On April 30, local time, the Berkshire Hathaway shareholders meeting will be held in Omaha, Nebraska, USA.

Buffett, 92, and Munger, 98, will make another appearance together.

  In 2022, the capital market will change, global inflation will continue to be high, the Fed's hawkish interest rate hike will disturb the secondary market, and the situation in Russia and Ukraine will affect the international energy supply.

In this turbulent time, how will Buffett and his close partner Munger stick to the "value investing" strategy?

How to interpret the investment layout under the Russian-Ukrainian conflict?

Aspect 1: Returning to offline for the first time since the epidemic

  Affected by the new crown epidemic in 2020, the annual Berkshire Hathaway shareholders meeting was moved online and held in the form of webcast.

The 2021 shareholders meeting will continue to be held online, but for the convenience of Munger’s participation, the location will be changed to Los Angeles, where he lives. This is the first time that the shareholders meeting will be held outside Omaha.

  This year, the shareholders meeting will return to offline and will be held at the CHI Health Center in the northern urban area of ​​Omaha, which is also the venue for the 2019 shareholders meeting.

Highlight 2: Six-hour blockbuster question and answer session

  The three-day general meeting includes business meetings, an "invest in yourself" 5-kilometer walk, and various shopping activities.

On April 30, the general meeting of shareholders officially opened, and the heavy Q&A session will start at 9:15 am local time and is expected to last for six hours.

  Berkshire Hathaway said that the question-and-answer session will provide two channels for asking questions. One is to randomly select on-site shareholders, and the other is to collect and select questions from CNBC reporter Becky Quick.

In addition to Buffett and Munger, Berkshire's two vice chairmen, Ajit Jain and Greg Abel, will be on hand to answer questions this year.

In total, around 60 questions are expected to be answered, but they will not discuss specific investment decision-making processes and political topics.

Aspect 3: Buffett was "impeached" in his later years or will he retire?

  According to the schedule, this year's general meeting of shareholders will vote on a series of shareholder proposals.

According to reports, CalPERS, the largest state public pension fund in the United States, which holds about $2.3 billion in Berkshire shares, disclosed on April 19 that it intends to vote for Berkshire Hathaway's proposal to replace Shareholder Proposal for Warren Buffett's Chairmanship.

The proposal was first proposed by the nonprofit National Legal and Policy Center.

The center believes that Buffett's simultaneous chairman and CEO positions "dramatically weaken" the roles of both positions, thereby weakening the corporate governance structure.

  Berkshire said that its operating businesses have always been committed to diversity, equality and inclusion.

And, currently, Buffett controls 32.1% of Berkshire's voting power, and shareholder proposals he opposes typically fail by a wide margin.

  However, considering that Buffett is approaching his 92nd birthday, his successor has been the focus of the outside world in recent years.

  The successor may "whose family"?

Berkshire Hathaway has said that if Warren Buffett doesn't stay in those roles, Abel Abel, who runs the company's non-insurance business, will become chief executive, while Buffett's son, Howard Buffett, will become non-executive chairman.

Aspect 4: How is the layout under the Russia-Ukraine conflict?

  Recently, the Russian-Ukrainian war has hit the global market.

How Buffett will analyze the recent macro trends and what investment strategy Berkshire will have under the Russia-Ukraine conflict will also be a major focus of the shareholders' meeting.

  When the international oil price fluctuated at a high level, Buffett had vigorously increased his positions in Western oil.

  According to documents disclosed by the Securities and Exchange Commission (SEC), in the three days from March 14 to 16 alone, Buffett's Berkshire bought a total of 18.1 million shares of Occidental Petroleum, worth nearly $1 billion.

Since then, Berkshire has accumulated 136.4 million shares worth about $7.2 billion.

  Buffett has been targeting the energy sector since last year.

Buffett increased his holdings of Chevron by 9.54 million shares at the end of the fourth quarter of last year, with an increase ratio of about 33%, which also made Chevron become Berkshire's top ten new heavyweight stocks.

Point 5: Berkshire has $144 billion in cash on hand. How will Buffett use this huge sum of money?

  By the end of 2021, Berkshire had $144 billion in cash on paper.

Is Buffett planning to use this huge sum of money to make a big splash this year?

Has Berkshire Spotted New Investment Opportunities?

This is also worth looking forward to.

  According to Buffett's 2022 shareholder letter, Berkshire Hathaway, despite having $350 billion in equity assets, still has a large cash position on its balance sheet, including $144 billion in cash and cash equivalents.

In other words, about 20% to 30% of the cash position is left, and there is no full allocation of equity assets.

  In this regard, Yang Delong, chief economist of Qianhai Open Source Fund, pointed out that holding cash positions can be used to cope with some possible changes in the macro environment and some stock market disasters that may be found, and holding a large amount of cash can also be used when a stock market disaster occurs. Calmly to lay out some high-quality assets.

  It is worth noting that Buffett has been making big moves recently. In addition to increasing his holdings of Occidental Petroleum, he also spent huge sums of money to acquire the insurance company Alleghany and increase his holdings of Hewlett-Packard.