巴菲特“最后一课”：卸任前夜，他留给世界的三个答案与一场无声的告别

Core Insights - Warren Buffett announced that Greg Abel will succeed him as CEO of Berkshire Hathaway by the end of the year, emphasizing Abel's international experience and his own commitment to not selling Berkshire shares, indicating confidence in the company's future [2][3]. Group 1: Leadership Transition - Buffett highlighted that Abel is more internationalized than himself, which reflects a strategic shift in leadership [3]. - Buffett's promise to gradually donate his shares signifies a long-term commitment to Berkshire's future [3]. Group 2: Financial Position - Berkshire Hathaway holds a record cash reserve of $347 billion, which Buffett views as a safety net for future investment opportunities [3]. - Buffett noted that significant investment windows may arise in the next five years, making cash a crucial asset for seizing opportunities [3]. Group 3: Investment Strategy - Abel plans to continue the focus on "long-termism," with capital allocation directed towards understandable businesses and national infrastructure needs, suggesting a potential shift towards energy and public utilities [3]. - Buffett's investment in Japanese trading companies has been notably successful, with an initial investment of $13.8 billion leading to a market value of $23.5 billion and annual dividend income exceeding $800 million [5]. Group 4: Economic Philosophy - Buffett reiterated his belief in free trade, advocating for mechanisms to address trade imbalances rather than tariff confrontations [4]. - He expressed concerns about the impact of tariffs, noting a 14% profit decline in the first quarter due to tariff impacts and a $713 million foreign exchange loss from dollar depreciation [4]. Group 5: Cultural and Strategic Insights - Buffett's investment philosophy emphasizes the importance of choosing the right people to work with, suggesting that the path to success is through collaboration with exceptional individuals [10]. - He warned that if the speculative nature of the market overshadows the foundational aspects of the economy, it could lead to a loss of the nation's core values [11].