2025.05. 03 本文字数：3120，阅读时长大约5分钟 看点1：对美国经济的看法 2008年，金融危机来势汹汹，巴菲特当时表示，绝不做空美国。2020年，疫情席卷全球，资本市场 风声鹤唳，他在股东大会上表达了对美国经济的信心。 导读 ：今年以来伯克希尔股价大幅跑赢市场，"股神"传奇仍在继续。风雨60年！手握重金的巴菲特是否还坚定 看好美国？ 作者 | 第一财经 樊志菁 当地时间5月3日，伯克希尔哈撒韦股东大会在CHI Health Center举行，这也是"股神"巴菲特执掌公 司的第60个年头。 94岁的奥马哈传奇自1965年以来一直领导伯克希尔，从新英格兰一家陷入困境的纺织公司，发展到 业务涉及铁路、能源、工业和制造业、房地产经纪，以及Dairy Queen冰激凌等众多零售品牌的大型 集团综合体。尽管全球富豪在今年的市场动荡中普遍财富缩水，巴菲特的净资产增长了超过100亿美 元。这并不仅仅因为伯克希尔哈撒韦业务多样化，而是企业在市场动荡中保持稳定的运营方式和几十 年来形成的投资纪律方法。 ▲一财直击｜巴菲特股东大会"购物日"人头攒动 与以往有所不同的是，会议交流时间将有所缩短，巴菲特和伯克希尔的两位 ...

Core Viewpoint - Berkshire Hathaway's stock has significantly outperformed the market this year, showcasing Warren Buffett's continued confidence in the U.S. economy despite global economic challenges [1]. Group 1: Views on the U.S. Economy - Buffett has historically expressed unwavering confidence in the U.S. economy, even during crises like the 2008 financial crisis and the COVID-19 pandemic [3][4]. - The IMF has downgraded U.S. economic growth forecasts to 1.8%, citing increased policy uncertainty, trade tensions, and weakening demand as primary factors [3]. - Recent data indicates a 0.3% annualized contraction in U.S. GDP for Q1, marking the first decline since early 2022, raising concerns about potential recession [4]. Group 2: Cash and Buybacks - Berkshire's growing cash reserves are a focal point for investors, with questions about future cash deployment amid anticipated declining interest rates [5]. - Year-to-date, Berkshire's stock has risen 16%, outperforming the S&P 500 by nearly 23 percentage points and the Nasdaq by about 27 percentage points [5]. - Berkshire holds $30.08 billion in U.S. Treasury securities, representing 4.89% of the total short-term U.S. debt, while buyback activity has slowed, with only $2.9 billion in stock repurchased in 2024, the lowest since 2018 [5]. Group 3: Future Investment Plans - Despite reducing equity holdings since 2022, Buffett remains committed to investing primarily in stocks rather than cash, emphasizing a long-term investment strategy [6]. - Buffett has indicated a preference for acquiring stakes in good companies rather than holding cash equivalents, reinforcing his value-oriented investment philosophy [6]. - Recent investments include a significant stake in five major Japanese companies, with a total investment of $13.8 billion now valued at $23.5 billion [7]. Group 4: Artificial Intelligence Evaluation - Buffett has acknowledged the transformative potential of artificial intelligence, expressing both excitement and concern about its implications [9]. - He highlighted the risks of AI-related scams and the potential for significant societal impact, indicating a cautious approach to discussing AI's future [9]. - The discussion on AI is expected to be further elaborated by Berkshire's vice chairman, Greg Abel, during the upcoming shareholder meeting [9]. Group 5: Succession and Company Future - As Buffett approaches 95, succession planning has become a critical topic, with Greg Abel positioned as a potential successor [10]. - Buffett reassured shareholders that the future management team is well-prepared to uphold the company's principles and respond to significant investment opportunities [10][11]. - The company has addressed long-term management strategies, ensuring continuity in its investment philosophy and operational integrity [10].