巴菲特宣布退休，已囤2.5万亿现金

Core Viewpoint - Warren Buffett announced his retirement at the end of the year, with Greg Abel set to succeed him as CEO, emphasizing a smooth transition of leadership and continuity of investment philosophy [4][7][8]. Financial Performance - Berkshire Hathaway reported a 14% decline in operating profit for the first quarter, totaling $9.64 billion, with a record cash reserve of $347.7 billion (approximately 2.53 trillion RMB) [2][23]. - The company's total revenue for the first quarter was $89.725 billion, slightly down from $89.869 billion year-over-year, while net profit dropped significantly by 63.76% to $4.603 billion from $12.702 billion [25][26]. Investment Strategy - Buffett highlighted the importance of not making incorrect investments, stating that he prefers to hold cash until a suitable opportunity arises, aiming to reduce cash holdings to $50 billion [11]. - Abel emphasized the need for a long-term vision in investments, focusing on understanding a company's economic outlook over the next five to twenty years [9]. Market and Economic Commentary - Buffett criticized the current trade policies, particularly tariffs, stating they create uncertainty and disrupt global markets, and he believes that trade should not be used as a weapon [14][16]. - He expressed concerns about the sustainability of the U.S. fiscal deficit, warning that it could become uncontrollable if not addressed [16]. Leadership and Personal Insights - Buffett shared advice for young people, stressing the importance of choosing the right workplace and surrounding oneself with successful individuals to foster personal growth [19][20]. - He noted that happiness contributes to longevity, suggesting that individuals should engage with those they admire and appreciate [21]. Major Holdings - Berkshire's top five holdings include American Express, Apple, Bank of America, Coca-Cola, and Chevron, which collectively represent 69% of the total fair value of equity investments [25][26].