巴菲特的最后豪赌：“囤钱”、看好日本为哪般？

Core Viewpoint - Warren Buffett announced his plan to retire by the end of 2025, recommending Greg Abel as his successor as CEO of Berkshire Hathaway [3] Group 1: Financial Performance - As of Q1 2025, Berkshire Hathaway's cash position reached a record high of $347.7 billion, up from $334.2 billion at the end of Q4 2024 [5] - The company's net profit for Q1 2025 was $4.603 billion, a 64% decrease from $12.702 billion in the same quarter the previous year [9][15] - Total revenues for Q1 2025 were $89.725 billion, slightly down from $89.869 billion in Q4 2024 [15] Group 2: Investment Strategy - Since Q2 2023, Buffett's investment strategy has shifted towards cash and U.S. government bonds, outperforming the annualized return of the S&P 500 [12] - The company experienced an investment net loss of $50.38 billion in Q1 2025, contrasting sharply with a profit of $14.8 billion in the same period last year [9][16] - Buffett's cautious stance on AI investments reflects a broader strategy of avoiding high-risk ventures while focusing on stable returns [18] Group 3: Market Outlook - Buffett expressed optimism about the long-term prospects of the Japanese market, despite global economic uncertainties, with Berkshire's investments in Japan valued at approximately $20 billion [19][21] - The Japanese companies in which Berkshire has invested are characterized by low valuation metrics and high dividend yields, making them attractive for long-term investment [24][26] - The current low-interest-rate environment in Japan provides Berkshire with a favorable financing cost, enhancing the profitability of its investments [26]