Warren Buffett and Charlie Munger’s words of wisdom at the Berkshire Hathaway meeting were streamed live around the world for the first time, but were translated into only one other language: Mandarin.
The estimated 100,000 Chinese people who watched the event included hundreds of investors who made the trip to Nebraska, eager to learn Mr Buffett’s secrets at first hand.
Deng Qingxu, vice-president of Sina.com, the Chinese financial news agency, hosted a reception for Chinese investors in Omaha after the meeting. “A lot of the people here are wealth managers. I’m sure many of them will have the dream of becoming the Chinese Warren Buffett,” he said.
Ximeng Chen, a founder of Palm Drive Ventures, a New York-based investment firm working with investors from China and the United States, said Mr Buffett had inspired him to set up his own business. Like Mr Buffett, he said, he was investing in “a lot of companies that change traditional industries and make them more efficient”.
The Chinese investors had every reason to admire Berkshire’s resilience. Mr Buffett reported that first-quarter earnings had jumped by 8.2 per cent to $5.59 billion. Investment gains doubled to $1.9 billion, offsetting a 12 per cent fall in operating profit to $3.7 billion, as underwriting was hit by a rise in natural disasters and railway revenue fell. Mr Buffett said, too, that he was still in the market for big acquisitions.
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The best of Buffett
Defending his 9 per cent holding in Coca-Cola from accusations that his favourite drink causes obesity
On the dangers of accumulating capital
On negative interest rates
On the biggest potential growth constraint on Berkshire Hathaway
On the fact that he has only 25 employees in his head office
