Buffett Bids Farewell to Shareholders Meeting: The Final Chapter of an Investment Legend

On the evening of May 3rd, Beijing time, the Berkshire Hathaway shareholders meeting was held in Omaha. The 95-year-old Buffett, dressed in a dark suit and with a Coca-Cola in front of him, still appeared spirited. This time, the Q&A session was shorter, and he officially announced his retirement at the end of the year, making this likely his last full participation in the shareholders meeting, marking the end of his era.

During the meeting, Buffett shared ten insightful points. In terms of investment, he believes that we are not in a severe bear market; Berkshire holds $347.7 billion in cash and is waiting for the right moment to act. Stock price fluctuations will not sway his rational judgments, and he emphasized that investments should not be made all at once but should wait patiently for opportunities. He also places greater importance on analyzing balance sheets. In life and career, he advises to associate with outstanding individuals, and when choosing a job, one should not be overly concerned about the starting salary but focus on the ability to work with excellent colleagues. Additionally, he discussed how happiness contributes to longevity and stressed the importance of reading for decision-making.

Looking back, Buffett once again demonstrated his extraordinary skills. Starting in 2024, Berkshire will reduce its holdings in stocks like Apple and Bank of America, especially significantly reducing its holdings while Apple's stock price was rising. In March of this year, as U.S. stocks plummeted, companies like Tesla and NVIDIA saw their market values evaporate, while Berkshire's stock performed well. Buffett also became one of the only ten billionaires in the world whose wealth increased in March, once again accurately grasping the market rhythm.

At the end of the meeting, Buffett announced the nomination of Vice Chairman Greg Abel to succeed him as CEO at the end of the year, a decision that had long been foreshadowed. Having led Berkshire for 60 years, Buffett has created astonishing results, with an annualized return of 19.9% from 1965 to 2024, far surpassing the S&P 500 index. Although he announced his retirement, he stated that he would still play a role when special investment opportunities arise, and due to his confidence in the company's future, he promised to retain all of his shares. The cash reserve of $347.7 billion is his generous succession gift for Abel.

The incoming Abel stated that he would adhere to the values established by Buffett and consolidate the company's reputation. Despite nearing his nineties, Buffett remains optimistic; upon announcing his retirement, he used humor to diffuse the somber atmosphere at the scene. Although the era of this investment master is coming to an end, his investment wisdom and life philosophy will continue to impact the world for a long time.