本篇文章收錄2023年Berkshire Hathaway股東會上午場第6~10節原文(上半場總共32小節)、繁體中文翻譯、會議摘要，除了OT供自己學習外，也分享給有興趣的朋友們。
6. We’ve never made an emotional investing decision
7. Jain: GEICO’s technology is ‘still a work in progress’
8. Abel: BNSF continues to work on efficiency and safety improvements
9. Todd Combs doing ‘wonderful job’ running GEICO
10. Munger on AI: ‘Old-fashioned intelligence works pretty well’
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Section 6 原文：
6. We’ve never made an emotional investing decision
WARREN BUFFETT: OK. Area one?
AUDIENCE MEMBER: Hi. Narav (PH) Patel, Harel (PH), Massachusetts. Mr. Buffett, Mr. Munger, it seems like you found the sweet spot between being too conservative and too aggressive as investors. Do you ever make bad investment decisions because of your emotions? And what do you do to try to keep that from happening?
WARREN BUFFETT: Well, we make bad investment decisions plenty of times. I make more than Charlie. I like to think it’s because I make more decisions, but probably my batting average is worse. (Laugh) But I can’t recall any time in the history of Berkshire that we made an emotional decision.
I know the movie had Jamie Lee [Curtis] in there, (Laughter) but that was for laughs. I mean, Jamie Lee, she’s good, but she’s not good enough to get me or Charlie to make an emotional decision. (Laughter) Charlie, I’m sure you have something to add on that.
CHARLIE MUNGER: Well, it’s a different movie than is shown in most corporate meetings. (Laughter)
WARREN BUFFETT: But have we ever made an emotional decision?
CHARLIE MUNGER: No. (Laughter)
WARREN BUFFETT: That’s in business we’re talking about. Yeah, no. You don’t want to be a no emotion person in all of your life, but you definitely want to be a no emotion person in making an investment or business decision.
You can argue that we’ve probably made an emotional decision, perhaps, when a manager has been with us for some period, and we’ve ignored the fact that perhaps they weren’t quite what they were earlier.
But our businesses are so good that they run better sometimes when — I mean, I’ve talked about Wesco, for example, the wonderful Louis Vincenti. And it ran on automatic pilot for a while, but I don’t think we suffered by it. But you can argue if Louis as much as we did, we might’ve spotted it a little bit earlier. But I don’t think it made any difference in the results. Would you agree with that, Charlie?
CHARLIE MUNGER: Yeah, (UNINTEL PHRASE) with it. I’m glad we the way we did at Wesco. By the way, we bought the thing for a few tens of millions, and it became worth $2 billion or $3 billion.
WARREN BUFFETT: Yeah, that wasn’t common in the savings and loan business, as you may have noticed. (Laugh) They really went crazy in that industry, and we had a wonderful guy in Louis.
CHARLIE MUNGER: We didn’t go crazy.
WARREN BUFFETT: Yeah, we didn’t go crazy. Yeah.
Section 6 翻譯：
華倫·巴菲特：好的。第一個區域？
觀眾成員：嗨，我是來自麻薩諸塞州的納拉夫·派特爾（Narav Patel）。巴菲特先生，蒙格先生，你們似乎在投資者中找到了保守和積極之間的甜蜜點。您是否因為情感而做出過不好的投資決策？您是如何避免這種情況發生的？
華倫·巴菲特：嗯，我們經常做出不好的投資決策。我比查理做出的決策更多，所以我想這可能是因為我做的決策更多，但我的命中率可能更差一些。但我回想不起波克夏公司有任何一次做出情感決策的時刻。
我知道電影中有傑米·李·柯帝士（Jamie Lee Curtis），但那只是為了好笑。我的意思是，傑米·李，她很出色，但她不足以讓我或查理做出情感決策。查理，我相信你對此有所補充。
查理·蒙格：嗯，這是一部與大多數企業會議上展示的不同的電影。（笑聲）
華倫·巴菲特：但我們有沒有做過情感決策？
查理·蒙格：沒有。（笑聲）
華倫·巴菲特：那是在談論業務方面。是的，不。你不想在你的整個生活中成為一個沒有情感的人，但你肯定希望在投資或業務決策中成為一個沒有情感的人。
你可以說我們可能做過情感決策，也許是當一個經理與我們合作一段時間後，我們忽略了他們可能不再像以前那樣出色的事實。
華倫·巴菲特：但我們的企業是如此出色，有時候它們在運營上更好。我曾談到過Wesco，那是比如，個出色的Louis Vincenti。它在一段時間內自動運行，但我認為我們並沒有因此受損。但你可以爭論，如果我們像Louis 一樣關注它，我們可能會稍微早一點發現問題。但我不認為這對結果有任何影響。查理，你同意這一點嗎？
查理·蒙格：是的，我對我們在Wesco的做法感到滿意。順便說一下，我們用幾千萬美元買下了它，它的價值變成了20億或30億美元。
華倫·巴菲特：是的，這在儲蓄貸款業務中並不常見，你可能已經注意到了。（笑聲）他們在這個行業中真的變得瘋狂，而我們有一個了不起的人，就是Louis。
查理·蒙格：我們沒有變瘋。
華倫·巴菲特：是的，我們沒有變瘋。是的。
Section 6 會議摘要：
在第6段會議紀要中，一位來自麻省的聽眾向巴菲特提問是否曾因情緒而做出糟糕的投資決策，以及他們如何避免情緒的干擾。巴菲特回答稱他們確實做過一些糟糕的投資決策，但從未因情緒而做出決策。他提到了電影《媽的多重宇宙》中的情節，但指出那只是娛樂。巴菲特和蒙格都表示從未因情緒而做出投資決策。他們認為在商業和投資決策中，情緒是不可取的。此外，巴菲特還提到他們有時可能在選擇留用一名經理時會受到情緒的影響，但他們的企業實力強大，所以即使出現了一些問題，也不會對業績產生重大影響。
Section 7 原文：
7. Jain: GEICO’s technology is ‘still a work in progress’
WARREN BUFFETT: OK, Becky?
BECKY QUICK: This question comes from Ben Knoll in Minneapolis. He says he’s a Berkshire shareholder of three decades and he’s attended many Berkshire meetings. He’s here again this year.
And this is addressed to Ajit and Greg. He says, “Last year I asked you about how GEICO and BNSF appeared to lose ground to their leading competitors, GEICO on telematics and BNSF on precision scheduled railroading.
“Ajit, you responded by saying how you expected GEICO to make progress in about a year or two. Greg, you spoke about your pride in BNSF, but you didn’t directly address the threat of precision scheduled railroading. Will each of you please provide perspective on these competitive challenges and our company’s strategies to address them?”
AJIT JAIN: In terms of GEICO and telematics, let me make the observation that GEICO has certainly taken the bull by the horns and has made rapid strides in terms of trying to bridge the gap in terms of telematics and its competitors. They have now reached a point where on all new business, close to 90% has a telematics input to the pricing position.
Unfortunately, less than half of that is being taken up by the policyholders. The other point I want to make is even though we have made improvements in terms of bridging the gap on telematics, we still haven’t started to realize the true benefit.
And the real culprit of the bottleneck is technology. GEICO’s technology needs a lot more work than I thought it did. It has more than 600 legacy systems that don’t really talk to each other. And we are trying to compress them to no more than 15, 16 systems that all talk to each other.
That’s a monumental challenge, and because of that, even though we have made improvements in telematics, we still have a long way to go because of technology. Because of that, and because of the whole issue more broadly in terms of matching rate to risk, GEICO is still a work in progress.
I don’t know if any of you had a chance to look at the first quarter results, but GEICO has had a very good first quarter, coming in at a combined ratio of 93 and change, which means a margin of six and change. Even though that’s very good, it’s not something we can take to the bank because there are two unusual items that contributed to it.
Firstly, we’ve had what is called prior year reserve releases. We’ve reduced reserves for the previous years, and that contributed to it. And secondly, every year the first quarter tends to be a seasonally good quarter for auto insurance writers.
So, if you adjust for those two factors, my guess is the end of the year GEICO will end up with a combined ratio just south of 100, as opposed to the target they’re shooting for is 96. I hope they reach the target of 96 by the end of next year.
But instead of getting too excited about it, I think it’s important to realize that even if you reach 96 it will come at the expense of having lost policyholders. There is a trade-off between profitability and growth, and clearly, we are going to emphasize profitability and not growth. And that will come at the expense of policyholders.
So, it will not be until two years from now that we’ll be back on track, fighting the battles on both the profitability and growth fronts.
Section 7 翻譯：
7. AJIT JAIN：就GEICO的技術而言，它仍然是“一個正在進行中的工作”。
貝基·奎克：這個問題來自明尼阿波利斯的本·諾爾。他說自己是波克夏的股東，已經持有股份三十年了，也參加過許多波克夏的股東大會。他今年又來了。
這個問題是給Ajit和Greg的。他說：“去年我問過你們關於GEICO和BNSF在領先競爭對手面前似乎失去了優勢，GEICO在遠程遙測方面，BNSF在精確時刻調度方面。“ Ajit，你回答時說你期望GEICO在一年或兩年內取得進展。Greg，你提到了你對BNSF的自豪，但並沒有直接回應精確時刻調度帶來的威脅。請你們各自就這些競爭挑戰和我們公司應對策略提供一些觀點。”
AJIT JAIN：就GEICO和遠程遙測方面，我想說GEICO確實抓住了機遇，在遠程遙測方面取得了快速進展，努力彌合與競爭對手之間的差距。他們現在已經達到了一個階段，在所有新業務中，近90%的業務在定價時都有遠程遙測的參考數據。
不幸的是，不到一半的保單持有人使用了這項技術。另一點是，儘管我們在彌合追蹤技術差距方面已經取得了進展，但我們還沒有開始實現真正的好處。
而真正造成瓶頸的罪魁禍首就是技術。GEICO的技術需要的工作量遠超過我所想像的。它有超過600個不相互連接的舊系統。我們正在試圖將它們壓縮到不超過15、16個系統，使它們之間可以相互通信。
這是一個巨大的挑戰，正因為如此，儘管我們在追蹤技術方面已經有所改進，但由於技術問題，我們還有很長的路要走。基於這一點，以及在更廣泛的風險匹配方面的整個問題，GEICO仍然是一個正在進行中的工作。
我不知道你們有沒有機會看第一季度的業績，但GEICO在第一季度表現非常出色，合併比率為93多一點，意味著利潤率為6多一點。儘管這非常好，但這不是我們可以立刻確定的結果，因為有兩個不尋常的因素對此做出了貢獻。
首先，我們進行了所謂的前年度儲備釋放。我們減少了以前年度的儲備，這對業績有所貢獻。其次，每年的第一季度對於汽車保險公司來說往往是季節性較好的季度。
因此，如果對這兩個因素進行調整，我猜測到年底，GEICO的合併比率將會接近100，而他們的目標是96。我希望他們能在明年年底達到96的目標。
但是，我認為重要的是不要對此過於興奮，要意識到即使達到96的目標，這也是以失去保單持有人為代價的。盈利能力和增長之間存在著一種權衡，顯然我們將強調盈利能力而非增長。這將以保單持有人為代價。
因此，直到兩年後，我們才能重新回到正軌，同時在盈利能力和增長方面進行搏鬥。
Section 7 會議摘要：
在第7段會議紀要中，股東提問關於GEICO和BNSF在競爭中失去領先地位的問題，要求Ajit和Greg對這些競爭挑戰和公司應對策略進行解答。Ajit回答了關於GEICO和遙測技術的問題。他表示，GEICO在遙測技術方面已經取得了很大進展，近90%的新業務在定價時都使用了遙測技術。然而，只有一小部分被保險人採納。他提到GEICO的技術仍然需要更多的改進，有600多個不相互相容的傳統系統需要整合成15到16個互通的系統，這是一個巨大的挑戰。因此，儘管在遙測技術方面有所改進，GEICO仍然有很長的路要走。他還提到，GEICO在第一季度表現良好，但這得益於一些特殊因素，因此不能過於樂觀。預計到年底，GEICO的綜合賠付率將略低於100，而他們的目標是96。他希望到明年年底能夠達到96的目標，但同時強調了盈利能力和增長之間的權衡，公司將更加注重盈利能力而不是增長，這可能會導致失去保單持有人。他預計在兩年後，公司將在盈利能力和增長方面重新回到正軌。
Section 8 原文：
8. Abel: BNSF continues to work on efficiency and safety improvements
WARREN BUFFETT: Greg? Yeah.
GREG ABEL: Moving to BNSF, I’ll start again by expressing great pride in the BNSF team. We have an exceptional group led by [CEO] Katie [Farmer] and her managers that show up every day to do great work on the railroad. At the same time, they would be the first to acknowledge there’s more to be done there.
The specific reference to precision scheduled railroading, the other large Class A railroads in the U.S. follow that, and including the two in Canada. We’re well aware what they’re doing, and obviously pay close attention to their operating metrics.
And our team strives every day to be more efficient, obviously. I would say we balance it with the needs of our customers. If I look back to pre-2022, so we look at the three-year period of 2019, 2020, 2021, the BNSF team made significant progress on their efficiencies, and delivering overall value back to the shareholders and to their customers.
And at the same time, maintaining a very safe railroad for our employees. So, we’re making excellent progress. That didn’t stop last year. They made great progress.
Again, the reality in 2022 is we did go through a period of time where we had to call it, “Reset the Railroad.”
We came out of the pandemic, there were the supply challenges. We had certain other labor issues and other things going on at the port.
And the reality is, our team prioritized getting the railroad back in place for the long-term, not a short-term focus on hitting certain operating metrics in 2022. We’re well aware of where we were relative to those metrics.
But the real focus was to get the railroad reset in a safe manner so it could deliver long-term value and long-term service to our customers. And that’s really what we’ll continue to see with that team.
There’ll be continual progress. There’ll be years where it’s not as quick, or even we go backwards. But over the long-term, we’ll see exceptional results from that team, and couldn’t be more proud that we have that asset. Thank you. (Applause)
WARREN BUFFETT: I would just — well, he deserves — but both of them deserve applause.
Seciont 8 翻譯：
8. 阿貝爾：BNSF繼續致力於提高效率和安全性。
WARREN BUFFETT: Greg？對。
GREG ABEL: 談到BNSF，我首先要表達對BNSF團隊的驕傲。我們有一支出色的團隊，由凱蒂（Katie）和她的管理團隊領導，他們每天都在鐵路上做出優秀的工作。與此同時，他們也會首先承認還有更多工作要做。
關於精確計畫鐵路運營（precision scheduled railroading），美國的其他大型A級鐵路公司都在採用這種模式，包括加拿大的兩家鐵路公司。我們非常清楚他們在做什麼，當然也密切關注他們的運營指標。
我們的團隊每天都在努力提高效率，顯然如此。我可以說我們在滿足客戶需求方面保持平衡。如果我回顧到2022年之前，也就是2019年、2020年和2021年這三年的情況，BNSF團隊在提高效率、為股東和客戶提供整體價值方面取得了重大進展。
同時，我們也一直保持著非常安全的鐵路運營，為員工提供安全保障。所以，我們取得了出色的進展。這並沒有在去年停止，他們取得了很大的進步。
再說到2022年，我們確實經歷了一個被稱為“重塑鐵路”的時期。
我們在疫情之後面臨供應挑戰，還有一些勞動力問題和其他港口問題。
事實上，我們的團隊的重點是為了長期發展，而不是短期內達到2022年的某些運營指標。我們非常清楚我們相對這些指標的情況。
但真正的重點是以安全的方式重塑鐵路，以便為客戶提供長期價值和長期服務。這就是我們將繼續看到這個團隊所做的事情。
我們在疫情之後面臨供應挑戰，還有一些勞動力問題和其他港口問題。
事實上，我們的團隊的重點是為了長期發展，而不是短期內達到2022年的某些運營指標。我們非常清楚我們相對這些指標的情況。
但真正的重點是以安全的方式重塑鐵路，以便為客戶提供長期價值和長期服務。這就是我們將繼續看到這個團隊所做的事情。
Section 8 會議摘要：
在第8段會議紀要中，Greg Abel回答了關於BNSF的問題。他表達了對BNSF團隊的自豪之情，並表示他們每天都在鐵路上做出優秀的工作。同時，他們也意識到還有更多工作要做。
他提到了精確調度鐵路方面的挑戰，其他美國的大型鐵路公司以及加拿大的兩家鐵路公司都在實施這一模式。BNSF團隊非常關注其他公司的運營指標，努力提高效率。他強調BNSF團隊在過去的三年裡取得了顯著的進展，在提高效率、回報股東和客戶方面都做出了努力。
在2022年，由於疫情和供應挑戰以及其他一些勞工問題和港口等因素，BNSF團隊需要重置鐵路。他們的重點是確保長期價值和客戶服務，而不是短期內達到特定的運營指標。
Greg Abel表示，儘管有時會出現進展放緩甚至退步的情況，但長期來看，BNSF團隊將取得出色的成果。他對擁有這一資產感到非常自豪。
Warren Buffett補充道，他們都值得受到掌聲的肯定。
Section 9 原文：
9. Todd Combs doing ‘wonderful job’ running GEICO
WARREN BUFFETT: I would like to add one thing. (Applause)
At GEICO, Todd Combs was Ajit’s choice and my choice to go back to GEICO to work on the problem of matching rate to risk, which is what insurance is all about. And he arrived with exquisite timing, right before the pandemic broke out and all kinds of things changed.
But Todd is doing a wonderful job at GEICO. And he works closely with Ajit. He has a home in Omaha, he comes back here, and we get together on the weekend sometimes too. So, that’s been a remarkable accomplishment under difficult circumstances. And he’s not all the way home, but he’s made a very, very big change in multiple ways at GEICO.
And one other thing I would like to mention, there have been a lot of public companies created in the last decade or thereabouts in insurance. And there’s none of them that we would like to own, and they always started out in their perspective saying, “This is a tech company, not an insurance company.”
Of course, they’re a tech company. Everybody, whether they’re insurance or a lot of other places, are using the facility but you still have to properly match rate to risk. And they invariably have reported huge losses, they’ve eaten up capital.
But there’s been one company that nobody has generally heard of. There’s only been one that I know of, company started in the last ten years, that has been an overwhelming success. And that’s a company that Ajit and four people who joined with him set to develop a new business. It’s called Berkshire Hathaway Specialty. What’s the float, Ajit?
AJIT JAIN: Coming up to $12 billion.
WARREN BUFFETT: Yeah. We’ve built more float than probably all these companies combined. It’s cost us essentially nothing in terms of an underwriting loss. The four people have turned into, I don’t know, 1,500 around the world. We took on the whole industry and we brought some unique talent in the four people that came.
And now have, like I said, 1,500 or so worldwide. And we brought capital, and we brought capabilities that really only Berkshire could supply. So, it was the combination of brains, and talent, and energy, and money.
And no one has really successfully entered this space — plenty of people in the space who didn’t like us coming. And we did it without it costing us a dime of entry. And it’s been unmatched by any of the companies that went public. And people have seen us do it, but they can’t duplicate it.
And that’s what Ajit has created. And Peter Eastwood has led this group, Berkshire Hathaway Specialty. And it’s just remarkable. So, anyway, with that — let’s go on — give them a hand for that. (Applause)
Section 9 翻譯：
9. 陶德·康姆斯在經營GEICO方面做得非常出色。
WARREN BUFFETT: 我想補充一件事。（掌聲）
在GEICO，Todd Combs是Ajit和我選擇回到GEICO解決與風險匹配的問題的人，這正是保險業務的核心。他在恰當的時機加入，正值疫情爆發和各種變化之前。
但是Todd在GEICO做得非常出色。他與Ajit密切合作。他在奧馬哈有一個家，他會回到這裡，我們有時週末還會聚在一起。所以，在困難的情況下取得了卓越的成就。他還沒有完全成功，但他在GEICO方面在多個方面帶來了非常非常大的變化。
另外我想提一件事，過去十年左右，有很多保險公司成立了。但我們沒有一個想要擁有，而且它們總是從一開始就說，“我們是一家科技公司，不是一家保險公司。”
當然，它們是科技公司。無論是保險還是其他許多行業，都在使用技術。但你仍然必須正確地匹配風險和費率。它們無一例外地報告了巨額虧損，耗盡了資本。
但有一家公司很少有人聽說過。在過去的十年裡，只有我所知道的一家公司取得了壓倒性的成功。那是一家由Ajit和其他四個人一起創辦的公司，致力於開發新業務。它叫做Berkshire Hathaway Specialty。Ajit，這個保險資金有多少？
AJIT JAIN: 快要達到120億美元。
WARREN BUFFETT: 是的。我們建立的保險資金可能比這些公司總和還要多。從承保虧損的角度來看，它基本上沒有花費我們任何成本。這四個人已經發展成為全球各地大約1,500人。我們挑戰了整個行業，並引進了四位獨特的人才。
現在，我們在全球範圍內擁有大約1,500人。我們帶來了資本和只有伯克希爾能提供的能力。所以，這是智慧、才能、活力和資金的結合。
沒有人真正成功進入這個領域，雖然該領域有很多不喜歡我們進入的人。我們成功進入這個領域，而且沒有花費一分錢。與那些上市的公司相比，我們在這方面無人能及。人們看到我們的成功，但他們無法複製。
這就是Ajit創造的成就。Peter Eastwood領導了波克夏特保集團。這是非常了不起的。所以，無論如何，讓我們繼續，為他們鼓掌。（掌聲）
Section 9 會議摘要：
在第9段會議紀要中，Warren Buffett談到了Todd Combs在GEICO的表現。他稱讚Todd Combs在解決GEICO的“匹配風險與定價”的問題上做得非常出色。儘管面臨困難的情況，他在GEICO取得了非常大的改變。
Warren Buffett還提到了保險行業中一家成功的公司，即Berkshire Hathaway Specialty。他表示在過去的十年裡，有許多公共公司在保險領域湧現，但沒有一家是他們願意擁有的。相反，Berkshire Hathaway Specialty是他們所知的唯一一家在過去十年中取得巨大成功的公司。
他們通過引入一些獨特的人才，結合資本和能力，成功進入了這個領域，並創造了巨大的浮動資金。而其他公司都遭遇了巨大的損失，並耗盡了資本。Warren Buffett對Berkshire Hathaway Specialty的成就表示讚賞，並表達了對Ajit Jain和Peter Eastwood的敬意。
該段會議紀要的重點是對Todd Combs在GEICO的表現的讚揚，以及對Berkshire Hathaway Specialty在保險領域的成功的提及。
Section 10 原文：
10. Munger on AI: ‘Old-fashioned intelligence works pretty well’
WARREN BUFFETT: OK, let’s go to section two.
AUDIENCE MEMBER: Hi, Charlie. Hi, Warren. I’m Karen, here from Singapore.
WARREN BUFFETT: I’m glad you got that in. Your priorities are right.
AUDIENCE MEMBER: Yes. I have questions on AI and robotics. Here’s my questions. As AI and robotics continue to advance, what do you believe will be the positive and the negative impacts of this technology on both the stock market and society as a whole? And there any specific industries and companies that you believe will be most impacted? (Applause)
WARREN BUFFETT: Karen, I thank you for asking Charlie that question. (Laughter)
CHARLIE MUNGER: Well, if you went into BYD’s factories in China, you would see robotics going at an unbelievable rate. So, we’re going to see a lot more robotics in the world. I am personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well. (Laughter) (Applause)
WARREN BUFFETT: There won’t be anything in AI that replaces Ajit. State that unqualifiedly. It can do amazing things. You know, Bill Gates brought me out maybe not the latest version, but one he thought maybe I could handle. (Laugh) He has to be careful with me, in terms of leading me too fast.
And it did these remarkable things. But it couldn’t tell jokes. Bill told me that ahead of time, and it prepared me. And it just isn’t there. But you know, with things like checking all the legal opinions, you know, since the beginning of time and everything, and eliminating all the — I mean, it can do all kinds of things.
And when something can do all kinds of things, I get a little bit worried because I know we won’t be able to un-invent it. And you know, we did invent, for a very, very good reason, the atom bomb in World War II. And it was enormously important that we did so.
But is it good for the next 200 years of the world that the ability to do so has been unleashed? We didn’t have any choice.
When you start something — well, Einstein said after the atom bomb, he said, “This has changed everything in the world except how men think.”
And I would say the same thing may — not the same thing — I don’t mean that — but I mean with AI, it can change everything in the world except how men think and behave. And that’s a big step to take. It’s a good question, and it’s the best answer we can give.
Section 10 翻譯：
10. 蒙格對人工智慧的看法：“傳統的智慧仍然非常有效。”
華倫·巴菲特：好的，我們進入第二個部分。
觀眾成員：嗨，查理。嗨，華倫。我是來自新加坡的卡倫。
華倫·巴菲特：我很高興你提出這個問題。你的優先順序很正確。
觀眾成員：是的。我對人工智慧和機器人技術有一些問題。我的問題是，隨著人工智慧和機器人技術的不斷進步，你認為這些技術對股市和整個社會會產生什麼積極和消極的影響？還有哪些特定行業和公司你認為會受到最大的影響？（掌聲）
華倫·巴菲特：卡倫，感謝你向查理提出這個問題。（笑聲）
查理·蒙格：嗯，如果你進入中國比亞迪的工廠，你會看到機器人的發展速度令人難以置信。因此，我們將會看到更多的機器人在世界上。我個人對一些關於人工智慧的炒作持懷疑態度。我認為傳統的智慧還是非常有效的。（笑聲）（掌聲）
華倫·巴菲特：在人工智慧方面，沒有任何東西能夠取代阿吉特。我毫不含糊地說這一點。人工智慧可以做出令人驚訝的事情。你知道，比爾·蓋茨給我帶來的可能不是最新版本的人工智慧，但他認為我可能能夠應付得了。（笑聲）他必須小心，不能讓我進展得太快。
它確實做了一些了不起的事情。但它無法講笑話。比爾事先告訴過我這一點，我有所準備。但它在這方面還不夠好。但你知道，像檢查從古至今所有的法律意見之類的事情，以及消除所有——我的意思是，它可以做各種各樣的事情。
當某種東西可以做各種各樣的事情時，我會有點擔心，因為我知道我們將無法撤銷它。你知道，我們在二戰中出於非常重要的原因發明了原子彈。我們這樣做非常重要。
但對於未來200年的世界來說，這種能力的釋放是好事嗎？我們別無選擇。
當你開始某件事情時——好吧，愛因斯坦在原子彈之後說過：“這改變了世界上的一切，除了人們的思維方式。”
我想說的是，同樣的情況可能會出現在人工智慧方面——它可以改變世界上的一切，除了人們的思維方式和行為方式。這是一個很大的進步。這是一個好問題，我們能給出的最好答案。
Section 10 會議摘要：
在第10段會議紀要中，一個與會者提問了關於人工智慧和機器人技術對股市和社會的正面和負面影響的問題。Charlie Munger表示，儘管機器人技術在世界上得到了快速發展，他對人工智慧的炒作持懷疑態度。他認為傳統的智慧工作得相當好。
Warren Buffett補充說，人工智慧無法取代Ajit在保險業的作用。他指出，人工智慧能做出一些驚人的事情，但它無法講笑話。他認為人工智慧在某些領域可以做出很多事情，但這也引發了一些擔憂，因為我們無法逆轉這種技術的發展。他提到了核彈的例子，指出雖然在二戰中發明核彈對於那個時代非常重要，但這種技術的發展對未來200年可能並不利。
Warren Buffett還引用了愛因斯坦的話，認為人工智慧可以改變世界的方方面面，但無法改變人們的思維和行為。他表示這是一個很好的問題，並給出了他們能夠提供的最佳答案。
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