Warren Buffett Berkshire Hathaway Annual Meeting 2021 Summary & Analysis
๐บ Berkshire Hathaway 2021 Annual Shareholders Meeting $BRK.B was a little different from usual as once again it did not gather thousands of people and we had not only Warren Buffett and Charlie Munger speaking but also Ajit Jain and Greg Abel.
โWarren Buffett showed a list of the 20 largest companies in the world today and the 20 largest companies in the world 30 years ago. None of these 20 companies stayed on the list. ๐๐๐ ๐๐ช๐ฉ๐ช๐ง๐ ๐๐จ ๐ฃ๐ค๐ฉ ๐๐ฆ๐ช๐๐ก ๐ฉ๐ค ๐ฉ๐๐ ๐ฅ๐๐จ๐ฉ. If a stock has been growing by 20% a year for the last 10 years, it may not continue to do so. This is an example of an essential part of entrepreneurial capitalism, Creative Destruction. For example, Google $GOOG is now returning more cash to shareholders than investing in R&D, this is a new stage to their business lifecycle.
๐ Warren Buffett also showed us a list of car companies that went bankrupt. There have been over 2000 of them. ๐๐ซ๐๐ง๐ฎ๐๐ค๐๐ฎ ๐ฌ๐๐จ ๐ฉ๐ง๐ฎ๐๐ฃ๐ ๐ฉ๐ค ๐ข๐๐ ๐ ๐ ๐ฃ๐๐ฌ ๐๐๐ง. Today only some of these companies survived. Just because a technology is new and revolutionary doesn't mean you should invest in it without doing your homework.
โ๏ธ ๐๐๐ฎ ๐๐๐ง๐ง๐๐ฃ ๐ฝ๐ช๐๐๐๐ฉ๐ฉ ๐๐๐๐ฃ'๐ฉ ๐๐ช๐ฎ ๐จ๐ฉ๐ค๐๐ ๐จ ๐๐ช๐ง๐๐ฃ๐ ๐ฉ๐๐ ๐๐ง๐๐จ๐ ๐๐ฃ ๐ฎ๐ฌ๐ฎ๐ฌ ๐๐ฃ๐ ๐ฌ๐๐ฎ ๐๐ ๐จ๐ค๐ก๐ ๐ฉ๐๐ ๐๐๐ง๐ก๐๐ฃ๐๐จ? He's managing over $800 billion and it is hard for him to find good deals, especially with the Fed providing liquidity. Besides, he had to sell the airlines since they were getting money from the government and he didn't want to put Berkshire Hathaway in an uncomfortable situation.
๐ ๐๐๐ ๐จ๐ฉ๐ค๐ง๐ฎ ๐ค๐ ๐๐ค๐ฌ ๐๐๐ง๐ง๐๐ฃ ๐ฝ๐ช๐๐๐๐ฉ๐ฉ ๐ข๐๐ฉ ๐ผ๐๐๐ฉ ๐ ๐๐๐ฃ ๐๐จ ๐๐ฃ๐ฉ๐๐ง๐๐จ๐ฉ๐๐ฃ๐. The latter didn't know anything about insurance and today, 35 years later, he's managing one of the largest insurance businesses in the world. You can always learn. As for the successor of Warren Buffett as CEO, it is going to be Greg Abel.
๐ธ Warren Buffett says that he doesn't base his investments on ๐ข๐๐๐ง๐ค๐๐๐ค๐ฃ๐ค๐ข๐๐๐จ. He still believes in America $SPX500 , and that stocks are cheap if interest rates are at 0%. He's seeing inflation.
๐ผ There were two important votes on Climate Change and Diversity during the business part of the meeting. Warren Buffett says that these proposals come from institutional investors who do not have skin in the game.
Watch the full video on YouTube:
https://www.youtube.com/watch?v=oSn8oUlwZwo&list=UUPO3uUyoXSaFWG-Ldq1mqEQ&index=2
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