NLW unpacks a meaningful shift as the famously optimistic Warren Buffett struck a more sober note at Berkshire Hathaway’s first-ever virtual annual meeting.
One month after the bankruptcy of Lehman Brothers in 2008, Warren Buffett of Berkshire Hathway wrote an op-ed saying he was buying stocks. Yet, during the coronavirus crisis he is sitting firmly on the sidelines.
On Saturday night, the “Oracle of Omaha” spoke for 4.5 hours in the first virtual Berkshire Hathaway annual shareholders meeting - an event some have called the “Woodstock of Capitalism.”
On this episode, NLW examines some of the key topics of the presentation, including:
- Why Warren Buffett's Berkshire Hathaway sold its entire $6.5 billion stake in the airline industry
- Why it is sitting on $137 billion in cash
- Why Berkshire hasn't made any investments
- How the Federal Reserve gave companies better terms than they were willing to make
It was hard not to watch the presentation without concluding Buffett thinks there are simply too many unknowns in the world going forward to feel comfortable doing much in the market right now.
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