During Berkshire Hathaway’s annual investors’ meeting, Warren Buffett rarely pulls a fast one while responding to queries. The Oracle of Omaha takes questions from attendees in the jam-packed arena where the event is held as well as from distant shareholders for about six hours, split into two sessions. He is joined onstage by his right-hand man Charlie Munger and occasionally other Berkshire Hathaway.
Because shareholders are asking the questions, rather than analysts or even journalists, it’s a novel method to organize this kind of discussion. This is because, in Buffett’s opinion, shareholders who own the company need to have access to information at the same time as it is made available to experts.
The setup also raises issues that financial specialists might never consider. Many CEOs might respond with a lot of “no comments” or non-answers, but Buffett always responds to questions or refers them to another Berkshire executive who responds as best they can.
Buffett and the 99-year-old Munger once again took the stage together at the annual Berkshire meeting this year. And despite being 92 years old, Buffett skillfully responded to every query that was put to him.
Warren Buffett Discusses AI
Regarding Ajit Jain, who oversees Berkshire’s insurance companies, Buffett stated that “there won’t be anything in AI that replaces Ajit.” It has incredible capabilities.
Bill Gates had demonstrated Buffett some of the most recent advancements in artificial intelligence, he said.
He remarked, “It can do amazing things, but it can’t tell jokes. but, you know, things like checking all the legal opinions going back to the beginning of time…it can do all kinds of things.”
His concerns about the technology are a result of it, he said.
And when something is capable of doing a wide variety of things, Buffett said, “He gets a little bit worried.” Because he is aware that they cannot reverse its invention.
Buffett Warns of AI’s Unintended Risks
The CEO stated that even the best intentions cannot avert calamities in the future.
The CEO stated that even the best intentions cannot avert calamities in the future.
In World War II, “you know, we did invent, for a very, very good reason, the atom bomb,” said Buffett. “Doing so was extremely important, but will it be beneficial in 200 years?”
Buffett acknowledges that the atom bomb had to be developed, but he also recognizes the unforeseen implications of those decisions.
The atom bomb, according to Einstein, will change everything in the world except for how men think. The same is true of artificial intelligence; it can change everything in the world except for how men think and act. That is a significant step.
In his brief observation on AI, Munger sounded more at ease.
He is personally skeptical about some of the hype surrounding artificial intelligence. He asserted that he believes conventional intelligence functions fairly effectively.
