March 2 Member Morning Report: Eight major oil-producing countries announce April production increase, Trump sets end-of-war expectation

[Eight major oil-producing countries announce April increase] Including Russia, Saudi Arabia, and several Gulf countries, eight oil-producing nations have announced they will increase daily oil production by 206,000 barrels in April. OPEC and its partners have not increased output since December last year. However, analysts remain skeptical, believing that the proposed increase is insufficient to offset disruptions caused by conflicts to global oil supply flows.

[Trump sets end-of-war expectations] Trump stated that Iran “is a major country” and that military operations might take about four weeks to complete, “or less,” which is “the current government’s expected timeline for military action.”

[Berkshire Hathaway’s new leader releases first shareholder letter] Berkshire Hathaway’s new CEO, Greg Abel, outlined his investment vision for the post-Buffett era in his first shareholder letter. He identified Apple, American Express, Coca-Cola, and Moody’s as the company’s “core holdings,” implying these positions will remain stable long-term and not be easily reduced. Abel stated that these four companies are “well-understood, highly regarded by management, and expected to generate continuous compound growth over decades,” and will be “maintained with limited trading.” Data shows these four stocks account for over half of Berkshire’s approximately $300 billion stock portfolio; including five Japanese trading companies with about $35 billion in holdings, the nine core stocks make up two-thirds of the overall portfolio.

[Khamenei’s death] According to Iranian media reports, the Islamic Revolutionary Guard Corps issued a statement regarding the death of Iran’s Supreme Leader Khamenei, vowing to “punish the murderer.” The IRGC announced that Iran’s armed forces are about to launch “the most intense offensive in history,” targeting Israeli and American bases.

[Strait of Hormuz status remains uncertain] According to CCTV News, the UK Maritime Trade Operations Office has learned that the Strait of Hormuz remains open but advises caution when passing through. Earlier reports claimed Iran had closed the Strait of Hormuz. As of now, Iranian officials have not issued any statements on the matter.