China-Singapore Jingwei client, May 3, 4:45, Beijing time, Berkshire Hathaway's shareholder meeting was held online for the first time.

　　Prior to the start of the shareholders meeting, Berkshire announced its first quarter earnings report. The financial report showed that Berkshire had a net loss of 49.746 billion US dollars in the first quarter, a record, while the net profit for the same period last year was 21.661 billion US dollars.

　　For the Buffett Shareholders ’Meeting, we summarized eight key points:

[Talk about partner]

Munger will return at the 2021 annual meeting

　　Buffett said that this does not look like an annual meeting, nor does it feel like an annual meeting. My 60-year-old partner, Charlie Munger, did n’t sit here, making this especially feel like an annual meeting. I think most of the people who attended our meeting came to listen to Charlie, but I want to assure you that Charlie is 96 in good condition.

　　Buffett said that he used to talk to Charlie Munger here. Charlie Munger is now 96 years old. His body is still very strong, but he feels that the best option this year is to stop Munger from coming to the meeting. Charlie Munger is in good shape and he will return at the 2021 annual meeting.

【Talk about the epidemic situation】

The result cannot be worse

　　Buffett said that accounting was good at school, but biology is a mess, so I know as much about the epidemic as everyone else, and the result cannot be worse. It is not yet possible to fully predict the future development of the epidemic.

　　At the shareholders 'meeting, Buffett repeatedly emphasized that the outbreak has changed the residents' living habits. This may completely change certain business rules, or expose some industries to a long time. There will be layoffs, and some small businesses may not open the door again.

　　Buffett also said that the death rate of new coronary pneumonia was not as high as the Spanish flu pandemic of 1918, but it was highly contagious. The recent blockade measures against viruses by various countries are "a considerable experiment." It is believed that the US economy can overcome the difficulties caused by the epidemic.

[Talking about the stock market]

Don't borrow money to buy stocks

　　Buffett said that investors should not borrow money to invest in the stock market. Buffett believes that ordinary investors should buy a wide range of markets for a long time, rather than follow other people's stock selection suggestions.

　　Buffett pointed out that stocks will perform better than national debt. Their performance will exceed your money under the mattress, and they are a very stable investment. As long as he treats them as investment, not as a gambling tool, or something you think you can safely buy on margin.

【Talk about aviation industry】

Cleared the four major US airline stocks

　　Buffett confirmed that Berkshire Hathaway has sold "all (stock) positions" of the four major US airlines (American Airlines, Delta Air Lines, Southwest Airlines and United Airlines).

　　Buffett said he made an "understandable error" when evaluating airline stocks, and their prices fell sharply due to the suspension of travel around the world caused by the new crown epidemic. He said: "It turns out that my view of this business is wrong."

[Talking about the Federal Reserve]

Fed Chairman Powell deserves respect

　　Buffett said: "For many years, I have paid special respect to Paul Volcker (former Fed chairman). As far as the Fed chairman is concerned, he is a particularly perfect candidate ... I think Jay Powell and the Federal Reserve Board They deserve the same respect as Volcker because of their actions in mid-March. "

　　Buffett said: "Perhaps what happened in 2008 and 2009 guided their work to some extent. They responded on an unprecedented scale, and since then, essentially everything has gone as it was. In 3 The monthly financing market was almost frozen and did not start to melt until March 23. And March was also the month with the largest corporate bond issuance quota. Everyone who issues corporate bonds at the end of March and April should give The Fed wrote a thank-you letter because if they did not act with unprecedented speed and determination, it would be impossible to issue corporate bonds. "

[Talking about the banking system]

Not too big a problem

　　Buffett said at the shareholders meeting that at present, the banking system will not cause too many problems. Although energy companies or consumer credit may experience some problems, the banking system has sufficient capital and a lot of reserves, so the banking industry is not our main concern.

[Talking about international crude oil]

Crude oil production will decline significantly in the next few years

　　Buffett said at the general meeting of shareholders that crude oil production will decline significantly in the next few years because of the sharp decline in demand. The price of $ 20 a barrel of oil prevents oil companies from going on and drilling activities will decline. It is not known whether oil prices will increase significantly in the future.

　　Buffett pointed out that the future of oil producers is unpredictable. If oil prices remain low, there will be a lot of bad energy loans, and it will be impossible to imagine what happens to equity holders.

【Talk about acquisition】

Did not see attractive opportunities to do

　　Buffett said that we did not make any large-scale acquisitions because we do not see any attractive opportunities to do so. Now, this situation may change soon, but it may not change.

　　Buffett also pointed out that we want to buy is to buy the entire enterprise directly, we often do this, of course, we do not mind the acquisition of part of the equity of high-quality enterprises.

　　Sources: Comprehensive Bloomberg, CNBC, Cailian Press, Securities Times, Daily Economic News, 21st Century Economic News, etc.