The Berkshire Hathaway Annual Shareholders Meeting will be held tonight, which may be Buffett's last complete attendance for Q&A. Market focus includes the direction of the massive cash reserves, Apple shareholding strategy, outlook on the US economy, succession planning, and overseas investment prospects. (Background: Coca-Cola's stock price has hit a new high against the trend! Can learning from Buffett protect your investments from economic recession?) (Background: Buffett is loaded with US Treasury bonds! Berkshire's holdings exceed $300 billion 'far surpassing the Federal Reserve', what calculations is the Oracle of Omaha making?) Tonight, global investors will focus on the annual Berkshire Hathaway shareholders meeting, which is highly significant, not only marking the 60th anniversary of Buffett's acquisition of the company but also potentially being the last time this legendary investor fully participates in the Q&A. In the context of high age and an uncertain global economic environment, this meeting is not only a convergence of wisdom but also the most critical public dialogue before Berkshire enters the 'post-Buffett era'. The Q&A session of this shareholders meeting is scheduled to begin at 9 PM tonight. At that time, the soon-to-be 95-year-old Buffett will be joined by his designated CEO successor Greg Abel (in charge of non-insurance businesses) and Ajit Jain, who heads the insurance business. Here are the key topics that may be discussed in this shareholders meeting: Speculation on the direction of massive cash reserves Berkshire's large and continuously growing cash reserves are a major focus of this meeting. As of February, its cash reserves have reached a record $334.2 billion. The market generally speculates on how Buffett will utilize this huge sum. Potential options include large-scale acquisitions (possible targets include energy, insurance, industrial sectors, or even privatizing major stocks like Coca-Cola or American Express, or increasing holdings in Occidental Petroleum), or accelerating stock buybacks. In the past, Buffett has been able to accurately bottom out during market chaos, whether he will take action again is one of the key questions this time. Portfolio adjustments and global economic outlook Berkshire's portfolio adjustments are also an important weather vane. Changes in the Apple holdings are particularly noteworthy, as its share has dropped from about half last year to 22%, and the market is eager for Buffett's explanation. Additionally, the judgment on the US economic outlook, as well as the impact of the trade war on Berkshire's businesses and overall investment portfolio, will also be key discussion points. In overseas markets, the investment strategy in Japan's five major trading companies has received high praise; in the Chinese market, after reducing holdings in BYD, whether there will be a reallocation or plans to shift to emerging markets like India is also of concern. At the same time, views on emerging technologies such as AI may also be mentioned. How to pass on wealth? Who will succeed? As early as last year's shareholder letter, Buffett clearly stated that Greg Abel's full succession is not far off, and the outside world expects this meeting to provide a clearer timeline for the leadership handover. Regarding Buffett's personal wealth transfer planning of over $150 billion, although he has repeatedly stated that he will donate 99.5%, it is still expected that he will further explain his values and arrangements during this meeting. This Berkshire shareholders meeting is not only a conveyance of Buffett's investment philosophy but may also symbolize a farewell and the opening of a new chapter. Regardless, this 60th anniversary shareholders meeting is a valuable 'Buffett lesson' for global investors. In the current context of intertwined policy volatility, how to allocate capital and face uncertainty, every word and action from Buffett will serve as a reference for market directional judgment.

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