Doing not have the song that send valley is clumsy, is casting Yamaxun value does investment change direction? Should add hold an apple? How is 5G cast? Can you cast Tecent A in? May invest China in a large-scale? What does bit money play to cover a region? How does the child understand human nature?
Beijing time on May 4 evening, the regale with global annual investor is held! The Baikexier in near 6 hours - on plenary meeting of shareholder of company of haing Sa Wei, buffett and case of old partner awn answered the 50 many questions of investor.
Wall street information is everybody here summed up interlocution of this second shareholder plenary meeting to see bit of elite, we look together.
01
The body is revolutionary capital
Buffett will be full this year 89 years old of advanced age, awn case already 95 years old, somebody begins concern, the likelihood is collective of last time of two old people this year chair shareholder plenary meeting personally.
See two lord child expression as before, 6 many hours were spent on large stockholder plenary meeting, dash along answer investor issue, information gentleman understood what cries truly " the capital that the body is revolution " !
Youth of a foreign citizen of Chinese origin asks, show level most cherish what? Awn division says from ridicule instantly, it is to want to live a few more for a long time of course. Buffett also says, money cannot buy time and love, because time is not much, want to do the thing that oneself like so.
02
Greater part sign will be made in China
Before congress begins, buffett discloses to the reporter, some China enterprise is very interesting, the project that has encountered can be cast.
Buffett: China is a big market, we like big market. Baikexier had been done in China a lot of, but insufficient still, future perhaps can do a few big disposition inside 15 years.
Awn case: We had undertaken buying in China, more still will be bought later, still cannot say now nevertheless.
03
Malic share price is too expensive
Buffett: The oldest science and technology that very satisfactory apple is Baikexier maintain a warehouse, share price of Dan Ping fruit is too expensive, the hope is a bit cheaper, can buy more so. The stock that supports an apple counter-purchases a plan, can increase Baikexier hold share price to be worth, and malic oneself is very good business.
Awn case complements, his family likes malic equipment most, the last the thing that abandon just is an apple.
04
Invest Yamaxun not to change valence to drop a concept
Buffett: I all the time since the vermicelli made from bean starch that is Yamaxun, I do not have Maiyamaxun's stock all the time, it is simply goofy.
Baikexier has last quarters in two investment managers one person bought Yamaxun, but the concept that still took value investment.
05
Missing Gu Ge is tremendous error
Buffett and awn case think, one of their biggest regrets did not buy the share of Alphabet of cereal song parent company namely.
Awn case: As a result of Yamaxun CEO shellfish alls alone this be " the person that creates a miracle " , so he excuses himself to miss investment Yamaxun, but buying cereal song share is a very big mistake. "We just sit over to suck our big toe. We feel very ashamed. We feel very ashamed..
06
Is 100 billion dollar counter-purchased when to happen?
Buffett: Counter-purchasing dimensions is not to hold those who show dimensions decision, if share price under intrinsic value, meeting fine long hair is counter-purchased forthwith, of course won't short-term buy 100 billion dollar so much. If counter-purchase a quantity very big, can be in B on buy more, buy B bigger than A possibility.
07
Block family name of husband go smoothly or good company
Awn case: The problem is not reducing research and development at them, however their capital to buying investment recently is a bit overmuch.
Buffett: Block family name of husband go smoothly or good company, the Qianbikafu that Ka Fuheng earns and henry family name are respective many 67 years ago. Spend nearly 5 billion dollar to hold a card husband to pay the price at that time exorbitant, although block the gain ability of whole of family name of husband go smoothly and the tangible of nearly 7 billion dollar,be pretty good.
08
Value shale oil producing area
Buffett: Invest to western oil, because value shale oil,produce basin of area the Permian namely. The United States is current crude daily output 12 million pails of oil, among them 4 million pails come from Permian basin, "This makes a person fab " .
09
Not afraid tesla takes military vehicle risk
Buffett: A Motor Corporation marchs the possibility with insurance successful Wu, be just like an insurance company to begin to march car domain. Car danger industry does not allow run of The Book of Changes, to insurance Wu, afraider is company of Progressive of the biggest competitor.
10
Who is successor?
To this problem, buffett chooses once more this year evasive, did not give out the clear answer of successor. He says: "You cannot find two to compare Greg and Ajit (two assistant president) better operation manager. Their success is very great. Their success is very great..
11
Bit money is gambling equipment
Before shareholder plenary meeting is held, buffett expresses to media, bit money is a kind " gambling equipment " , do not produce the thing of any materiality, bit money nods limited use and fraudulent activity to concern then.
On shareholder plenary meeting, buffett says " buying bit currency is wear in the sort of mark 0, money is bungled on the thing of 00. Bit money ignites the passion that you gamble namely actually. " " the person that makes bit money is the not very on maths of clever light, they won't earn too much money absolutely. They won't earn too much money absolutely..
During the shareholder plenary meeting last year, buffett ever assail adds close money, say it won't have good end, attribute the capital fund that does not have productivity, its value depends on have more person to receive dish, return a bit money assimilate to " mice medicine " .
12
How does human nature help investment?
A Chinese boy of 11 years old asks, buffett ever had said, grow as age, more and more understand human nature, can explain below, how is the difference that knows human nature helped increase investment.
Buffett: I am not the expert of human behavior respect, "We cannot rely on to read go learning this, no matter intelligence quotient is much tall " , must want to pass more experience, more is accumulated go learning. The person is older experience is more, can see human something slowly.
Awn case: Remember Li Guangyao saying, what to see effective, act next. This one very simple tenet.
13
What investment is the most interesting?
Buffett: A when club of a duck has purchased previously, they always share 98, somebody discovers to there is oil below their ground later, share price goes up to twenty-nine thousand two hundred dollar from 100 dollars, regrettablly they sold Petroleum Company later, share price is otherwise possible millions of dollars.
Awn case: Once bought a share with 1000 dollars in one's childhood, share price went up very quickly 30 times, but he was going up 5 times when sold, the investment that he misses is him what invest truly is fivefold.
14
Is AI affected to human job?
Buffett and awn case express not to worry about what automation works to manpower to erode.
Buffett: If be opposite,a person 200 years ago says, the agricultural station that has 90% will be eliminated, the other side can feel bad in the extreme. But the times always can vary, the enterprise thinks method to improve efficiency, the likelihood is replaced with automation artificial, but always can find an opportunity to come employ more person.
15
Why to deliver exponential fund?
Buffett: Invest exponential foundation to make a company easier get the concussion of stock market, become not quite agile.
Awn case: This orders much to hold ready money, we do appear more conservative, such doing is appropriate. Baikexier won't make Hafojijin in that way mistake, extensive investment has when the market is nodded high.
16
Won't invest company of science and technology boldly
Buffett: We like moat, like to hold the firm of market dominant position, if company of science and technology can build moat really, the meeting is very valuable. But we still ourselves won't invest the science and technology that sees do not understand, meeting employ invests a manager to invest, because they are familiar with this one domain more.
Some companies had lost moat, some company future can have perspective very much, we can discern continuously these companies that have driving moat, the confidence that can extend a company is encircled (Circle Of Confidence) , but also can need the capability in oneself in the circle. Although this can make a mistake occasionally, but I and awn case won't enter a new field boldly.
17
48 have 45 to rise only in the stock only
Before shareholder plenary meeting begins, wei announced Baikexier Hasa 2019 first quarter outstanding achievement.
Because stock yield is apparent good at anticipating, baikexier first quarter gross profit 21.66 billion dollar, outclass last year the net loss caustic of the corresponding period 1.14 billion dollar. Among them the stock invests earn 15.5 billion dollar, derive tasted investment earn to finance 608 million dollar.
Buffett expresses, 500 indexes of Er of general of standard of this profit from component will rise this year 15.98% , meanwhile, in the investment combination that in him hold is as high as 700 billion dollar, 48 have 45 stocks to rise in the stock only, this offsetted this invests a faulty stroke in calligraphy or painting in what the four seasons spent last year almost.
18
How to see defer satisfy?
Buffett: Seasonable enjoyment also is kind of means, saved money to buy 30 years national debt also does not earn. If you can let a family now enjoyment, is not existence also not be not desirable in purse. Alleged defer is satisfied is not to say to be not advocated go doing, but I do not feel because a lot of wealthy people had a lot of money happy. Happy with fortune do not become direct ratio. If you had 500 thousand, 1 million dollar is not happy still, you had 5 million or 100 million dollar also won't happy.
Full text is over.
Acknowledgment is read patiently, ask conveniently bit " looking "
