingly investing more money in buybacks when the stock price rises rather than falls, as other companies do, our approach is the opposite.\"</p><p>James Shanahan, an analyst at Edward Jones, a well-known retail brokerage firm, expects Berkshire to buy back another $5 billion of its own stock in the first quarter of this year.</p><p>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 more than 11% gain in the same period. Berkshire's Class A shares have rebounded sharply 52% from their March 23 lows last year, and relatively cheap Class B shares have also risen more than 47% over the past 12 months.</p><p>Is such a high share price still lower than the intrinsic value and trigger a large repurchase? Investors wait for Balao's comments.</p><p><img src=\"https://static.tigerbbs.com/bcc51b103e053f15070daf63d0e5ec7c\" tg-width=\"1188\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>Point 3: Sitting on hundreds of billions of cash, when will \"elephant-level huge acquisition\" be staged</b></p><p>Even after record buybacks in 2020, Berkshire still held substantial cash reserves, which amounted to $138 billion at the end of the fourth quarter of last year, slightly down from $145.7 billion at the end of the third quarter of last year.</p><p>Shareholders wonder why Buffett has been making big buys of Berkshire shares rather than making the \"elephant-sized\" massive acquisition he's been craving for years.</p><p>Buffett explained at last year's shareholder meeting that the reason was simply \"because we haven't seen anything appealing\". However, in the past year, with the rapid rise of SPAC, the M&A transaction environment has become more competitive. According to SPAC Research, there are currently more than 500 SPACs with over $138 billion in hand looking for target acquisition companies.</p><p>CFRA Research analyst Cathy Seifert noted that this is an important company with a large cash position, and investors have a right 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 the strength of its stock rebound, people probably won't complain too much.</p><p><b>Point 4: Buffett's U.S. Stock Position Strategy and China Investment</b></p><p>At last year's shareholder meeting, Buffett revealed that he had sold off all of 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 Airlines</a>Of shares, worth a combined amount of more than $4 billion.</p><p>It was thought at the time to convey this legendary value investor's pessimistic view of the aviation industry, but with airline shares jumping by a triple-digit percentage from their 2020 lows (i.e. already doubling), more than a few observers following Buffett's investment trajectory expressed disappointment. Even former US President Trump criticized Buffett for \"being right all his life\", but he lost his foot in clearing airline stocks.</p><p>Investors are looking forward to whether Buffett \"admits miss\" at this year's shareholder meeting. However, 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. Travel travel has recovered slowly and there are too many planes. Even United Airlines admitted this month that the road to full recovery is still bumpy, and the complete return of business and international travel is far away.</p><p>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 capitalization of $120.4 billion, or nearly 43% of the 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 toward Apple? What do you think of Balao, Apple's new car-making business?</p><p>Late last year, Berkshire also pullback/retracement its exposure to the Financial sector, emptying positions in JPMorgan Chase and PNC Financial.<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>The position has been cut by nearly 60%. At the same time, Buffett took advantage of the pandemic hitting stock prices to expand his considerable dividend payment<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Oil and Telecom Operators<a href=\"https://laohu8.com/S/VZ\">Verizon</a>(Verizon)' s position.</p><p>People are eager to hear how Buffett assesses the stock market rally late in the pandemic and his views on whether overall stock market valuations are increasingly bubbling. Shanahan, an analyst, believes that after selling airline stocks and financial stocks, the way Berkshire's portfolio is composed and Apple's outstanding performance makes it now look more like a new economy company, perhaps a peek into the \"post-Buffett\" era.</p><p>Notably, in early April of this year, Munger's newspaper company Daily Journal filed a 13F filing with the SEC, showing that opening 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. It is also worth paying attention to whether Munger has further affirmation and optimism about the prospects of Chinese stocks and Chinese enterprises.</p><p><b>Watch 5: Do you continue to despise cryptocurrency or other market booms</b></p><p>The financial market in the United States has been turbulent this year. First, retail investors fought against institutions and forced Wall Street short. Then, the explosion of hedge funds in the century caused huge losses for many financial institutions around the world. Then, Bitcoin quickly broke through a record high of $64,000. At the same time, retail investors speculated on blank check companies (SPACs), hoping to get a piece of the pie from the fast lane of backdoor listing.</p><p>As we all know, Buffett has never been optimistic about Bitcoin, thinking it is \"speculation\" rather than \"investment\", and also calling Bitcoin \"rat poison squared\". Munger, quoting Oscar Wilde's famous quote, called investing in Bitcoin \"a futile effort the unspeakable in pursuit of the uneatable.</p><p>In late February, Munger commented on the market at the annual conference of Daily Journal, where he chaired it, accusing Robinhood of making money as \"dirty\" and attracting inexperienced novices who want to gamble. Commission-free trading is one of the most \"disgusting\" lies in the investment community; Slamming SPAC is that investment banks are \"making dirty money\" and \"irritating bubbles\". \"As long as shit can be sold, the investment industry will sell these\"; Asked about $50,000 Bitcoin or $1 trillion market cap<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>When comparing, say you don't know which is worse.</p><p>He warned that the current mainstream attitude of U.S. stocks is \"horse racing mentality\", and it is foolish to encourage this gambling mentality. Buying stocks on a frenzy is a very dangerous way of investing, which will end in a bad way, although he is not sure when.</p><p>After months of watching, investors want to hear whether two legendary evergreens in the investment world are pessimistic about the high risk of the market.</p><p><b>Point 6: Is the successor of the \"post-Buffett era\" clear</b></p><p>Because Buffett and Munger are both over the age, who will be the successor of Berkshire's head is becoming one of the classic topics at the annual shareholders' meeting, but Buffett doesn't mention it every year.</p><p>Observers noticed that in 2020, because Munger couldn't fly to Omaha to attend the shareholders' meeting, Greg Abel, vice chairman in charge of Berkshire's non-insurance business, answered shareholders' questions on behalf of Munger and Buffett, and the market began to think that Abel was most likely to take over.</p><p>However, at present, mainstream analysts on Wall Street are speculating that Buffett still won't talk about the topic of succession in detail.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3629506\">华尔街见闻</a></p>\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.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109672237,"gmtCreate":1619696207129,"gmtModify":1704728144708,"author":{"id":"3581836602644436","authorId":"3581836602644436","name":"Bee8988","avatar":"https://static.tigerbbs.com/6548fc620bba0bea9505a37d1be2d83c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581836602644436","authorIdStr":"3581836602644436"},"themes":[],"htmlText":"Tesla?","listText":"Tesla?","text":"Tesla?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109672237","isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}