I just returned from Warren Buffett's 60th Berkshire meeting.
Buffet revealed shocking truths about Japan, AI, and the future of Berkshire's 5B cash pile.
People are calling it one of the best meetings EVER.
Here's what happened (gets crazier as you read): 🧵 https://t.co/aseOsnNNZ2
This was Buffett's 60th annual meeting and broke all attendance records.
19,700 people showed up just for the shopping day. See's Candy did 7,000 in sales, Brooks did 0,000, and Jazwares doubled their record.
Even at 94, Buffett still commands a room like no one else... https://t.co/b2R86aW2q5
On Berkshire's Japanese investments, Buffett dropped a bombshell:
"We will NOT be selling any of those stocks. Not in decades, if ever."
He's sitting on B in Japanese trading companies and wishes it was 0B instead.
Size is now Berkshire's biggest enemy. https://t.co/XzLVu1Ll9f
Greg Abel (Buffett's successor) revealed they meet with Japanese companies several times annually.
"We're building relationships to do big things globally."
This isn't just an investment, it's a strategic partnership that could reshape Berkshire's future. https://t.co/QsKeIJbjwp
On Berkshire's massive 5B cash pile, Buffett was blunt:
"We would spend 0 billion tomorrow on the right opportunity."
But he refuses to deploy capital just for the sake of it.
The best opportunities come irregularly - patience is their competitive advantage. https://t.co/gYSKGqgXKu
The GEICO turnaround is remarkable.
Under Todd Combs' leadership, they've:
Cut 20,000 jobs
Caught up on telematics (previously far behind)
Improved pricing models
Achieved an 80% combined ratio (extraordinary in auto insurance) https://t.co/Op3dc5Cmub
Buffett on AI's impact on insurance:
"I wouldn't trade everything that's developed in AI in the next 10 years for Ajit Jain."
Buffett values human judgment over algorithms for risk assessment.
Meanwhile, GEICO is preparing for autonomous vehicles. https://t.co/BdP6l5grXH
Buffett explained why real estate isn't Berkshire's focus:
"In stocks, you can do billions of dollars of business, totally anonymous, in 5 minutes."
Real estate deals take forever, with endless negotiations and multiple parties.
At 94, he prefers the simplicity of securities.
On market volatility:
"If a 15% market drop makes a difference to you, you need a different investment philosophy."
He reminded everyone Berkshire has dropped 50% THREE separate times.
Yet nothing was fundamentally wrong with the company in any instance. https://t.co/mQSv3JPmWn
When asked about cash being a "de-risking strategy" for leadership transition:
"I wouldn't do anything nearly so noble as to withhold investing myself just so Greg could look good later on."
The room erupted in laughter. https://t.co/O80qlEeRUi
Apple CEO Tim Cook was in attendance.
Buffett pointed him out:
"I'm somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I've ever made Berkshire."
There were a lot of amazing people there:
> Tim Cook
> Bill Gates
> Mark Cuban
> Schwarzenegger https://t.co/I5R7JYVvCS
Berkshire's newest partnership:
a joint insurance operation with Zurich and Chubb to write policies for "really large sums that very few people can do."
This reinforces Buffett's belief that Berkshire has "permanent advantages in a very large industry."
On Greg Abel as a successor, a shareholder asked what makes him special.
Buffett didn't directly answer but emphasized the quality of people at Berkshire - those who "do more than their share and never seek more than their share of credit."
Abel exemplifies this culture. https://t.co/4sfjikSEFk
The most profound moment came when discussing America's future:
"We've always been in revolutionary change. If you don't think America has changed since I was born in 1930, we've gone through world wars, recessions, and developed atomic weapons."
His optimism remains unshaken. https://t.co/8V7jvPiY0K
Thank you for reading.
If you enjoyed this post, you'll love my newsletter, where we hunt for small quality stocks that can double multiple times.
You can sign up for free here:
https://t.co/TIVG86Arwp
I hope you've found this thread helpful.
Follow me @100baggerhunt for more.
Like/Repost the quote below if you can:
