One of the largest investment firms led by the well-respected Warren Buffett has sold 1.96 million shares in BYD, the electric vehicle maker, in a deal worth HK$462.09 million (about US$58.9 million). Currently, investors and analysts consider companies involved in the production of electric vehicles in the market to be less sustainable. Berkshire Hathaway has not yet commented on the move, but Warren Buffet and his business partner Charlie Munger held a discussion for several hours as part of the company's 12.6% rise in operating profit for the first quarter of this year, to US$8.065 billion. The green numbers were mainly driven by Geico's successful auto insurance business. The company bought back $4.4 billion worth of its own shares and announced that it is not yet planning a full takeover of Occidental Petroleum. During the discussion, they expressed their admiration for Apple and admitted the dollar's unbreakable position as the main reserve currency. AI was also a topic, with Charlie Munger saying that good old intelligence is better than artificial one.
According to Bloomberg surveys of 352 respondents, what investors value the most is Warren Buffet's ability to find undervalued market stocks, as well as his annual letter dedicated specifically to investors. A majority of those surveyed believe Berkshire Hathaway's stock will outperform the S&P 500 index over the next five years. The same survey asked investors about their preferred strategies for the near future. Most believe that because of the likely recession, now is a good time to take a defensive position (44.6%), with 20.2% favoring growth stocks, 16.5% favoring the technology sector and 18.8% allocating investments to other parts of the market.
[1] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing of future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.
