Buffett Reveals Big Investments, Rails Against Wall St Excess at Berkshire Meeting

Minggu, 01 Mei 2022 | 13:02 WIB
Buffett Reveals Big Investments, Rails Against Wall St Excess at Berkshire Meeting
[ILUSTRASI. Warren Buffett berpidato di hadapan para pemegang saham pada pertemuan tahunan Berkshire Hathaway Inc, yang disiarkan hampir karena pandemi penyakit coronavirus (COVID-19), di Omaha, Nebraska 2 Mei 2020.]
Reporter: Sumber: Reuters | Editor: Thomas Hadiwinata

KONTAN.CO.ID - OMAHA, April 30 (Reuters) - Warren Buffett on Saturday used the annual meeting of Berkshire Hathaway Inc BRKa.N to reveal major new investments including a bigger stake in Activision Blizzard Inc, while also railing against Wall Street excess and addressing the risks to his conglomerate of inflation and nuclear war.

The meeting in downtown Omaha, Nebraska was Berkshire's first welcoming shareholders since 2019, before COVID-19 derailed America's largest corporate gathering for two years.

It allowed shareholders to ask five hours of questions directly to Buffett and Vice Chairman Charlie Munger, and some questions to Vice Chairmen Greg Abel, who would become chief executive if Buffett could not serve, and Ajit Jain.

Baca Juga: Berkshire Shareholders Vote to Keep Buffett as Chairman, Reject Climate Disclosures

Buffett said Berkshire, long faulted for holding too much cash, boosted its combined stakes in oil company Chevron Corp and "Call of Duty" game maker Activision Blizzard Inc nearly six-fold to more than $31 billion.

Berkshire also said first-quarter operating profit was little changed at $7.04 billion, as many of its dozens of businesses withstood supply chain disruptions caused by COVID-19 variants, the Ukraine invasion and rising costs from inflation. Read full storyRead full story

Buffett, 91, said it "really feels good" to address shareholders in person, after holding the last two meetings without them. Attendees included JPMorgan Chase & Co Chief Executive Jamie Dimon and the actor Bill Murray.

Baca Juga: Shanghai Reports Zero Cases Outside Quarantined Areas for April 29

Buffett had in his annual shareholder letter in February bemoaned the lack of investment opportunities.

That prompted a shareholder to ask what changed in March, when Berkshire bought 14.6% of Occidental Petroleum Corp and agreed to buy insurer Alleghany Corp for $11.6 billion.

Buffett said it was simple: he turned to Occidental after reading an analyst report, and to Alleghany after its chief executive, who once led Berkshire's General Re business, wrote to him.

"Markets do crazy things, and occasionally Berkshire gets a chance to do something," he said. "It's not because we're smart.... I think we're sane."

Berkshire spent $51 billion on equities in the quarter, and its cash stake sank more than $40 billion to $106 billion.

But the conglomerate has many cash-generating resources, including its insurance operations, and Buffett assured that reserves won't run dry.

"We will always have a lot of cash," he said. "It's like oxygen, it's there all the time but if it disappears for a few minutes, it's all over."

Buffett and Jain stumbled for answers when asked about whether the Ukraine conflict could degenerate into nuclear war.

Jain, who has drawn Buffett's praise for decades, said he had a "lack of ability" to estimate Berkshire's insurance exposure.

Buffett added that there was a "very, very, very low" risk of a nuclear attack, though the world had "come close" during the 1962 Cuban Missile Crisis.

"The world is flipping a coin every day," Buffett said. "Berkshire does not have an answer."

Buffett also picked on a favored target in saying stock markets sometimes resembled a casino or gambling partner.

"That existed to an extraordinary degree in the last couple of years, encouraged by Wall Street," he said.

Baca Juga: Indonesia Export Ban Traps 290,000 Tonnes of Palm Oil Shipments for India

For his part, Munger, 98, echoed Nancy Reagan in criticizing bitcoin, saying that if an advisor suggested you put your retirement account there, "just say no." Munger also criticized trading firm Robinhood Markets Inc. 

He and Buffett munched their familiar candies from See's, which Berkshire owns, and drank soda from Coca-Cola, a big Berkshire investment, at the meeting.

Abel defended Berkshire's BNSF railroad, saying there was "more to be done" to improve operations and customer service, and compete against rival Union Pacific Corp.

Buffett also said Berkshire is designed to assure shareholders that the company and its business culture will survive his and Munger's departures.

"Berkshire is built forever," he said.

Shareholders also rejected proposals requiring Berkshire to disclose more about how its businesses promote diversity and address climate risks, and install an independent chairman to replace Buffett in that role. 

Buffett has run Berkshire since 1965, and Mario Gabelli, chairman of Gamco Advisors and a prominent Berkshire investor, opposed ending his chairmanship.

"It's not inappropriate for companies to look at separating the chair and CEO," he said. "It doesn't make sense in the case of Berkshire Hathaway because this guy has done a fantastic job for 50 years. We like the idea, but not here."

Thousands of people massed outside the downtown arena housing the meeting before doors opened at 7 a.m. (1200 GMT).

Berkshire had projected lower attendance than in 2019, and about 10% to 15% of seats in the normally-full arena were empty.

Baca Juga: Volatile Gold Prices Could Dampen Indian Demand in Second Quarter 

As at other Berkshire-sponsored events this weekend, nearly all attendees did not wear masks, though all needed proof of COVID-19 vaccination. CNBC.com webcast the meeting.

"I bought a chair from Walmart so I could sit down," said Tom Spain, founder of Henry Spain Investment Services in Market Harborough, England, who arrived at 3:15 a.m. for his third meeting. "Everyone has been using it. Next year I might bring a massive container of coffee and give it out."

Lauritz Fenselau, a 23-year-old owner of a software startup from Frankfurt, Germany, showed up at 4 a.m. for his first meeting. "It's like a pilgrimage," he said.

Also sleep-deprived was Andres Avila, who arrived in Omaha from Boston just five hours before getting in line at 4:45 a.m., carrying an umbrella to fend off the rain.

"I have a bunch of my idols here," he said.

Bagikan

Berita Terbaru

Bank Mandiri Perpanjang Piutangnya di Emiten Manufaktur Emas Senilai Rp 2,4 triliun
| Sabtu, 26 Juli 2025 | 18:03 WIB

Bank Mandiri Perpanjang Piutangnya di Emiten Manufaktur Emas Senilai Rp 2,4 triliun

Lewat Addendum II perjanjian kredit, jatuh tempo utang HRTA yang semula jatuh pada 23 Juli 2025, diundur selama 12 bulan menjadi 23 Juli 2026.

Dua Emiten Baru, Masuk Sepuluh Besar Saham dengan Jumlah Pemegang Saham Terbanyak
| Sabtu, 26 Juli 2025 | 15:00 WIB

Dua Emiten Baru, Masuk Sepuluh Besar Saham dengan Jumlah Pemegang Saham Terbanyak

CDIA dan COIN, dua emiten pendatang baru yang masuk dalam jajaran sepuluh besar saham dengan jumlah pemegang saham terbanyak.

Perbaikan Kinerja BTPN Syariah (BTPS) Dirproyeksi Terjaga di Kuartal Selanjutnya
| Sabtu, 26 Juli 2025 | 14:00 WIB

Perbaikan Kinerja BTPN Syariah (BTPS) Dirproyeksi Terjaga di Kuartal Selanjutnya

Pada paruh pertama 2025, BTPS mencetal laba bersih Rp 643,85 miliar, naik 16,6% secara tahunan (YoY) dari sebelumnya Rp 552,20 miliar.

Profit 27,06% Setahun, Cek Ulang Harga Emas Antam Hari Ini (26 Juli 2025)
| Sabtu, 26 Juli 2025 | 12:49 WIB

Profit 27,06% Setahun, Cek Ulang Harga Emas Antam Hari Ini (26 Juli 2025)

Harga emas batangan Antam 24 karat 26 Juli 2025 di Logammulia.com Rp 1.915.000 per gram, harga buyback juga tetap Rp 1.761.000 per gram.

Naik Signifikan, Saham Afiliasi Grup Salim & Sinar Mas Jadi Top Leader Penopang IHSG
| Sabtu, 26 Juli 2025 | 12:00 WIB

Naik Signifikan, Saham Afiliasi Grup Salim & Sinar Mas Jadi Top Leader Penopang IHSG

Saham DCI Indonesia (DCII) dan Dian Swastatika Sentosa (DSSA) meneguhkan posisinya sebagai dua leader IHSG teratas sepanjang tahun 2025 berjalan.

Harga Bahan Baku Konsumer Naik, Begini Proyeksi Laba UNVR, MYOR, dan CMRY Kuartal II
| Sabtu, 26 Juli 2025 | 09:17 WIB

Harga Bahan Baku Konsumer Naik, Begini Proyeksi Laba UNVR, MYOR, dan CMRY Kuartal II

Kenaikan harga bahan baku utama produk konsumer saat ini akan memberatkan raihan marjin laba bagi sejumlah emiten di sektor tersebut.

Profil Chandra Daya Investasi Tbk (CDIA) Menggarap Investasi Infrastruktur
| Sabtu, 26 Juli 2025 | 07:30 WIB

Profil Chandra Daya Investasi Tbk (CDIA) Menggarap Investasi Infrastruktur

Mengupas profil dan strategi bisnis PT Chandra Daya Investasi Tbk (CDIA) setelah mencatatkan saham di bursa

Sentimen The Fed Menggerakkan Rupiah
| Sabtu, 26 Juli 2025 | 07:25 WIB

Sentimen The Fed Menggerakkan Rupiah

Di pasar spot, kurs tutup di level Rp 16.320 per dolar AS pada Jumat (25/7), melemah 0,15% dibanding posisi penutupan hari sebelumnya.

SSMS Mendorong Efisiensi Lewat Evaluasi Aset
| Sabtu, 26 Juli 2025 | 07:14 WIB

SSMS Mendorong Efisiensi Lewat Evaluasi Aset

PT Sawit Sumbermas Sarana Tbk (SSMS) berupaya untuk meningkat efisiensi kinerja dengan melakukan penataan aset yang lebih efektif.​

Menanti Dampak Program Danantara ke Saham Emiten BUMN
| Sabtu, 26 Juli 2025 | 07:10 WIB

Menanti Dampak Program Danantara ke Saham Emiten BUMN

Emiten-emiten BUMN berpeluang kecipratan berkah dari sejumlah program prioritas BPI Danantara yang berlangsung pada 2025.

INDEKS BERITA

Terpopuler