2025巴菲特股东大会笔记-en

I’m from New Jersey. I’m grateful you picked me to ask a question—it’s a great opportunity. You often remind us of investing principles and patience. Could you give us another hint on that?

Sometimes the window closes fast—you have to decide on the spot. In 1966 I got a call—details aside—a woman offered to sell her husband’s company for $6 million: about $2 million in assets and 900+ lines of business, with perhaps $2 million pretax profit a year. The price sounded attractive.
Charlie and I discussed it immediately. Charlie didn’t know her, but knew her partner Ben Rosser. We guessed she might be a wealthy widow, or her husband needed a quick exit. Until December 31 we were still going through the books trying to understand her motive.
Next morning Will Phillips called to remind us: East Coast folks can be biased about Midwesterners. If she was from Iowa, her style might differ from the East’s. With a deal yielding ~33% a year, patience is genuinely hard.
That taught me: when a real opportunity lands, you don’t keep waiting. When something profitable and sensible appears, move decisively. Patience matters, but so does spotting the chance and acting. Markets never wait forever.
Patience is an important trait, but when opportunity flashes by—maybe a five-second phone call—you have to judge instantly whether to take it. In business, self-doubt at the wrong moment is deadly; hesitation loses deals. That’s why I find business fascinating—it’s my greatest joy.
I’m in my nineties and wealthier than most, yet I still wake up eager to get to the office. It’s not just a job—it’s helping people and creating value. That enthusiasm can be passed on; I hope my children feel it too.
Like Charlie and I over sixty years: we work with people who share our values. That model never failed us and is how we pick partners. That’s why the board and team here mesh. When you’re sure an opportunity is sound, don’t hesitate—act.

I’m from California—thanks for putting on this meeting. You’ve said aside from Steve Jobs, no one could have built Apple, yet Tim Cook has done wonderfully. You built Berkshire—Greg Abel seems an unexpected talent to some, though “normal” is a compliment. Why do you think Greg will be a superb successor for decades?

That’s a crucial question. Building a strong investment team isn’t easy. In a market as large as the U.S., the environment for capital allocation takes years to mature—especially on deployment. It needs time and a circle of people who trust each other. I’ve approached every decision cautiously, weighing risk.
Yesterday at the exhibition I saw passionate employees who aren’t in it for pay—they love the work. That’s admirable. Picking work you love matters. I had five bosses in my career; each taught me something. I chose to build my own path because doing what you love is the best state.
Not everyone is lucky enough to find a lifelong passion at seven or eight. Glenn Miller’s band was obscure until 1941—then the style clicked. If you find real passion young, don’t obsess over starting salary—but pick the right company and boss; some jobs aren’t worth taking.
We live in a great country in a great time—that’s why I’m handing the baton to Greg. Building something like Berkshire takes decades. Financially: “You only need to get rich once—don’t take dumb risk.” Some people borrow and speculate, hoping for a greater fool. That ends badly.
If I could rerun life, I’d still choose work I love. So far it’s been a wonderful ride.
To the earlier question: even if no perfect opportunity shows up yet, don’t panic. Life brings the right timing and the right people. Like finding a partner—you might fall in love at first sight, but missing one person doesn’t mean no one else fits. Worthwhile people and moments often arrive exactly when they should.

I’m from Maryland—thanks for your time today. I’m young and want to invest. What lessons did you learn early? Any advice for developing my own investment philosophy?

Excellent question—I wish someone had told me this young. It’s about who you surround yourself with—don’t expect every call to be perfect. If life has a direction, seek partners you respect. Like friends I’ve worked with in recent years—smaller than Berkshire, but aligned values matter. Many of us learn that too late.
Instead of copying billionaires, find thinkers you genuinely admire. I learned from strong people in practice. If you already have meaningful work without urgent money pressure, spend time with wise people like Charlie did—people creating value beyond their job. Sharing success with such partners is luck. If you haven’t found them, keep searching.
When I knocked on GEICO’s door I had no idea who was inside; ten minutes later I met someone who changed my life. Never forget those who helped—repay them in deeds. Sometimes things go wrong. If you’re in a good environment, cherish it. Being born in the U.S. already beats most of the world—8 billion people, ~330 million Americans. Still: never betray your principles to please others.
Investing is fun for me. Many leave after making money; you should seek work you can love for life. People like Tom Murphy—rare—who at 98 still spot talent. To improve, find mentors. Berkshire benefited: Sandy Gottesman from 1963, Walter Scott 30+ years, Greg Abel 25 years… walking with such people is never wrong.
Interestingly it may even extend life. My partners and I have been oddly long-lived—maybe the Coke (laughs)—but more likely because we do what we love. Happy people tend to live longer; that’s my experience.

Mr. Buffett, Ajit Jain, Greg Abel—I'm Pete Chen from Shanghai; this is my first Berkshire meeting. My question is about the ups and downs of life. Have you had a lowest point, and how did you push through?

Everyone has highs and lows—that’s normal. Thanks for the question; my lows may seem trivial. Take Charlie: he had hard stretches too. That’s life—no perpetual smooth sailing.
I’m not claiming the best advice, but lows recur for everyone. Yours may feel heavier; hitting bottom isn’t the end of the world. I promise you won’t be destroyed. Some get mocked in hard times; truly great people trust a turn will come even when luck is bad. So “luck” isn’t only luck.
If you’re in a trough—say health—it’s hard to describe. Remember we live in a good era. A century or five centuries ago, fate could have been brutal. Generations of progress got us here. Twenty years ago more was outside personal control; today we can respond more wisely.
Focus on what’s good in life. Bad things happen—that’s inevitable—but a good life is still possible in difficulty. That’s my view.
Personally, in 94 years I’ve never had a truly awful stretch; many friends say the same. I drink Coke when I want, do what I want—so far, so good.
Example: NFL players peak around 30–40 but accept that arc. Pick an industry knowing its rhythm. Same for baseball—each position has its challenge.
Charlie and I often note the body doesn’t need extreme exercise—we stay healthy without burning out. The athlete analogy is about emphasizing the positive. If you want longevity and you’re lucky enough—like you, traveling far, still energetic, learning from smart people—you’re ahead of almost everyone in past centuries. That’s what I wanted to share.

Dear Mr. Buffett—I’m Alisa from Poland, now in Chicago. Your story from a freezing January 74 years ago still moves me—in 1951 you took an eight-hour train from New York to Washington on a Saturday to learn insurance, and found Kotter’s office closed. That drive guided me. At 15 in 2011 I wrote asking to meet; you replied you had maybe 3,000 days left. More than 5,000 days later, from 1951 to now, your enthusiasm still inspires me. I ask again: a quarter of your time—even one hour in your office? I know you’re busy; as a survivor of hardship in Poland I choose friends carefully but sincerely. Don’t refuse—40,000 people here support this. We honor you openly. May I humbly ask once more: would you share any hour of your life? Thank you for your time.

That’s wonderful—wait—you don’t need my full biography; I know my story. Thanks for such an interesting question in front of 40,000 people. A lesson from youth:
Early on I drove state to state cold-calling companies. I was young; there were no IR departments—often the CEO met you. I feared rejection, then learned: when asking for a meeting, say “just ten minutes”—unless they want longer. Keep control of the time box.
That reminds me of the classic coal question: “Stranded on an island ten years—which competitor’s stock?” Managers love talking rivals—kids comparing toys. I learned to steer them to their edge.
Today orgs are complex puzzles; IR teams push “buy our stock” and grow huge. You must understand companies your way. Berkshire has its philosophy—we publish plenty—but we can’t interview 40,000 requests.
I admire your persistence; honestly, this is what we can offer. Your effort is admirable; rules must be fair for everyone.

Recommended documentary: Becoming Katharine Graham

At the 2017 meeting we discussed investing in large tech. Today Microsoft, Apple, Amazon, etc. don’t need external funding—they sit on huge cash and pour resources into AI. Compared with the past, has your view shifted on their balance sheets and capital allocation—especially cash piles and the AI pivot?

Yes—these profits come from heavy capital deployment. Every business needs capital. Coca-Cola’s bottling needs big upfront equipment; ongoing capex is modest for strong returns. Distribution needs even less—an excellent, durable model.
Insurance is special: P&C needs capital for guarantees but invests float. Done well, it’s very rewarding. Apple barely needs outside funding and keeps buying back stock—volatile price, solid model.
Many in investing got rich managing other people’s money for fees—even mediocre performance pays; stars attract more capital. That’s the system; no need to moralize.
Charlie and I chose to earn with investors’ capital while sharing risk—one of the best models, though it can be abused; we’ve seen that in the U.S. and Canada.

I’m 13 from Florida; my brother is 15; we’re here with our dad—thanks for hosting. First time at your meeting. Which high school courses most help with becoming a great investor—could you elaborate?

Teachers often shape you deepest. I was lucky in school and learned from bosses and elders too. My father in investing—Saturdays I watched him work. I read investing books other kids skipped.
At Omaha Public Library I found a 19th-century investing book; later more rarities in New York. I love reading, but not like Charlie—asked whom I’d lunch with, always Charlie: a walking library pulling insights from books. Stay curious; find teachers you click with.
I attended three schools, then Washington University—each had two or three teachers who mattered. They taught and gave extra attention. Ben Graham was almost a father figure. The Great Bridge gave me a key insight.
Dad said everyone is unique—you may feel lost now but you’ll find a path. In school some teachers just fit—how they talk, how they teach. At Columbia Graham cared like a father.
At least ten mentors changed my life—they spent extra time on young people. Great education is often those relationships more than the institution. I’ve gone beyond the question, but that’s the heart of it.