2025年5月3日，在美国奥马哈举行的伯克希尔·哈撒韦股东大会临近结束时，公司董事长兼CEO沃伦·巴 菲特突然宣布，他将在年底辞去CEO一职，并提议现任副董事长格雷格·阿贝尔接任。现年94岁的巴菲 特表示，这一决定将在董事会批准后正式生效，标志着长达六十年的"巴菲特时代"即将落幕。 阿贝尔现年62岁，将成为自1970年以来伯克希尔首位新任CEO。他在2018年被提拔为非保险业务的主 管，负责从BNSF铁路公司到快餐连锁店DQ在内的众多子公司。此次任命也是巴菲特晚年战略转型的一 部分，通过收购公共事业公司和BNSF等企业，为继任者提供了稳定回报的再投资项目，从而降低了伯 克希尔对保险和选股的依赖。 在股东大会上，巴菲特透露，他将在周日的董事会上正式提出推荐阿贝尔出任CEO的提案。尽管早在 2021年他就已指定阿贝尔为接班人，但此次正式宣布退休仍然令现场数万名股东感到意外且感慨万千。 与会者全体起立，掌声久久不息，巴菲特在这个略显伤感的时刻幽默回应道："你们喝口可乐，冷静下 来好吗？谢谢你们。" 本文源自：金融界 巴菲特强调，他将继续留在公司并提供帮助，但最终决定权将属于阿贝尔。他表示，阿贝尔将是一个非 常棒的C ...

综合美联社、哥伦比亚广播公司（CBS）、《华尔街日报》等媒体报道，5月3日， 美国投资人沃伦·巴菲特当日在伯克希尔·哈撒韦年度股东大会上宣布，他 计划在年底退休，辞去伯克希尔·哈撒韦首席执行官（CEO）一职，并将向董事会推荐格雷格·阿贝尔（Greg Abel）接任CEO。 巴菲特表示："自己仍然会偶尔现身，也许在少数情况下（我）会有用"，但各项决策将由格雷格·阿贝尔做最终决定。 巴菲特与阿贝尔共同出席伯克希尔·哈撒韦年度股东大会 截图自CNBC 伯克希尔的董事会将投票决定是否正式批准这一任命。巴菲特表示，他预计投票将一致同意。 巴菲特是伯克希尔的首席执行官、董事长兼投资负责人。《华尔街日报》报道，当他卸任时，这些职责将由包括阿贝尔在内的几个人分担。巴菲特一旦离 职，预计另外两名副手将负责管理庞大的投资组合。 格雷格·阿贝尔现年62岁，在加拿大草原地区出生长大，现任伯克希尔·哈撒韦能源公司董事长兼首席执行官，主要负责伯克希尔的所有非保险业务，覆盖建 材、化工、鞋类和糖果等领域。 据《华尔街日报》报道，阿贝尔在年轻时担任会计师时就显示出，他既精于研究资产负债表，也擅长阅人和与人交往。 在20世纪90年代初，时年3 ...

点击图片▲立即试听 " 美国是一座宏伟大教堂的结合体，同时它旁边还附带着一个巨大的赌场 …… 赌场里，大家玩得很尽兴，金钱流动频繁，但未来 100 年里，美国必须确保这座大教堂 不会被赌场吞噬。 " 文 / 巴九灵（微信公众号：吴晓波频道） 每逢五一假期，有个夜终究要熬，我们总说看一次少一次，但很可能这是真的最后一次。 当地时间上午 9 点，被称作史上最重要的一次巴菲特股东大会在小镇奥马哈举行，负责全程直播的 CNBC 以《一个时代的终结：沃伦 · 巴菲特将 要求伯克希尔董事会任命格雷格 · 阿贝尔取代他担任首席执行官》为主标题，为这次大会定了性。 图源： CNBC 自 1965 年收购一家濒临倒闭的纺织厂以来，沃伦 · 巴菲特和已经去世的搭档查理 · 芒格（享年 99 岁）用 60 年的时间，将其打造成为一家独一 无二的美国企业 —— 伯克希尔哈撒韦，而 60 年来的时间积累，令他成为当代社会独一无二的 " 时代活化石 " 和 " 奥马哈先知 " 。 尽管无人刻意提及，但包括巴菲特本人在内，对于这场有可能是巴菲特最后一次主持的股东大会，人们似乎有了一定默契。 他本人高调宣布了自己权力交接和对未来持股的处置， ...

Group 1: Leadership Transition - Warren Buffett announced plans to step down as CEO of Berkshire Hathaway by the end of the year, recommending Greg Abel as his successor [1][2] - Buffett has informed his children on the board about his decision, while other board members were previously unaware [2] Group 2: Economic and Trade Views - Buffett criticized protectionism and emphasized that trade should not be weaponized, expressing concerns about tariffs potentially leading to economic recession [3][6] - He believes that the prosperity of other nations does not come at the expense of the U.S. and that trade should be pursued to enhance global prosperity [3] Group 3: Market Perspective - Buffett views recent market volatility as a minor issue, stating that it does not constitute a severe bear market [4][5] - He noted that Berkshire Hathaway's stock has experienced significant declines in the past without fundamental issues in the company [5] Group 4: Financial Health and Strategy - Berkshire Hathaway reported a first-quarter net profit of $4.6 billion and an operating profit of $9.64 billion, with cash and treasury reserves increasing to $347.7 billion [1] - Buffett revealed that the company nearly utilized $10 billion of its cash reserves recently, indicating a readiness to invest when suitable opportunities arise [7] Group 5: Confidence in the U.S. Economy - Despite concerns regarding tariffs, Buffett maintains a strong belief in the U.S.'s continued global leadership and economic strength [8]

格雷格·阿贝尔是谁？ 多年来，阿贝尔一直是巴菲特指定的继任者，但人们一直认为，他要等到巴菲特去世后才会接任。此前，巴菲特一直表示自己没有退休计划。 许多投资者表示，他们相信阿贝尔能够出色地管理伯克希尔·哈撒韦公司，但他在公司的现金投资方面表现如何仍有待观察。 当地时间5月3日，央视记者获悉，美国投资人沃伦·巴菲特当日在伯克希尔·哈撒韦年度股东大会上宣布， 他计划在年底退休 ，震惊了在场的股东。 今年恰逢94岁"股神"巴菲特执掌伯克希尔·哈撒韦60周年。巴菲特 表示，他将向伯克希尔·哈撒韦公司董事会推荐非保险业务副董事长格雷格·阿贝尔在年底接 任首席执行官的职位，称他认为格雷格担任公司首席执行官的时机已经成熟。 据美联社报道，巴菲特在长达五个小时的问答环节结束后宣布了这一消息，且没有回答任何相关问题。巴菲特表示，董事会成员中唯一知道此事的只有他的 两个孩子霍华德·巴菲特和苏茜·巴菲特。 "在我看来，这是一个重大错误。"巴菲特表示，"当你让75亿人对你不满，而你那3亿人却在炫耀自己的成就，这并不是明智之举。" 虽然巴菲特认为实现国际贸易平衡是理想目标，但他并不认同特朗普以大范围征收关税的方式来推动贸易政策。他表示 ...

Core Viewpoint - The era of Warren Buffett at Berkshire Hathaway is coming to an end, with Greg Abel set to take over as CEO by the end of 2025, marking a significant transition for the company [2][3][4]. Leadership Transition - Warren Buffett announced his intention to propose Greg Abel as the new CEO during the upcoming board meeting, surprising many shareholders [3]. - Buffett has been the CEO for 60 years and will officially retire at the end of 2025, although he indicated he would still remain involved in some capacity [3][4]. - Abel, currently 62, will be the first new CEO since 1970 and has been groomed for this role for several years [7][9]. Company Performance - Berkshire Hathaway has grown into a massive conglomerate with a market capitalization close to $1.2 trillion, spanning various sectors including insurance, railroads, and energy [5]. - The company's stock has achieved an annualized compound growth rate of nearly 20% from 1965 to 2024, significantly outperforming the S&P 500's approximately 10% during the same period [5]. Financial Position - As of March 2023, Berkshire's cash reserves reached a record high of $347.7 billion, providing a substantial resource for future investments [6][7]. - Abel emphasized the importance of maintaining a strong balance sheet and views the company's cash as a strategic asset for future growth [7]. Investment Philosophy - Abel plans to uphold the investment philosophy established by Buffett, focusing on understanding the long-term economic outlook of companies before making investment decisions [7][8]. - The transition to Abel is part of a broader strategy to diversify Berkshire's revenue sources, reducing reliance on insurance and stock picking [8]. Future Outlook - Abel's leadership is expected to continue the company's growth trajectory through acquisitions and investments, leveraging the substantial cash reserves available [7][8].

在股东大会的问答环节，向巴菲特提出的第一个问题是关于进口凭证的，这是他在2003年一篇专栏文章 中提出的一个主张，旨在缩小美国的贸易逆差。巴菲特表示： 进口凭证的设计是为了平衡贸易。我设计了这个进口凭证的想法。它有些噱头成分，但我认 为，这肯定比我们现在谈论的任何东西都要好得多。 周六，在伯克希尔·哈撒韦的年度股东大会上，股神巴菲特批评了美国总统特朗普的强硬贸易政策，尽 管他没有直接点名特朗普。巴菲特表示，对全球施加关税是一个巨大的错误。 巴菲特在回答有关贸易壁垒的问题时表示："平衡的贸易对世界有利，这一点可以提出一些非常有力的 论据。毫无疑问，贸易可以成为战争行为。" 我们从250年前的一无所有，成长为一个极其重要的国家，这在历史上是前所未有的。 巴菲特的讲话赢得了在场的掌声。 尽管巴菲特去年表示不会支持任何政治候选人，但这并没有阻止他发表一些评论，例如他在3月份将关 税称为"战争行为"。 伯克希尔在周六同日公布的财报中表示，关税和其他地缘政治事件为公司带来了"相当大的不确定性"。 公司表示，目前无法预测关税可能带来的任何影响，在声明中警告称，关税可能对其庞大的业务组合产 生负面影响： 我们目前无法准确预测 ...

Core Insights - Berkshire Hathaway's cash reserves have reached a historic high of $347.7 billion, increasing by $13.5 billion from the previous quarter, despite a 64% year-over-year decline in net profit to $4.603 billion and a net investment loss of $5.038 billion [2][3] - The company's revenue for Q1 2025 was $89.725 billion, remaining stable compared to the same period last year, but the decline in net profit and investment losses highlight current market challenges [2] - Buffett's cautious investment strategy is evident as he emphasizes the low likelihood of major trading opportunities appearing tomorrow, but acknowledges the potential for such opportunities in the next five years [2] Investment Strategy - Over the past year, Berkshire Hathaway has significantly increased its cash holdings from $167.6 billion in 2023 to $334.2 billion in 2024, and now to $347.7 billion [3] - The fair value of equity investments is highly concentrated, with 69% in five companies: American Express, Apple, Bank of America, Chevron, and Coca-Cola, reflecting a long-term confidence in core assets [3] - The insurance float has surpassed $173 billion, with a $20 billion increase in Q1, providing a near-zero cost funding pool for long-term investments and acting as a buffer against market risks [3] Leadership Transition - Analysts suggest that Buffett, at 94 years old, is preparing for a leadership transition, with the substantial cash reserves providing potential "buying power" during market corrections and greater operational flexibility for successor Greg Abel [4] - The $347.7 billion cash reserve serves as both a defensive line and a poised asset for future investments, aligning with Buffett's assurance that the company will primarily allocate funds to stock investments rather than cash equivalents [4]

Core Insights - The annual Berkshire Hathaway shareholder meeting took place on May 3, marking the 60th anniversary of Warren Buffett's leadership [1] - Buffett expressed concerns about the company's size, stating that it is detrimental to performance [3] - The company is taking a cautious approach towards AI in insurance, with no significant investments planned at this time [3] - Buffett believes real estate investment is more challenging than stock investment, citing more opportunities in the stock market [4] - The company has a high cash reserve and is looking for investment opportunities over the next five years [5][6] - Buffett confirmed that Berkshire will not sell its Japanese stocks, emphasizing the strong performance of Japanese companies [7] - Buffett praised Apple's CEO Tim Cook, acknowledging the successful transition from Steve Jobs [8] Financial Performance - Berkshire Hathaway reported a net profit of $4.603 billion for Q1 2025, a 64% decrease from $12.702 billion in the same period last year [8] - The company's cash reserves reached a record high of $347.7 billion, up from $334.2 billion at the end of Q4 2024 [8] - Total revenues for Q1 2025 were $89.725 billion, slightly down from $89.869 billion in Q1 2024 [10] - The company experienced an investment net loss of $6.435 billion in Q1 2025, compared to a gain of $1.876 billion in Q1 2024 [10]

伯克希尔哈撒韦能源公司营运收益为11.0亿美元。 伯克希尔哈撒韦第一季度营运收益为96.4亿美元，去年同期112亿美元。 第一季度净利润46.0亿美元，同比下降64%。 第一季度保险承保业务营运收入为13.4亿美元。 第一季度保险投资业务营运收入为28.9亿美元。 ...