干货满满！深夜，巴菲特回应一切！

Core Viewpoint - The article discusses key insights from the Berkshire Hathaway annual shareholder meeting, focusing on macroeconomic conditions, trade policies, investment strategies, and the company's future outlook. Trade and Tariffs - Buffett emphasizes that trade should not be used as a weapon and believes that prosperity in other countries does not come at the expense of the U.S. [3] - He warns that protectionist policies could have negative long-term consequences for the U.S. economy, suggesting that collaboration in trade is more beneficial [3]. U.S. Economic Outlook and Stock Market - The U.S. GDP shrank by 0.4% in Q1, marking the first contraction since 2022, indicating economic challenges [5]. - Buffett warns about the weakening of currency value due to current fiscal policies and political motivations [6]. - Despite significant market fluctuations, Buffett downplays the severity of recent stock market movements, stating they are not indicative of a bear market [6]. Cash Reserves - Berkshire Hathaway holds over $300 billion in cash reserves, which Buffett explains is not merely for show but a strategic choice due to the unpredictable nature of investment opportunities [8][11]. - He mentions that the company recently considered a $10 billion acquisition but ultimately decided against it, indicating a cautious approach to large investments [11]. Overseas Investments - Japan is currently the only country where Berkshire has significant investments, totaling around $20 billion, with plans to expand further [15]. - Buffett expresses confidence in Japanese companies and their unique business practices, stating that he does not intend to sell any Japanese stocks for decades [16]. Investment Philosophy - Buffett advises young investors to learn from wise individuals and to persist in their pursuits, emphasizing the importance of finding fulfillment in one's endeavors [21]. - He shares insights on market volatility, suggesting that emotional reactions to market changes can be detrimental to investment success [22][23].