Bobby Whirlwind to Beijing successor details Buffett investment strategy

Every journalist Chen Yifa from Beijing's high-profile Buffett and Bill Gates China trip to Beijing. Yesterday (September 29) Noon, Mr. Buffett and his close partner Berkshire Hathaway Vice Chairman Munger, Microsoft's former chairman Bill Gates and BYD President Wang Wang attended BYD M6 at the Beijing China Hotel in the ceremony.　　Mr. Buffett, who has performed in BYD's Shenzhen event, is effusive in his praise of the Chinese economy and the future of China's new energy industry. Although two of the world's richest philanthropists hurried away without media interviews, Buffett's "gossip successor" Sokol happily interviewed by reporters at the Daily Economic News (hereinafter NBD), and the details of Mr. Buffett's investment in BYD,　　The intention to convene the charity dinner and Buffett's investment strategy were interpreted.　　Will hold a long-term stake in BYD's NBD: How do you respond to rumours that Mr. Buffett will sell shares in BYD owned by Berkshire Hathaway?　　Sokol: To be sure, it's a rumor that our investment philosophy is to invest and hold and hold for a very long time.　　NBD: Can you disclose the details of Buffett's decision to invest in BYD? Sokol: BYD's investment project, which Mr. Munger found in his Los Angeles office, is that he reads newspapers in his office and learns about the world's investment-potential companies, and he thinks BYD has a very good investment outlook, and Mr. Munger calls me to focus on the company. Although I had never heard of BYD at the time, when I visited Mr. Wang in Shenzhen and had a better understanding of BYD, I found that the company was the same as Mr. Munger's earlier judgment.　　It took us about 3 months to start focusing on investing. NBD: Will Buffett increase his stake in BYD in the future?　　What are some of China's projects? Sokol: We are very pleased with the rapid growth of BYD's business and are very pleased with the management team led by Mr Wang. We have also learned a lot about the Chinese economy and the secrets of Chinese companies ' rapid growth by participating in BYD. We are concerned about how BYD will expand its capacity and the global application of its energy storage technology, which is a highly technical focus and a lot of challenges.　　We will also increase our investment in China, but we usually vote for what we say.　　Value investment needs long-term Vision NBD: We know that Buffett and Mr. Munger's value investment concept has influenced many investors, can you further understand its value investment strategy? Sokol: The so-called value investment concept is to find a long-term investment value in a particular economic environment, or have a unique core competencies, we choose a sustainable competitive advantage of companies to invest, such companies can continue to surpass competitors. The second element of value investing is to buy at a reasonable priceA stake in an investment value company.　　Of course, what is a reasonable price, different people have different understanding, to the future investment risk of rational analysis, so the value of investment is a simple and difficult thing. It is for us to pick the most likely successful company in the long run, whether it will be BYD or IBM or Toyota. With these three examples, we will not invest in IBM, because we do not understand the High-tech industry, we can not assess the risks of the industry; Toyota is a very big mature enterprise, has business in every country, it is very complicated to carry on the fundamental comprehensive evaluation to this company, so we will not vote　　But BYD has all the ingredients for our investment choices. There are a few points to point out: one is that we rarely sell stocks, we stick to value investments, and the second is that Buffett never asks anyone to follow us in buying stocks, he says that any investor needs to do a good job of analyzing the fundamentals of the company.　　For example, BYD, Buffett did not recommend investors need to buy BYD stock, just say we based on what kind of concept and analysis to buy BYD stock.　　Whether to take over from the board of Directors NBD: Buffett is very trusting of you, you are likely to be his successor, you think his successor should have what qualities? Sokol: I'm very lucky to win Mr. Buffett's trust. As for the heirs, I believe that the Buffett Empire has at least 40 years of work cycle, Mr. Buffett will also very long life. The issue of succession is ultimately the board needs to consider the matter, our company has a lot of people have the relevant quality, but regardless of who is the successor, we will adhere to our investment philosophy.