2025 Chicago-Wichita-Omaha

This is my first time attending Berkshire Hathaway shareholder meeting. It’s a good learning experience for Celine and Irene so it probably won’t be my last time even without Warren Buffett hosting it in the future. Warren looks very healthy even though he is 94. His philosophy in life and in investment always have huge impact on me all my life!

Here are some take away today:

1. Warren emphasized again that Charlie said to him: Not to take any position without having a valid opposite arguments against it. It got me thinking seriously. Sometimes I got carried away and become too optimistic.

2. I am reminded again to fully understand everything we invest in even it’s for 100% or 2% of the holding of the target.

3. I am reminded again the importance of free cash flow that I knew all my life. However to me cash is not equal to free cash flow. It makes my wonder how BRK is going to deploy their 328B cash.

4. Exposures in Japanese companies by borrowing yen to minimize the FX floating issue. This is important to me as we have a lot of FX positions and it has always been a headache for me to manage. One way to handle the risk.Baca lagi