Warren Buffett rarely gets it right when he answers questions during Berkshire Hathaway’s annual investor meeting. For nearly six hours, split between two sessions, The Oracle of Omaha sits onstage with right-hand Charlie Munger, and occasionally another Berkshire Hathaway. (BRK.A) – Get a free report Executives, taking questions from people in the crowded arena where the event is being hosted and from far-flung shareholders.
It’s a unique way to conduct this type of session because it’s not analysts or even journalists asking questions but contributors. That’s because Buffett believes that the shareholders who own the company should have access to the information at the same time it becomes available to the professionals.
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Preparation also leads to questions that financial analysts may never ask. For many CEOs, this will result in a lot of “no feedback” or no answers, but in Buffett’s case, he answers every question or passes it on to another Berkshire executive who answers as best he can.
At this year’s Berkshire Annual Meeting, Buffett once again took the stage alongside 99-year-old Munger. And despite being 92, Buffett brilliantly answered every question that came his way.
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Buffett shares his thoughts on artificial intelligence
“There will be nothing in artificial intelligence that will replace Ajit,” Buffett said, referring to Ajit Jain who runs the Berkshire insurance business. “You can do amazing things.”
Buffett explained that Bill Gates showed him some of the latest (most likely Microsoft (MSFT) – Get a free report) artificial intelligence efforts.
“She can do great things,” he said, “but she can’t tell jokes.” “…but, you know, things like reviewing all legal opinions since the beginning of time… can do all sorts of things.”
He explained that this leads to his concerns about technology.
“And when something can do all kinds of things, I get a little anxious,” Buffett said. “Because I know we will never be able to de-invent it.”
Buffett warns of the unintended dangers of artificial intelligence
The CEO noted that good intentions do not prevent future disasters.
“You know we actually invented, for a very good reason, the atomic bomb in World War II,” Buffett explained. “It was very important that we do that, but is it good for the next 200 years?”
And while Buffett supports the idea of inventing the atomic bomb, he is acutely aware of the unintended consequences of such actions.
“‘About the atomic bomb’ Einstein said, ‘This will change everything in the world except how men think and I say the same thing… With artificial intelligence it can change everything in the world, except how men think and act. A big step to take.”
Munger was more relaxed in his short commentary on AI.
“Personally, I’m skeptical of some of the hype that’s going into AI,” he said. “I think the old intelligence is doing quite well.”
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