“It did the job,” and 85% of the economy is running in “super high gear,” Buffett said.
But Buffett lamented how an influx of so-called special purpose acquisition companies and inexperienced investors hoping for quick riches have made markets feel more like a “casino,” making it hard for Berkshire to deploy more of its $145.4 billion cash hoard.
The annual meeting was held in Los Angeles, where the 90-year-old Buffett joined Berkshire’s 97-year-old vice chairman Charlie Munger, to answer more than three hours of shareholder questions.
Berkshire scrapped for a second year its annual shareholder weekend in its Omaha, Nebraska, hometown, an extravaganza that normally attracts around 40,000 shareholders. Saturday’s meeting was broadcast online on Yahoo Finance.
"Nothing can basically stop America. We faced great problems in the past. We haven t faced this exact problem. In fact, we haven t really faced anything that quite resembles this problem, but we faced tougher problems, and the American miracle, the American magic has always prevailed, and it will do so again."
BusinessWarren Buffett touts U.S. economyâs unexpected strength as Berkshire rebounds
John MccrankJonathan Stempel
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Berkshire Hathaway s chairman and chief executive officer Warren Buffett and vice chairman Charlie Munger speak at Berkshire s annual meeting, held virtually for a second year, in Los Angeles, California, U.S. May 1, 2021 in this screen grab taken from a live-stream video. Yahoo Finance/ Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT.
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Warren Buffett said on Saturday that the U.S. economy is faring far better than he might have predicted early in the coronavirus pandemic, benefiting his conglomerate Berkshire Hathaway Inc (BRKa.N).
Warren Buffett said on Saturday that the U.S. economy is faring far better than he might have predicted early in the coronavirus pandemic, benefiting his conglomerate Berkshire Hathaway Inc.
Speaking at Berkshire s annual meeting, Buffett said the economy has been resurrected in an extraordinarily effective way by monetary stimulus from the Federal Reserve and fiscal stimulus from the U.S. Congress. It did the job, and 85% of the economy is running in super high gear, Buffett said.
But Buffett lamented how an influx of so-called special purpose acquisition companies and inexperienced investors hoping for quick riches have made markets feel more like a casino, making it hard for Berkshire to deploy more of its $145.4 billion cash hoard.