저자: 미상 · 한국인
요약 보기
워런 버핏의 마지막 버크셔 해서웨이 주주총회를 조명하며, 재정적자 확대와 달러 신뢰 위기 가능성을 경고한다. 버크셔는 현금 3,470억 달러를 보유 중이며, 버핏은 향후 5년 내 기회가 오면 현금을 투입할 계획이라고 말한다. 버핏이 AI 관련 투자 매도 후 관망 중이라는 점과 버크셔의 경영권 승계(그렉 아벨) 과정을 소개한다. 영상은 투자 권유보다는 거시 환경 변화에 대한 대비를 강조한다.
다듬은 글
Wow, I got goosebumps that day . The message Chairman Warren Buffett sent to the world at his final Buckshaw Hathaway shareholders' meeting is clear. Prepare for the collapsing value of the currency. And if an opportunity arises within five years, I plan to pour in the cash I have accumulated . Already, excited expectations are emerging from various places that the market could rally once this trade war is wrapped up, but it sounds like a warning to prepare for an even bigger crisis.
Wallace Buffett, who had been cautious about 20 years ago saying that he had the gun to catch the elephant but couldn't see the elephant, grabbed cash as soon as the financial crisis hit and bought up major U.S. banks at bargain prices, pocketing dividends and massive profits . What was Wallace Buffett waiting for until the very end, having once again announced his sudden retirement while hoarding massive cash in Japanese trading companies and short-term U.S.
Treasury bonds ? And what will happen to the assets of the world's fifth-rich man ? Buy America, taking a look at shining companies from around the world . Today's topic is the final legacy that Wallace Buffett will leave behind. And this is the story of Bucketer Hathway, who is practically a microcosm of the American economy .
As you can see, it is just past 6 o'clock, but Hellsobay shareholders have formed a long line from the entrance of the general meeting hall and gathered all the way to the end of the parking lot over there . Unlike the tranquility of the Cellsway headquarters, many shareholders from all over the world have come to this general shareholders' meeting today to hear the story of Warren Buffett, Chairman of Berkshire Hathaway, who turns ninety-five this year .
Wallace Buffett has long likened the moves of Berk Hellthaway, with his unique investment style, primarily to elephant hunting . As shown in a documentary directed by Leonardo Diafrio, hunters track the most valuable male in a herd for weeks, erasing their scent and tracks while waiting for as long as they can, and only when the targeted elephant approaches at the ideal distance and angle...
Berkthaway has been accumulating assets amounting to $347 billion for the past three years, with cash raised from its property and casualty insurance business and cash tied up in short-term government bonds growing explosively . While attention is focused on the next assets to buy with this money, looking back, the times when Wallace Buffett made big money were not exactly welcome situations for us.
The acquisition of See's Candies, which always appears on the podium at shareholder meetings, took place in 1972 when the high inflation at the time targeted and bought a company that could pass on price increases at any time. In 2008, during the financial crisis, he made a fortune by trading high dividends and bonds with subscription rights in exchange for providing funds to the collapsing Goldman Sachs, Bank of America, and General Electric.
Berkshire Hathaway is the company that rebuilt a formidable cash fortress by issuing yen-denominated bonds at bargain prices and sweeping up stakes in the top five trading companies when the value of the Japanese currency hit rock bottom . As I covered in the last video, there is a unique investment secret exclusive to the corporation that no one else can replicate.
This is a unique cash structure in the insurance industry known as "floating." For insurance companies, especially in the case of non-life insurance, there is less incentive to return premiums immediately; instead, this becomes a massive pool of funds that sits idle for decades. This capital serves as the driving force behind Berkshire's ability to launch a massive ship and generate huge profits at lower costs and with more favorable interest rates than competitors when acquiring stable companies or making investments.
Buffett, who used to invest boldly with floating strategies, sold off most of his stakes in investment companies during the last three years, when everyone was relieved and cheering for AI, saying there was nothing to buy . At this general shareholders' meeting, they even mentioned an anecdote about how they almost invested $10 billion but ultimately held back .
You only need to become rich once. It is not a bear market yet . He left behind many stories, but among his words, this is what we should heed regarding the investment clock for the next two or three years . According to the U.S. Congressional Budget Office's fiscal outlook for fiscal year 2025, the federal budget deficit is projected to be $1.9 trillion, or 6.2% of U.S.
GDP. This deficit is expected to expand to $2.7 trillion by 2035. Moreover, government debt is projected to rise from approximately 100% of GDP in 2025 to 118% in 2035, and some analyses even offer a pessimistic outlook that if current trends continue, this ratio could reach 166% by 2054. Chairman Bepfit stated that if this situation is not resolved, we could face an uncontrollable situation starting in 2027, and mentioned that the fiscal deficit, currently at 7% of GDP, must be reduced to 3%.
Ray Dalio and Larry Summers have pointed out the same problem numerous times, and even the current administration, including U.S. Treasury Secretary Schopesant, keeps this issue at the forefront, but they have not yet found a solution . If interest costs, which are difficult to manage even with short-term government bonds, begin to erode a larger portion of the U.S.
government budget, there is a possibility that the Nordic countries will fall into a vicious cycle where a crisis of confidence in the dollar ultimately occurs or a recession begins, causing hardship for the region. However, Chairman Wallon Burpfit's remarks do not mean that the U.S. is collapsing or that you should not invest in the market or the dollar .
Rather, it means that Berk Hathaway, which has been preparing for the moment of crisis, will navigate it together with its shareholders . Power shortage warning lights have turned on across the United States this summer. With the addition of AI and climate change, one of the companies standing out in this market is Berkshire Hathaway's subsidiaries.
Over the past few years, Chairman Beoppit's moves have been like building muscle around hard-to-change infrastructure such as energy and railways . I think it is about shedding military strength so that a massive fleet capable of drawing over 480 trillion won in cash can change direction at any time if ordered, and building a solid foundation so that even if he leaves, the next management team, including Greg Able and Azit Jain, can jump into the biggest profits at any time .
Coca-Cola every morning, McDonald's for breakfast, and even ice cream—it is a diet that would likely get me beaten up if my mom knew, but it is none other than the eating habits of Warren Buffett, Chairman of Berkshire Hathaway, who is preparing for retirement at the age of ninety and the chairman of three companies ranked eighth in market capitalization.
In every interview, they say they decided to just enjoy what they liked when they were six years old for a long time, so perhaps that is a common trait among successful people of this generation . He is a man who seems unrivaled in the world, having started investing in stocks with his younger sister at the age of 11, always devouring books and financial statements to the point where he could remember details down to which page and line of information was on, and who has read investments exactly as he learned from Benjamin Grayer; as he prepares to leave, shareholders are sending him applause and preparing for the next chapter of Burke Hathaway.
Although Box Office is always in the spotlight due to War Buffett's investment and the size of its market capitalization, it is one of those companies where the business itself is truly absurd. Even just at this subsidiary showroom where the general shareholders' meeting is being held, there are brands commonly seen in the neighborhood, such as Dairy Queen, as well as cowboy boots, kitchenware, housing materials, and Duracell batteries.
From Geico, the largest auto insurer in the U.S., to industrial equipment, chemical products, railroads, electricity, ultra-luxury boats, and private jets, it is a bit of a stretch to call it a chaebol; it is more accurate to view it as a complex conglomerate that encapsulates the American economy in a microcosm.
Berkshire Hellthaway, a textile company, was one of the companies approached with the so-called "picking up weeds" philosophy, targeting companies with usable land or asset value relative to their original corporate value . Although fund firms are transforming into equity holding companies following Berkshire Hathaway's business model, they cannot compare to the massive profits generated by companies like Zeebuh, Geico, and Chevrolet.
I am currently standing in front of the Burke Hathaway headquarters in Omaha, Nebraska. Although a few people come because of the shareholders' meeting, it is a very quiet neighborhood, and compared to Manetine in New York, it could n't be quieter. In particular, when compared to the campuses of Apple or Google, the exterior design of Buckles Hathaway's headquarters, which ranks eighth in market capitalization, is very impressive .
Burburgsewe divides its business into manufacturing, insurance, services, and utilities. Although it owns each division, it grants them maximum autonomy in management, which is why it does not have a large workforce at headquarters. Just like the value investment philosophy, the adoption of pragmatism in management to the fullest extent can also be found in the headquarters structure .
And now, a major management succession is underway to install Vice Chairman Greg Able as the new executive . Greg Able, who succeeds Buffett, is a hands-on executive but is a figure who has a deep understanding of the current infrastructure environment in the United States . It is a key asset that has led energy capacity expansion at Mid American Energy since 2008 and established emergency management plans in advance by communicating with subsidiary executives .
Since 2010, Todd Combs and Ted Weschler have been serving as portfolio managers, replacing Buffett and Charlie Munger, and have been leading investments in key component suppliers such as Precision Cast Parts and Duracell, rebuilding the blueprint from scratch for quite some time . Berkshire's stock price briefly fell more than 5% from its high this year following his retirement announcement, but shareholders actually consider it acceptable.
I think was strategic decision because I mean at the all high now. The running event held at the end of every general shareholders' meeting recorded the largest number of participants in history this year, and about 40,000 shareholders and their families joined Wallace Buffett for his final general shareholders' meeting.
Preparations to move Wallace Buffett's assets are also already complete. According to the Bloomberg Billionaires Index, his net worth is approximately $169 billion. There are signs that he agonized over how to easily surpass this figure, and in the process, it is revealed once again just how great an investor he is .
At this general shareholders' meeting, Wallace Buffett received applause from shareholders after announcing that he would not sell a single share even after his term ends. However, if Buffett passes away, someone will have to take over this stake. Buffett had already thought this far ahead and has been consistently donating to the foundations of his children, including the Buffett family.
In our country, inheritance and gift taxes are very strict, you know. However, since the U.S. does not take away the fruits of wealth obtained in this way, Buffett is able to effectively protect against AIDS and make gifts to his children through a foundation without paying a single penny in taxes .
One of the notable results among them is Mae Hall at the University of Nebraska, where I am currently. It is a business school established by the family to honor Maemel, Hathaway's early partner, and it is funded by the foundation established by Susie Buffett. Warbuffett simply does not reveal his name, but his children are already making significant donations to the Omaha area through various means .
They are building cancer centers, and similarly at this Buffett shareholders' meeting, they are demonstrating characteristics such as creating revenue opportunities to enable locally rooted businesses to grow together . I don't think he would leave it to chance. So, I think he's been very deliberate on setting up the succession plan.
Super fun. And there are a lot of people cheering you on even if you walking and everybody around you just smells everybody and viron. Rumpitt returns to the Panam family mansion, where he purchased at the age of 28 and has lived for nearly 70 years . Not as the world's fifth-richest person, but as a neighborhood resident .
We may no longer be able to see the masters who have ceaselessly studied and researched, delivering insights with a touch of humor . This likely means that the times are changing and the world is changing. We will have to change as well. How prepared are you for this changing environment and the changing times?
Comments 0