The annual Berkshire Shareholders' Meeting began on the morning of May 2, US Eastern Time (the evening of May 2, Beijing time). Warren Buffett said in an interview with the media that he will continue to be optimistic about China and the United States in the next two or three years. And continue to expand investment in the automotive business.
In the materials sent to shareholders this year, in addition to the two letters and statements from Buffett and Munger to shareholders, Berkshire also attached a photocopy of the 1964 annual material to shareholders in 1965, just a few pages. The content records the historical moments of Berkshire's participation in 9.5 Fortune 500 companies. It has to prove one thing: success can even be proved in 50 years.
Buffett Buffett's return to value investment vehicles is indispensable Financial commentators from the US on-site reports on Weibo: For the six-year surge in China's A-shares, Buffett said: "China's speculative power is bigger than the US, this may Will create opportunities. People are looking for easy ways, but the easy way is often wrong."
If Buffett’s 50-year success is not speculation and adventure, look at his enthusiasm for the auto industry and confirm his judgment on “value investing†from one side.
Buffett once said: We have a good year and a bad year in the car. We would rather buy a 12-fold price-earnings ratio (stocks) in the bad year, rather than a 8x P/E ratio (a stock). “Operating a good dealer is a quality business. This is a localized business. We will buy a lot of dealers, but mainly based on localization considerations. However, we will not involve financing business in the car dealership business. "Buffett was frank at yesterday's shareholders' meeting.
Buffett’s recent acquisition is in 2014 for Van Tuyl, a US auto dealer group. Van Tuyl is the fourth-largest auto dealer in the United States with 81 sales outlets. In 2014, the company sold 139,538 new cars with annual sales of approximately $9 billion.
Faced with various doubts, especially in the context of declining sales profits of auto dealers, Buffett said that he did not focus on its short-term profit returns before conducting a commercial transaction. At the shareholders meeting on May 2, Buffett answered questions from reporters that Van Tuyl, as well as future car dealership acquisitions, would be an important part of Berkshire's future.
From Buffett to continue to buy the car business to see the return investment of value investment BYD for the new energy vehicle platform compared with the traditional business of buying car dealers, Buffett's investment in BYD, also verified the future of new energy from the capital market. In September 2008, Buffett signed a strategic investment and share subscription agreement with BYD. According to the agreement, Buffett subscribed for 225 million shares of BYD at a price of HK$8 per share, accounting for about 10% of the shares of BYD after the placement. The total transaction price was about HK$1.8 billion.
As it turns out, investing in new energy vehicles represented by BYD has brought huge returns to Buffett. At present, BYD's share price has reached as much as HK$47, and in 2009, BYD's share price even rose to more than 70 Hong Kong dollars.
In fact, in 2012, Berkshire Hathaway was found that the company’s file No. 13-F submitted on May 16 showed that from January to March 2012, the company’s portfolio new position includes 10 million shares. Car stocks. Since then, Buffett has increased its stake in General Motors several times. So far, Buffett has held 40 million shares of General Motors.
The reason why he chose a conservative auto stock, Buffett once made a metaphor, saying that the car is a comprehensive manifestation of the industrial index. "Buffett's success is similar to that of Federer. It is also similar to American legendary basketball coach John Wooden. Basketball coaches can choose the best athletes to improve their experience and skills, and Berkshire's team is constantly improving their abilities. â€
If Berkshire has only 25 people, as a holding platform with a market value of $350 billion, try to reduce internal friction and communication costs. And supporting this platform is dozens of outstanding companies and entrepreneurs from all walks of life. Among these companies are energy companies, real estate agents, car dealers, sports shoes and even cowboy boots manufacturers.
For Buffett, investment looks at long-term value. The automobile industry represented by the industry comprehensively proves this point: only by following the long-term and stable trend and the automobile industry with the longest radiation chain in the industry chain can win a longer-term return on investment. .
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