Warren Buffett: Coronavirus Can't Stop America or Berkshire Hathaway

Warren Buffett: Coronavirus Can't Stop America or Berkshire Hathaway

Billionaire investor Warren Buffett said on Saturday that the US's ability to resist crises provides hope while fighting the coronavirus, although the epidemic acknowledges that the outbreak could significantly damage the economy. At the annual meeting of Berkshire Hathaway Inc (N: BRKa) lasting more than 4-1 / 2 hours, Buffett said that its conglomerate took many steps, such as providing cash to units struggling to respond to the pandemic. Buffett also stated that he was eager to make a big purchase that he had not made since 2016, but he did not provide financial support to companies as in the 2008 financial crisis because he did not see anything attractive enough even after the last bear market. Buffett, 89, opened the meeting in Omaha, Nebraska, with statements that took several hours to appease anxious investors, even if the second wave came in the pandemic. He said that Americans resisted and prospered in the 1860s, such as the Civil War, the flu epidemic, and the Great Depression. He stated that the American "magic" had previously ruled and would continue again. "Nothing can stop America when you get closer to America. I will bet America for the rest of my life," said Buffett. The meeting was held for the first time due to the epidemic, without the participation of shareholders and published by Yahoo (NASDAQ: AABA) Finans.

Berkshire Exits Airlines

While the quarterly operating profit increased by 6%, many large businesses, including the BNSF railway, were damaged by the negative impact of COVID-19. Berkshire's cash share finished the first quarter with a record $ 137.3 billion. "We are ready to do something huge," Buffett said. However, it will not be on US airlines after Buffett confirming that Berkshire sold all of its positions in April, which are; American Airlines Group Inc (O: AAL), Delta Air Lines Inc (N: DAL), Southwest Airlines Co (N: LUV) and United Airlines Holdings Inc (O: UAL).