Billionaire Warren Buffet said on May 6 that new technology will not eliminate opportunities for investors, adding artificial intelligence could change the world in every way.
Accompanied by his partner Charlie Munger, Buffett spent the day Saturday answering questions at a packed Omaha arena at Berkshire Hathaway’s annual meeting.
Sharing his thoughts, Buffett said, “New things are coming along, don’t take away opportunities. What gives you opportunity is other people doing stupid things.” A few months ago, Buffett got a chance to try ChatGPT when his friend Bill Gates showed it to him.
He reiterated his longstanding optimism about America’s prospects even with today’s bitter political divisions.
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“The problem now is that partisanship has shifted more towards tribalism, and in tribalism you don’t even listen to the other side,” he said.
On the issue of open trade relations with China, both Buffet and Munger said that America would benefit from this. He advised the US government not to escalate tensions between them because the stakes for the world were too high.
“Anything that increases the tension between these two countries is stupid, stupid,” Munger said.
Buffett and Munger are both in their 90s, some shareholders felt a special urge to attend the event, and people from around the world flocked to Omaha, Nebraska just to hear them.
“This is a once-in-a-lifetime opportunity,” said Chloe Lin, who traveled from Singapore to attend the meeting for the first time.
Both Buffet and Munger are mentally sharp despite their age. Previously, Buffet would be mobbed by shareholders trying to get a picture with him.
In keeping with his own age, Buffett said two years ago that Greg Abel would eventually replace him as CEO, although he has no plans to retire. Abel already oversees all of Berkshire’s non-insurance 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 earned $35.5 billion, or $24,377 per Class A share, in the first quarter. This is more than 6 times from last year’s $5.58 billion or $3,784 per share.
With agency inputs.
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