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☆ Billionaire investors Warren Buffett and Charlie Munger aren't sold on AI hype: 'Old-fashioned intelligence works pretty well'
▼ + stars: | 2023-05-10 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Warren Buffett and Charlie Munger appeared skeptical of AI during an annual shareholder meeting. Billionaire investors Warren Buffett and Charlie Munger haven't quite bought into the artificial intelligence hype. "I am personally skeptical of some of the hype that is going into artificial intelligence," Munger said. Both Buffett and Munger have questioned in the past whether artificial intelligence will be beneficial to society. Earlier this year, Buffett's righthand man said AI won't be able to do "everything that we want," like cure cancer.

☆ Warren Buffett says avoiding mistakes in life is simple: 'Write your obituary and then try to figure out how to live up to it'
▼ + stars: | 2023-05-09 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Warren Buffett said the key to avoiding mistakes is to "write your own obituary," and live up to it. Buffett was doling out life advice and investing tips at a shareholder's meeting on Wednesday. Warren Buffett, 92, says the key to avoiding major mistakes in life is to write your own obituary and reverse-engineer it. At the meeting, a 15-year-old boy asked Buffett and Munger for advice on avoiding mistakes. "You should write your obituary and figure out how to live up to it," the Berkshire Hathaway chairman and CEO answered.

☆ Charlie Munger is skeptical of AI: 'Old-fashioned intelligence works pretty well'
▼ + stars: | 2023-05-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Billionaire investors Warren Buffett, 92, and Charlie Munger, 99, aren't hopping onto the artificial intelligence (AI) hype train. "I'm personally skeptical of some of the hype that has gone into artificial intelligence," Munger said. Buffett has previously questioned whether AI technology like ChatGPT is beneficial to society, but also said the technology is outside of his area of expertise. Munger has previously regarded artificial intelligence as a "mixed blessing." "Artificial intelligence is not going to cure cancer," he added.

☆ UBS shares its 5 top takeaways for investors from Berkshire Hathaway's 'best annual meeting in years' — including how Warren Buffett's successor will take over
▼ + stars: | 2023-05-09 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Berkshire Hathaway had a successful annual meeting following its Q1 earnings report. Warren Buffett's Berkshire Hathaway had its "best annual meeting in years" over the weekend, according to UBS analyst Brian Meredith — and it wasn't just because of its strong earnings report. 5 top takeaways from Berkshire Hathaway's annual meetingStrong earnings results were just one impressive component from Berkshire Hathaway's annual meeting. "We viewed Berkshire's 2023 annual meeting as the best in several years with quality questions and insightful answers," Meredith wrote. After BNSF undershot on volumes and suffered from higher compensation costs, Berkshire investors may start to wonder if the company would reconsider its stance against PSR.

☆ Don't look now, but Wall Street bonuses are already trending in the wrong direction
▼ + stars: | 2023-05-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Wall Street, I'm sorry to say your 2023 bonus is already on some shaky ground. I realize we're not even halfway through the year, but after an awful first quarter, bonuses in plenty of areas of finance are trending in the wrong direction. It's a mixed bag, with some areas trending toward a double-digit percentage increase over 2022, while others are heading the opposite way. If that isn't a certainty, you can bet people, especially those earlier in their career, will look for greener pastures. Six of the largest European and US oil companies have a combined nearly $160 billion in cash and cash equivalents on their balance sheets, The Wall Street Journal reports.

☆ Warren Buffett's rival for attention at Berkshire weekend: Squishmallows
▼ + stars: | 2023-05-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

[1/2] Investors and guests walk by a Squishmallow display during the Berkshire Hathaway Inc in Omaha, Nebraska, U.S. May 5, 2023. On Friday, the start of Berkshire Hathaway Inc's (BRKa.N) three-day shareholder weekend, thousands thronged a convention hall in downtown Omaha, Nebraska, for five hours to buy discounted products from many Berkshire-owned brands. For many, the $9.99 Squishmallows featuring Buffett and Munger, made by Berkshire's recently acquired toy company Jazwares, were the must-have memento. About 10,000 Buffett and Munger Squishmallows were sold, and by Monday they were fetching as much as $255 at auction on eBay. Reporting by Jonathan Stempel in Omaha, Nebraska Editing by Megan Davies and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ A billionaire's top advice for success? Cut out toxic people
▼ + stars: | 2023-05-08 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Berkshire CEO Warren Buffett and vice chairman Charlie Munger doled out business and life advice. Munger's "great lesson in life" is to cut out toxic people who can hinder your path to success. Munger, in particular, stressed that toxic people could hinder someone's path to success. And one in nine US workers have said they've experienced a toxic workplace. And if that toxic manager or employee doesn't seem to be changing, per Munger's advice, it may be time to cut them loose.

☆ Warren Buffett's Berkshire Hathaway just hosted its legendary annual investor weekend. Here's what to know.
▼ + stars: | 2023-05-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Before we get to the news, we've got a dispatch from Theron — our in-house Warren Buffett expert — on the legendary conference. That's how Todd Finkle, the author of a new biography on Buffett, described the investor's yearly bash. There were also investment panels, cocktail parties, steak dinners, fun runs, and shopping events during the weekend. The stock market could become "untouchable" if the bank crisis keeps spiraling. Four of the world's top investors agree on the biggest risks that will cause the next recession.

☆ Berkshire Hathaway shares rise as investors cheer earnings beat and Geico's quick turnaround
▼ + stars: | 2023-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska. Berkshire's B shares climbed 1.5% in premarket trading, set to add to their 5% gain so far this year. — Berkshire Hathaway shares rose on Monday as Warren Buffett's conglomerate wooed investors with a strong earnings report and an insightful "Woodstock for Capitalists" over the weekend. The strong performance was driven by a rebound in Berkshire's insurance business, especially auto insurer Geico. Geico's surprise recoveryGeico, the crown jewel of Berkshire's insurance empire and Buffett's favorite child, saw a big turnaround in the quarter, returning to an underwriting profit of $703 million.

☆ Wall Street is empowering its employees to build their own tech tools. But who is keeping track of all this stuff?
▼ + stars: | 2023-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A story about training non-tech workers that has nothing to do with ChatGPT? Man Group, a $144 billion investment firm, has a popular training program to get non-tech workers up to speed on coding and data-science. Programs like <develop>, along with the rise of ChatGPT, speak to a wider trend across Wall Street of enabling employees to build their own tools despite not having a background in tech. Empowering people to build their own tools and apps to streamline their work seems great on paper. Read more about how Man Group teaches non-tech workers programming skills that help them save time.

☆ Warren Buffett on Finding Success at Work, and What Matters in Hiring
▼ + stars: | 2023-05-07 | by ( Chip Cutter | ) www.wsj.com time to read: 1 min

Shareholders watched Warren Buffett and his business partner Charlie Munger from an overflow room at the Berkshire Hathaway annual meeting. Photo: Rebecca S. Gratz/Associated PressThe question was a philosophical one: How should you avoid major mistakes in business and life? Warren Buffett , the 92-year-old chairman and chief executive of Berkshire Hathaway , paused briefly.

☆ Buffett and Munger on Success, Toxicity and Elon Musk
▼ + stars: | 2023-05-07 | by ( Chip Cutter | ) www.wsj.com time to read: 1 min

[1/9] Investors and guests arrive for the Berkshire Hathaway annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. Speaking at Berkshire's annual shareholder meeting, Buffett criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. At the meeting, Berkshire shareholders reelected all directors and rejected shareholder proposals concerning climate change, diversity and political activities. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers.

☆ Warren Buffett says Berkshire is cautious on banking sector
▼ + stars: | 2023-05-06 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

REUTERS/Rachel MummeyNEW YORK, May 6 (Reuters) - Warren Buffett on Saturday said Berkshire Hathaway (BRKa.N) is cautious around the banking sector, largely because of poor messaging by officials around government-insured deposits, as well as distorted incentives he said were brought on by banking regulation. "The U.S. government and the American public have no interest in having a bank fail and having deposits actually lost by people," he said. Part of the reason for that is that incentives in banking regulation are "so messed up," he said. First Republic Bank, the latest regional U.S. bank to fail, disclosed that it was offering non-guaranteed jumbo-sized mortgages at fixed rates in its annual report. "The incentives in bank regulation are so messed up and so many people have an interest in having them messed up -- it's totally crazy," Buffett said.

Speaking at the annual meeting of his conglomerate Berkshire Hathaway Inc (BRKa.N), criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. The meeting featured Buffett, 92, who is Berkshire's chairman and chief executive, and Vice Chairman Charlie Munger answering five hours of shareholder questions. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." Buffett defended the size of Berkshire's $151 billion Apple investment, saying consumers are less likely to shed their $1,500 iPhones than, for example, their $35,000 second cars. Many recognized it could be one of their last chances to see Buffett and Munger, given their ages.

Buffett spoke hours after Berkshire posted a $35.5 billion quarterly profit and said it bought back $4.4 billion of its own stock, a sign it considered the shares undervalued. The meeting features Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answering five hours of shareholder questions. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffet on Saturday said he is more comfortable with Berkshire Hathaway Inc (BRKa.N) deploying capital in Japan than Taiwan, reflecting the growing tensions between the United States and China. The billionaire investor contrasted Berkshire's recently increased investments in five Japanese trading houses with its recent U-turn on a multi-billion dollar investment in Taiwan Semiconductor Manufacturing Co, or TSMC (2330.TW). "It's a marvelous company," Buffett said at Berkshire’s annual meeting, referring to Taiwan Semiconductor. But "I would feel better about capital that we've got deployed in Japan than in Taiwan.... That's the reality." Tensions between the U.S. and China have simmered in recent months, with some investors worried that China might invade Taiwan.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett on Saturday offered a vote of confidence in the United States, saying he could not imagine the government letting it default on its debt and risk letting the world's financial system "go into turmoil." Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, are answering five hours of shareholder questions at the meeting. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

☆ Warren Buffett set for 59th Berkshire Hathaway shareholder marathon as big questions loom
▼ + stars: | 2023-05-06 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." "Charlie is 99 and Warren turns 93 on Aug. 30," Lountzis added, "and you just don't know how many more you're going to have." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview.

OMAHA, Neb.—Every year, tens of thousands of Berkshire Hathaway shareholders make the pilgrimage to Omaha to hear the legendary investors Warren Buffett and Charlie Munger speak. Most are middle-aged. Some are college students.

☆ Warren Buffett on Paramount: It's never good when a company cuts dividend dramatically
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett on Paramount: It's never good when a company cuts dividend dramaticallyBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. Warren Buffett discusses owning Paramount amid its dividend cut and the streaming business.

☆ Commercial real estate starting to see the consequences of high borrowing rates, Buffett says
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommercial real estate starting to see the consequences of high borrowing rates, Buffett saysBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. The two discuss the U.S. property market and commercial real estate.

☆ Buffett on clean energy push: This country should be ahead of where it is
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBuffett on clean energy push: This country should be ahead of where it isBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. Buffett and Greg Abel, vice chairman for non-insurance operations at Berkshire Hathaway, discuss clean energy.

☆ Buffett on estate planning: I don't sign a will until my children read it and give suggestions
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBuffett on estate planning: I don't sign a will until my children read it and give suggestionsBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. Warren Buffett discusses estate planning.

☆ Warren Buffett addresses question on $130 billion cash hoard and potential distributions
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett addresses question on $130 billion cash hoard and potential distributionsBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. Warren Buffett discusses the distribution of cash to Berkshire shareholders.

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