Yahoo Finance was the exclusive online host of the Berkshire Hathaway Annual Shareholders Meeting (BRK-A | BKR-B), 2020 that took place on Saturday, May 2.
In the video at the top of the article, you can see again the complete broadcast of the Yahoo Finance event.
Below is a compilation of the highlights from Berkshire Hathaway President and CEO Warren Buffett:
About the United States:
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“I remain convinced that nothing can stop the United States.”
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“The American miracle, American magic, has always prevailed and will do so again,”
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“Nothing can stop the United States when the end is reached … Never bet against the United States.”
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“We are now a better country and an incredibly richer country than in 1789.”
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“I will bet on the United States for the rest of my life, and I hope that my successors will also do so”
The impact of the coronavirus:
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“There are extraordinarily broad economic possibilities arising from the coronavirus pandemic.”
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“Berkshire’s operating profit will be considerably less than if the coronavirus had not appeared, at least until 2021.”
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“I don’t know the consequences of shutting down the American economy, but it will work, whatever we do.”
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“I don’t know what the consequences of the Fed’s actions will be, but I know the consequences of doing nothing.”
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“The airline business, and I may be wrong and I hope I am wrong, but I think it has changed in a very important way.” “The future is much less clear to me.” Buffett acknowledged that he had sold all the shares he owned of the four largest airlines in the United States. “The world changed for airlines and I wish them all the best.” He clarified that he made the decision and that he lost money on his investments. “That was my mistake”.
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“No one knows how citizens can react if there is a second wave of the pandemic in a few months.”
Tips to investors:
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Buffett said investors should not be placed in a leveraged position when market shocks will affect them, or when they are psychologically unable to absorb the bad news.
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“I don’t know, and I don’t think anyone knows what the market will do tomorrow.”
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“The best thing investors can do is hold the Standard & Poor’s 500 Index.”
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“I can’t promise that Berkshire’s stock will do better than the Standard & Poor’s 500 in the long run, but I will try.” “Most of my money and that of my family is in Berkshire.”
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