Just past the weekend, Buffett’s 52nd shareholder meeting of Berkshire Hathaway was held in Omaha, a small town in the United States. In the nearly five-hour Q&A session, Berkshire’s 87-year-old chairman, Buffett, and 93-year-old vice chairman Charlie Munger answered 57 questions, covering a wide range of topics, and IoT think tanks Key issues in the technology sector include driverlessness, artificial intelligence, and perceptions of technology companies' investments.
Warren Buffett, known as "Wall Street God" and "Omaha Prophet", told his fans in 1998, "We don't know technology, so we don't invest in technology." This decision led to the investment. The master perfectly missed the boom of the Internet, especially smartphones.
As it turns out, Buffett is not a god after all. In constant learning, people's ideas will not be the same.
In 2011, Buffett changed the normal state, insisting that IBM met his investment principle and bought IBM stock. In 2016, Buffett bought Apple stock again, and this move even made his gold partner Charlie Munger evaluate: Either you are crazy or you are learning."
In the past weekend, Buffett’s 52nd General Meeting of Berkshire Hathaway was held in Omaha, a small town in the United States. In the nearly five-hour Q&A session, Berkshire’s 87-year-old chairman, Buffett, and 93-year-old vice chairman Charlie Munger answered 57 questions, covering a wide range of topics.
The Internet of Things Think Tank organizes key issues in the technology sector, including driverlessness, artificial intelligence, and investment in technology companies.
Driverlessness is threatening its business
Before the shareholders' meeting, on Friday, Berkshire Hathaway announced an embarrassing first-quarter results, with profits falling 27%, mainly due to losses in the insurance business.
In addition, net profit fell to $2,469 per A share, down 27% from $3,401 last year and far below Wall Street's expected $2,666.
This forced Buffett to have to think about the impact of technological advances on his company, and the impact was very bad. Just saying that autonomous vehicles could cause a double blow to Berkshire Hathaway, the company would be hurt in more than one competitive industry. .
Why do you say that?
First, driverless trucks will threaten Berkshire's rail business. Because Berkshire owns the BSTF Northern Burlington Rail Transport Company (BNSF), the company may lose many customers if the trucks that are transported do not require human drivers and greatly reduce the cost of trucking.
Second, unmanned vehicles will also greatly reduce the profitability of Kexi's auto insurance business Geico. Because if drone trucks become common, it will only be because they are safer, which means that the overall economic cost of car-related losses has dropped, which will reduce Geico's insurance business income. In other words, unmanned vehicles reduce accidents in car accidents, so people don't have to pay for car insurance.
Of course, if unmanned vehicles become commonplace, the benefits to society far outweigh the losses of Geico, and Buffett acknowledges this. He said, "If you can make the world safer, this will be a very good thing, but for auto insurance companies, this is not a good thing."
But Buffett may have neglected the same important car networking technology as driverlessness is also bringing changes to the auto insurance industry, "driving behavior-based insurance" (UBI) is emerging - an automated vehicle diagnostic system (OBD) based device Innovative car insurance products designed with recorded driving data (such as mileage, sharp turns, sudden braking, acceleration, etc.).
In 2015, 12 million drivers handled UBI insurance. UBI analyzes the driving behavior data and environmental data collected by the in-vehicle equipment, and adds some very important risk information based on the traditional auto insurance pricing factor, so that the auto insurance pricing becomes more accurate. Insurers have the opportunity to increase their insurance policies, which helps them to break open competitors and reduce the cost of claims, while insureds, especially younger ones, can enjoy affordable insurance services that tend to reward good driving. Line and self-control capabilities.
Artificial intelligence will greatly reduce the number of employed labor
Ten years ago, a teenage boy asked Buffett what effect the Internet had on Berkshire’s business.
Ten years later, he asked the same question, what impact artificial intelligence would have on Berkshire's business.
Buffett replied that they would greatly reduce the number of employees we hire. But this is not a good thing for one of our businesses, but it is a good thing for the whole society.
Buffett hypothesized that if a person with artificial intelligence can create all the output of the country at the push of a button, without the need for 1.5 million people to complete, then the world will become better. However, the externalities and unintended consequences of this situation will be related to politics, similar to the situation in today's trade.
Portable power supply humanized output port design: AC dual output port 220V output, to solve multi-channel power demand; DC 24V, 12V cigarette lighter, dual 5V USB output, more widely used. Can meet the needs of most electrical appliances, such as energy storage system for LED Light,energy storage system for outdoor, energy storage system for medical equipment,mobile phones, telephones, digital cameras, mobile hard drives, digital cameras, tablets, laptops, car starters, pumps, postal and telecommunications, environmental instruments Etc; can also be used in the following areas such as: finance, first aid, excavation, exploration, military, science, media, tourism, disaster relief, medical assistance, environmental protection and areas with widespread power shortages.
Portable Storage,Ac Rechargeable Battery,Portable Energy Storage System,Outdoor Portable Energy Storage System,Portable Battery With AC/DC Output,High Capacity Portable Battery
Enershare Tech Company Limited , https://www.enersharepower.com