galacoincryptocom|“股神”巴菲特 为何出言谨慎？

Chen Xiachang, a reporter from the Securities Times

Despite the lack of old partner MungerGalacoincryptocomAt this year's Berkshire shareholders' meeting, Buffett, who will turn 94, still answered more than 40 questions. including the company's huge cash reserves, the reduction of Apple shares, overseas markets and emerging industries investment opportunities and other issues of concern to investors. During the six-hour question-and-answer session of the shareholders' meeting, Buffett is as clear and logical as ever, but he may be a little disappointed for those who want to find investment opportunities.

Buffett is very cautious about hot industries. For example, artificial intelligence, he said he did not really understand, artificial intelligence is like a "nuclear bomb", not only has great potential, but also may bring great harm. He said that he is very optimistic about new energy sources such as solar energy (000591), but it is difficult to replace traditional energy sources in the short term. In terms of investment, he has been increasing his holdings in Western Oil over the past three years and has long held Chevron, another oil and gas giant. For the leading artificial intelligence company Microsoft, his investment has never been involved, even though he and Microsoft founder Bill Gates have been friends for many years.

Buffett is noncommittal about investment opportunities in emerging markets. He acknowledges that there are many opportunities in emerging markets, but because he is not familiar with the culture and institutions of other countries, he is unlikely to invest on a large scale, and the focus of investment is still in the United States.

Meanwhile, Berkshire's cash reserves reached an all-time high of $189 billion at the end of the first quarter. Buffett also expects future cash reserves to reach $200 billion. In other words, even in the United States, he did not find good investment opportunities, so he chose to continue to buy back the company's shares on a large scale. Berkshire shares rose 16% in the first quarterGalacoincryptocom.9%, the performance far outperformed the market index, more because the company bought back shares than because investors were bullish.

At shareholders' meetings in recent years, Buffett has said many times that "luck" accounts for a large part of his investment success. At this year's shareholders' meeting, he mentioned his age many times, especially the assumption that he was "gone". He even said that he "can no longer accept a four-year employment contract" because he is so old that he "doesn't know where he will be in four years".

Buffett's caution may be due to his age, or because the market no longer has huge investment opportunities, or both. For investors, no matter what kind of interpretation, this is a signal worthy of attention.