MoomPay.  Founded in 2018, the platform allows you to buy and sell cryptocurrencies.  It also provides technology services to other businesses.

This 91-year-old billionaire responded for more than five hours to questions from Berkshire Hathaway shareholders along with his right arm Charlie Munger, 98 years old, during the annual general meeting of the business conglomerate that was held for the first time since 2019 in person in Omaha, Nebraska (center).

Although the markets have been faltering since the beginning of the year, Berkshire identified business opportunities and bought more than 51,000 million dollars in shares between January and March last.

The conglomerate’s stake in Chevron went from 4.5 billion dollars at the end of 2021 to 26 billion by the end of March, with which the US oil company is now part of its four largest investment bets, along with American Express, the technology company Apple and Bank of America. The company also acquired 14% of Occidental Petroleum.

In addition, since the beginning of the year, it bought 11% of the manufacturer of computers and printers HP and increased its participation in the video game publisher Activision by 9.5%, about to be acquired by the giant Microsoft.

Berkshire also plans to buy the Alleghany insurance company for $11.6 billion.

As a result of the strategy, Berkshire’s cash war chest – the funds accumulated for particular purposes or times – which also sold $10 billion of stock in the first quarter, fell from $147 million to $106 billion in the quarter. same period.

But investors need not worry, Buffet said: Berkshire “will always have plenty of cash” on hand immediately to protect itself in the event of economic turmoil.

Buffet took advantage of the moment he shared with Greg Abel, his presumed successor, and Ajit Jain, the group’s vice president of insurance operations, to mock Wall Street brokers, where he estimates that “they make a lot more money when people bet than when they bet.” invest”.

That Berkshire was able to buy 14% of Occidental Petroleum in two weeks, for example, shows that most “of the big companies in the United States have turned into poker chips.”

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MoomPay. Founded in 2018, the platform allows you to buy and sell cryptocurrencies. It also provides technology services to other businesses.

Regarding bitcoin, Warren Buffett said: “I don’t know if in five or ten years it will be worth more or less than today. But what I am sure of is that it does not produce anything.”

His acolyte Charlie Munger also mocked bitcoin, financial advisers, as well as Robinhood, the free trading app that allows you to buy cryptocurrencies and invest on Wall Street. He also did not rule out a shareholder proposal to separate the roles of Berkshire’s chairman and CEO.

“It is as if Odysseus came back from his victory in the Trojan War (…) and a stranger told him ‘I don’t like the way you held your spear when you won this battle,'” he sarcastically exemplified.

The proposal was rejected by shareholders, as well as several resolutions that called for the conglomerate to provide more information on climate change or social diversity.

Although the question of his succession is increasingly raised due to his advancing age, neither Buffett nor Munger gave any indication of a possible retirement.

Berkshire saw its net profit fall 53% in the first quarter to $5.5 billion.

The operating profits of the companies owned by the conglomerate, which range from insurance companies to trains, energy and frozen desserts, remained together practically at the same level: 7,040 million dollars.

But the value of the corporation’s investments in the markets, which can be highly volatile from quarter to quarter, has plummeted since the start of the year, leading to a notional loss of $1.58 billion.

However, Berkshire’s share value held up and is up 7% since the start of the year, when the S&P 500 index, which represents Wall Street’s 500 largest companies, lost more than 13%.

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