Buffett'S Shareholders' Meeting Has Ended, And It Will Occupy The Dominant Position.

The annual Buffett shareholders' meeting is over.

More than forty thousand investors from all over the world have gathered in Omaha again to take part in this last annual meeting, which is said to be Buffett's own visit.

Chinese investors exceed 10% of the total number of people, the largest number of countries.

This reflects everyone's recognition of value investment philosophy and respect for Buffett, a stock god.

Many people arrived at the gate of the hall at four in the morning, hoping to find a good seat.

At the gate of seven o'clock, investors, no matter big or small, began to race and see who can play a dominant role.

Buffett, a 87 year old man and 93 year old Munger, are still hearty and bold. This year is not much different from last year.

Last year, Buffett's voice was a little hoarse and slightly vicissitudes. This year's voice is thick and clear, and the stock has grown up! Buffett stressed the importance of exercising. A good health is the best investment.

The next day, according to the Convention, Buffett will run a small marathon himself, and he will play table tennis and bridge with Bill Gates.

In response to investors' questions about stock selection, Buffett said that when we bought American Express, Wells Fargo, United Airlines or Coca-Cola, we did not think that these companies would never have problems or they would never face competition.

There is only one reason why we buy, that is, they are highly competitive.

In response to investors' views on how to treat

Buffett pointed out clearly that speculation is not a very clever practice.

As a relatively new market, China now has the participation of the whole stock market.

There may be more troubles in China, which will become speculative in this regard. Of course, I think speculation is not a Tai Congming's practice. It takes a lot of luck to make it happen.

Of course, investment opportunities give investors more opportunities, so if there is strong speculation and strong suspicion, we will enter a more difficult economic environment.

In my report, I have repeatedly stressed that value investing is equally applicable and even more applicable in China, because there are so many speculators that value investors can get more.

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Munger said stocks of A shares were cheap, and later added that if fishermen did, A fishing would have a good harvest.

It can be seen that if we can really implement value investment, we can make money in A shares.

It is widely speculated that this year's general meeting will be the last annual meeting of shareholders, who is 87 years old, Buffett personally participated in and chaired, but Buffett did not release this meaning at this meeting.

Speaking of who will become a successor, Buffett said he did not consider the successor's affairs.

However, Buffett has raised his own criteria for choosing successors. He expects his successor to be a wealthy person, rather than taking up Berkshire Hathaway company because he wants to earn money.

Buffett said that any successor of Berkshire Hathaway must have the ability to convince everyone in terms of asset allocation.

One of the noteworthy points in Buffett's letter to shareholders this year is that Buffett has won ten years of gambling with hedge funds.

In 2005, Buffett set up a $one million gamble to hedge funds in ten years.

Buffett thought it impossible. Now that it's been ten years, the true market performance really proves that Buffett's inference is right.

The gambling market can win in the mature market of the United States, but in fact it is mainly because the United States is a market dominated by institutions. In the past ten years, the overall market trend of the United States is relatively strong. In addition to the sharp decline in the 08 year's financial crisis, it has gone out for a long time since the 09 year. Now the Dow Jones index has risen from the lowest more than 6500 point to more than 20000 points now.

In this kind of slow bull market, hedge fund managers are hard to beat the market.

In response to investor questions, Munger said the S & P index fund was very hard to beat, and for many people, the benefits were considerable.

This is what it used to be.

It is the same.

In mature markets, because institutions have certain pricing power for stocks, it is difficult to obtain excess returns.

This is very different from the A share. The A share market is still dominated by retail investors. 60% of the funds are retail investors, and more than 80% of the volume is created by retail investors.

Because retail investors have weak pricing power for stocks, there are often serious pricing errors.

This causes professional investors to obtain a relatively large excess return by pricing the stock in depth.

According to statistics, in the past ten years in A shares, the earnings of actively managed funds generally outperformed the index funds, which is the reason.

The success of buying active managed funds in A shares is usually greater than that of index funds, which is quite different from that in the US.

Now, A shares are about to issue fund FOF. Through professional fund managers, timing and selection can solve the problem that investors do not make money by buying funds.

But when choosing FOF, we must choose the FOF issued by fund companies and fund managers with strong asset allocation capability.

So we must treat Buffett's gambling in ten years correctly.

In a letter to shareholders this year, Buffett said, "every ten years or so, the economic environment will deteriorate.

But then comes the opportunity to earn money.

You should bear in mind two points: first, a wide range of panic is a friend of investors, because it will provide good and cheap assets; secondly, personal panic is your enemy, which is unnecessary.

Investors who avoid high costs and unnecessary costs, hold large and properly funded corporate stocks for a longer time will surely get a good return.

Connecting with the current A shares, it can be said to be very useful.

Under the influence of short-term factors such as financial deleveraging, regulatory tightening and market panic, A shares have continued to decline in recent years. Many stocks have bottomed out and investors' confidence is seriously insufficient.

In the background of the world's major stock markets have opened up a new high and opened up bull market mode, the trend of independent A shares is difficult to sustain.

In the context of market regulation and debt market adjustment, A shares, especially high-quality blue chips, have become the biggest choice for many big funds.

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