After watching Buffett's shareholder meeting 2025, the joyful Q&A also revealed concerns. 1. Trade tariffs. Buffett first criticized the United States for using trade tariffs as a weapon, causing uncertainty in the global economy, and should let those who are good do what they are good at to maximize efficiency. From Buffett's investment portfolio, there are many multinational companies, including consumer, energy, etc., that have strong trade relevance. This public criticism may improve the trade trend after the 90 day tariff suspension. 2. Keep an eye on Japan. Buffett stated that he will continue to increase his investment in Japan and emphasized long-term holdings of stocks from the five major trading companies. Strictly speaking, Japan has basically completed the iteration, and the new and old generations have already optimized the population for the new cycle. Whether it is vitality or economic growth, it is fully reflected, especially when taking a taxi in Tokyo 🚖， You will find that there are fewer silver haired elderly people now, and more middle-aged people aged 30-40. 3. Real estate investment. Buffett is not optimistic about the real estate market, believing that real estate investment is more complex, has longer trading cycles, and carries higher risks than stocks. If I remember correctly, Berkshire Hathaway owns HomeServices of America, the second largest real estate brokerage company in the United States, and spent billions of dollars to acquire logistics real estate in 2023. In addition, a portion of its insurance company's float is also invested in commercial real estate mortgage loans. Suddenly changing the topic now is not quite normal, and recently, the default rate and vacancy rate of commercial real estate loans in the United States have repeatedly hit new highs. Is it releasing public opinion, sounding the alarm and waiting for an opportunity to buy the bottom? After all, Buffett now has the largest cash reserves among publicly traded companies worldwide. 4. Cash reserves. With over 300 billion yuan in cash reserves and only 2.9 billion yuan in stock repurchases over 24 years, it is truly stingy. You should know that in 2021, Berkshire Hathaway's repurchase amount reached as high as 27 billion US dollars. The opportunity is approaching, and Buffett also stated that there may be significant acquisition opportunities in the next five years. Within 5 years, could it be the low point of the 2027 cycle? After all, Zhou Tianwang is also optimistic about 2027, the biggest golden pit of the Kangbo cycle. There seems to be nothing else, it's just some chatty Q&A, not very interesting. I hope Buffett can live a long and healthy life. 🙏 Gratitude