Customs and trade

📎 Customs and trade
Tariffs can be seen as a form of economic war. Protectionism is bad for the U.S. economy. Trade should not be a weapon, but a tool that brings prosperity through an open market. The U.S. succeeded thanks to its open economy.

📎 Japanese investment
I’m very optimistic about Japan and the five trading companies we own. I have no plans to sell these companies for the next 50 years.

📎Forever company
We love ‘forever companies’ like Apple, Coca-Cola, and American Express. Buying a great company at a fair price is better than buying a good company at a good price. Selling a great company is one of the worst mistakes.

📎 Long-term investment philosophy
The key to investment success is to find a small number of big winners. We aim to have a company for more than 50 years. Berkshire will maintain its current strategy for decades to come. The stock market rises in the long run. Cash positions will decrease in the event of a market crash, but if there is a good opportunity, we are willing to invest $100 billion.

📎 Investment advice
Be greedy when others are afraid, and be afraid when others are greedy. It is advantageous to invest in places with weak competition, especially small companies. Return on capital and free cash flow are key indicators for investors to pay attention to. You should deeply understand the company by looking at the company’s balance sheet and competitors.
Investment opportunities must wait like baseball’s actual pitching. Opportunities come someday. Discipline and patience are important, and you must invest within your own interests. Market forecasting is impossible, but stocks grow in the long run. Stocks are better investments for most people than real estate.

📎The future of Berkshire
I’m officially stepping down as Berkshire Hathaway CEO. Greg Abel will replace the company. Greg Abel is ready to lead Berkshire in every way. I’m sure Berkshire will outperform the S&P 500 in the long run. Cash holding is a big asset that provides flexibility.

📎 AI and economic outlook
AI will be the game changer that drives economic growth. Berkshire is on the lookout, carefully applying AI in the insurance sector. The U.S. economy started with an agricultural society and made amazing progress. Don’t worry about a potential recession. In the long run, we will be fine.

📎 Key to success
It is lifelong learning of a successful life. I review the financial statements of 60 companies every month and look at the balance sheet first. This is because bad figures or actions cannot be hidden. Effort, trust, and high integrity are essential to business. If you do what you like, you don’t have to work forever.

📎Life advice
Luck is important in life. Don’t underestimate the role of luck. The most important decision is who to marry and who to spend time with. Stay with those you respect, avoid envy and greed. Frustration is a part of life. Ten percent of life happens, and ninety percent is how you respond.

📎 Corporate operation
Geico is increasingly operating efficiently, and its combination ratio is attractive. Float investment in the insurance business is a key driver of Berkshire’s success. Companies with strong pricing power are the best. Seeds Candy acquired for $25 billion, generating more than $2 billion in revenue.

📎 Life and career
Focus on learning opportunities rather than starting salaries. Find passion early, and work under a boss you respect. Avoid silly mistakes and one time is enough to become rich. The quality of life has improved greatly over the past few decades. We are living in lucky times.

📎 Mentor and learning
Knowledge builds up like a compound interest. One $20 book will help you learn the ideas of the world’s top investors. The right mentor will appear to the prepared person. Study great people like Benjamin Franklin.

📎 Economy and society
The current fiscal deficit is unsustainable. Medical spending in the United States amounts to 20% of GDP, up from 6% in the 1960s. The quality of life is much better than it was 100 years ago.

📎 Investor’s attitude
Investors are their worst enemies on their own. Don’t react emotionally to stock prices. Investing with a long-term mindset will increase yields. A market crash is an investment opportunity. I don’t care if Berkshire falls 50%.