New technology, AI won’t take away opportunities for investors: Warren Buffet

Along with his partner Charlie Munger, Buffet spent all day on Saturday answering questions at Berkshire Hathaway’s annual meeting inside a packed Omaha arena.

Sharing his thoughts, Buffet said, “New things coming along doesn’t take away the opportunities. What gives you the opportunities is other people doing dumb things.” Few months back, Buffet had a chance to try out ChatGPT when his friend Bill Gates showed it to him.

He also reiterated his long-term optimism about the prospects for America even with the bitter political divisions today.

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“The problem now is that partisanship has moved more towards tribalism, and in tribalism you don’t even hear the other side,” he said.

On the issue of open trading relationship with China, both Buffet and Munger said the United States will benefit for it. They advised the US government not to exacerbate the tensions between them as the stakes are too high for the world.

“Everything that increases the tension between these two countries is stupid, stupid, stupid,” Munger said.

With Buffett and Munger are both in their 90s, few shareholders felt a particular urgency to attend the event, and people from all over the world were attracted to Nebraska’ Omaha, just to listen to them.

“It’s a once in a lifetime opportunity,” said Chloe Lin, who traveled from Singapore to attend the meeting for the first time.

Despite their old age, both Buffet and Munger are still sharp mentally. Previously, buffet used to get mobbed by shareholders trying to snap a picture with him.

Considering his own age, Buffett, two yaers ago said that Greg Abel will eventually replace him as CEO although he has no plans to retire. Abel already oversees all of Berkshire’s noninsurance businesses.

“Greg understands capital allocation as well as I do. He will make these decisions on the same framework that I use,” Buffett said.

Berkshire Hathaway said Saturday morning that it made $35.5 billion, or $24,377 per Class A share, in the first quarter. That’s more than 6 times last year’s $5.58 billion, or $3,784 per share.

With agency inputs.