伯克希尔2025年度股东大会纪要

2Q23ExplainingBHE'sValuationDecline...............................................................68Q24AssessingBerkshire’sUnderlyingEarningsPower.........................................70Q25HasAIChangedBigTech’sCapitalNeeds?....................................................72Q26Interest,ReadingandMentorsShapedBuffett.................................................75Q27DOGE’sImpactonU.S.:PositiveorNegative?..............................................77Q28CorePrinciplesforCapitalism’sLong-TermProsperity..................................79Q29GregAbel’sManagementStyle.......................................................................81Q30AddressingClimateConcernsAboutBerkshire’sCoalTransitionPlan..........83Q31LessonsfromtheBerkshire–JPMorgan–AmazonHealthCareVenture..........86Q32ComparingInvestorandBusinessOperatorRoles...........................................89BuffettNamesGregAbelasSuccessorCEO...........................................................90 3MorningSessionWarrenBuffett:Ifeveryonewillpleasetaketheirseats.(Applauseandcheering)Thisismy60thannualmeeting,(Applauseandcheering)andit'sthebiggest,andIthinkitwillbethebestyet.AndbeforeIstart,I'dliketogiveyouafewfiguresfromyesterdaybecausewesetallkindsofrecords.Yesterday,wehad19,700peoplethatjoinedusintheafternoonbetween12:00and5:00,andthatwasupfrom16,200,whichwasapreviousrecordtheyearbefore.(Applauseand cheering)And in every aspect,we set records.See's Candy did$317,000against$283,000theyearbefore.(Applauseandcheering)Andmostofthesewerelimitedbycapacity.Imean,therewerelinestherethroughoutthetotalday.Brooksdid$310,000.Itwasanall-timerecordsalesdayforthem.AndIthinktheyhavecloseto3,000runnerslinedupforSunday,whichisalotofpeopletogetup.Ithinkwe'vehad2,200to2,400before,but3,000,andthatdoesn'tcountmeanditwon'tcountme.(Laughter)AndIcouldgoupanddowntheline.Jazwares,didaround$250,000,doublethepreviousyears.Theyjustsellasfastastheycan.Most—everyplacehadpeoplelinedupatthecashregister.Sometimes,there'salotlongerwaitthanIwishwehad,butwe'lllearnthegameeventually.(Laughter)Anditgoesonandon.Everycompanysetrecords.Andthere'snowayofknowinghowmanypeoplewehaveheretoday.Wehavepeoplelisteninginaroundtheworld.ButIthinkwe'llprobablysetrecordsinagreatvarietyofways.Andinaminute,we'llgettothequestionandanswer,butI'dliketofirstintroduceourdirectors,andI'mWarrenBuffettandIwasbornandbredrighthereinOmaha.(Applauseandcheering)WehaveGregAbel.HewasbornandbredinCanada.(Applauseandcheering)AndwehaveAjitJain,whowasbornandbredinIndia.(Applauseandcheering)Sowehaveaverydiversegroup.(Laughter)Andintheaudience,andIwillintroducethemalphabetically,andifthey'llstandasIintroducethem.AndIknowitwillbeaneffort,butwithholdyourapplausetillthe OpeningRemarks[00:00:00] 4endofit,sothatwecangetthroughthelist.Butwe'llstartalphabeticallywithHowardBuffett,Howie,wouldyoustand?(Applause)Withholdtheapplause.It'llgotohishead.(Laughter)SusanBuffett.WehaveSteveBurke,KenChenault,ChrisDavis.SueDecker,SueisourLeadDirector.CharlotteGuyman,TomMurphyJr.,RonOlson,andwhenwefinish,I'llhaveafewmorethingstoaddabouthim.WallyWeitzandMerylWitmer.Andwiththat,you'vegotourall-starcast.(Applauseandcheering)AndRon,ifyoudon'tmindstanding,IwouldliketopointoutthatRon,theyfinallygotthroughanagedirectorthingatBerkshire.Ithinkwehad5thatwereover90herenottoolongago,butweputinthehighest—Suetellsmeanywaythatit'sthehighestagelimitthatanyofthecompaniesshecheckedoutcameupwith.ButRonhasbeenontheboardfor28yearsandhasbeenassociatedwithCharlieMungeratMungerTollesformanyyearsbeyondthatandhasbeenarounditavarietyoftimesofcrisis,andjoy,anddisappointments,andsurprises,andeverythingelseatBerkshire,andhasbeenaninvaluablehelptous.So,IthinkI'dliketogiveaspecialhandtoRonOlson.(Applause)And,IthinkI'lldosomethingelsethatisn'tdoneusuallyatannualmeetingsbutIhaven'thad a chance.I listened to them on Thursday afternoon.It's the onlyinvestmentquarterlycallthatIlistentobut,IlistenedtoTimCook,andIunderstand—andit'llbetoughformetoseehimcomeuphere.ButTimCook,thereheis.(Applauseandcheering)I'msomewhatembarrassedtosaythatTimCookhasmadeBerkshirealotmoremoneythanI'veevermadeBerkshire.(Laughter)Socreditshouldbegiventohimfor—IknewSteveJobsbriefly.AndSteve,ofcourse,didthingsthatnobodyelsecouldhavedoneindevelopingApple.ButStevepickedoutTimtosucceedhim,andhereallymadetherightdecision.Stevediedyoung,asyouknow.AndnobodybutStevecouldhavecreatedApple,butnobodybutTimcouldhavedevelopeditlikeithas.SoonbehalfofallofBerkshire,thankyou,Tim.(Applauseandcheering)There'sacoupleofotherpeopleI'dliketothank.Idon'tdoanyworkintermsoftheshoworanythingelsearoundBerkshire.ButwhatyouseetodayistheproductofalotofpeopleatBerkshire.Theydon'tthinkofthemselvesastheonewhoissupposedtoscrewalightinandleaveforsomebodyelse,aspecialisttocomealonganddoother 5things.ThepeopleofBerkshireputonthisshoweveryyear.AndourChiefFinancialOfficerandjusteverybodypitchesin.It'saremarkableorganizationthatway.Butit'sledthisyearandthelastfewyearsbyMelissaShapiro,andshe'smadethiswholethingwork.(Applauseandcheering)Meli