Billionaire investor Warren Buffett said he remains convinced that nothing can stop the United States and that America will recover from the Covid-19 pandemic — just as it did after other crises during the past century.
Buffett, who has long been bullish on the US economy and stock market, spoke at the company’s annual shareholder meeting from a virtually empty CHI Health Center in Omaha Saturday. The remarks were webcast by Yahoo Finance.
Buffett discussed prior times of hardship he’s lived through, such as the Cuban missile crisis and the Cold War, the 9/11 terrorist attacks and the Great Recession of 2008. Every time it seemed that the future was bleak, he said, but America eventually recovered.
He conceded that the coronavirus outbreak is a vastly different challenge than those other national emergencies. But he remains upbeat.
“This country, in 231 years, has exceeded anybody’s dreams.” Buffett said.
Selling airline stakes: But the billionaire Berkshire Hathaway CEO said the company recently sold its entire stakes in the four airline stocks that company had owned, calling it a mistake to invest in the industry.
Berkshire Hathaway revealed in early April that it trimmed its stakes in Delta and Southwest. But in response to a question from a Berkshire shareholder, Buffett said the company sold all its shares in Delta and Southwest, as well as United and American, because he believes it will take years for air travel to recover.