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HomeBusinessWatch: Buffett updates attendees on profits and discusses artificial intelligence in annual...

Watch: Buffett updates attendees on profits and discusses artificial intelligence in annual Berkshire Hathaway Meeting

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Flickr Image: Fortune Live Media

The Berkshire Hathaway annual meeting in 2023 was highly anticipated by investors and financial experts alike. The meeting, which took place in Omaha, Nebraska, drew a record-breaking crowd as attendees gathered to hear from Berkshire Hathaway CEO Warren Buffett and Vice Chairman Charlie Munger. Buffet who is 92 and Munger is 99 but they are mentally very sharp and have not lost their wit and are as sharp about investing as ever.

One of the major topics of discussion at the meeting was the recent performance of Berkshire Hathaway’s portfolio. Buffett and Munger fielded questions about the company’s investments in various industries, including technology, healthcare, and consumer goods.

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Buffett emphasized the company’s focus on long-term investments, saying that Berkshire Hathaway is not interested in short-term gains. He pointed to the company’s stake in Apple, which has been a significant contributor to Berkshire Hathaway’s portfolio in recent years.

“New things coming along doesn’t take away the opportunities. What gives you the opportunities is other people doing dumb things,” said Buffett, who was shown ChatGPT with his close friend Bill Gates. However, Charlie Munger was skeptical of AI and said, “Old-fashioned intelligence works pretty well.”

Buffet and Munger commented on trade relations with China. They said the United States will gain from having an open economic relationship with China, therefore both nations should take care not to escalate the tensions between them since the stakes are too high for the entire globe.

In addition to discussing the company’s investments, Buffett and Munger also addressed the topic of sustainability. They outlined the steps that Berkshire Hathaway is taking to reduce its carbon footprint and support renewable energy initiatives. They emphasized the importance of investing in sustainable companies and industries, not only for the sake of the environment but also for long-term profitability.

Another topic of discussion was the future of Berkshire Hathaway after Buffett eventually stepped down from his position as CEO. Buffett acknowledged that he is not getting any younger and said that the company is well-prepared for a smooth transition when the time comes.

Buffett also talked about the importance of ethical business practices, emphasizing that Berkshire Hathaway values honesty and integrity above all else. He pointed to the recent scandals involving some of the world’s largest companies and emphasized the need for businesses to prioritize ethical behavior.

In the first quarter, Berkshire Hathaway reported revenue of $35.5 billion, or $24,377 per Class A share. That is more than six times the $5.58 billion, or $3,784 per share, from the previous year. But Buffett has long advised that Berkshire’s bottom-line numbers can be deceptive since the profits are distorted by the large fluctuations in the value of its investments, the majority of which it rarely sells.

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Berkshire only sold $1.7 billion worth of equities during this quarter, but it saw a $27.4 billion gain on paper investments. A $2.4 billion rise resulting from Berkshire’s intended acquisition of the majority of the shares of Pilot Travel Centers truck stop company in January was one of this year’s investment

Overall, the Berkshire Hathaway annual meeting in 2023 was a resounding success. Attendees left feeling optimistic about the company’s future and impressed by Buffett and Munger’s insights and expertise. As always, the meeting provided valuable insights into the world of investing and the importance of long-term thinking and ethical business practices.

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