Dear friends, colleagues, clients: Pithiest summary received s | CapitalVia - Stocks | Nifty | Sensex | Commodity | NSE | BSE

Dear friends, colleagues, clients: Pithiest summary received so far, of the Annual Woodstock of the Investment World, i.e. Berkshire AGM key take aways:

01. Cautious on USA
02. Bearish on USA Banks. Sold all positions except BOA due to his relationship and commitments made. Hates Banks having Investment Banks as they land up taking exotic/derivatives positions. Insurance business will do well.
03. Frequent Management churn affects business.
04. AI will be more for documentation, etc. but risk calls will still be human. AI can’t replace *Ajit Jain*! Plenty of opportunities, so tech won’t make much difference but too much easy money chasing, hence opportunities overpriced.
05. Value investors should expect less returns now.

06. Too much easy money still chasing ideas, hence dumb investments will continue.
07. Bearish on ESG, waste of time. Charlie very bullish on Hydrocarbons.
08. Commercial real estate in big trouble, banks will be impacted.
09. World is overwhelmingly short term focused. Management is feeding infomation on how will they beat expectations is very short term.
10. Doesn't select managers based on where they got their degrees from. Can tell in 10 seconds whether they are interested in a business based on how consumers feel about it and what threats it might face. Hired Ajit Jain the Insurance Business Head at Berkshire, as his # 2, even though Jain didn't know much about the insurance business.

11. Formula for success: a) Spend less than you earn, b) Avoid toxicity, c) Practise deferred gratification.
12. On streaming wars: You either need fewer companies or higher prices.
13. You don't want to go into a game where you need that much luck. We are different from Elon Musk who attempts the impossible. Looking for an easy job that we can identify.
14. Auto industry is ruthless and totally unpredictable. Even Henry Ford started losing money within 20 years of releasing Model T.

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