finance
Buffett Speaks at Berkshire Annual Meeting in Backstage Interview
Warren Buffett gave a surprise interview during Berkshire Hathaway's annual meeting, warning of a gambling mood in markets and highlighting nuclear threats. He noted limited investment opportunities amid high stock prices. The 95-year-old chairman also touched on deepfakes and personal insights.
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Warren Buffett, chairman of Berkshire Hathaway, gave a surprise interview with CNBC's Becky Quick backstage during the company's annual meeting on Saturday. The interview was broadcast live to a crowd of thousands seated in the CHI Health Center in Omaha. Buffett, 95, stepped down as CEO of Berkshire Hathaway at the end of last year, with Greg Abel becoming CEO at the start of this year.
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The S&P 500 surged by 27% over the past five years to record highs above 7,200 points. Berkshire Hathaway shares slumped by 8% over the same period. Berkshire Hathaway sold a net $8 billion worth of stocks last quarter, with its cash pile reaching $380 billion at the end of March, and nearly $400 billion according to separate reports.
Buffett said that out of the past 60 years, only five of them have really been juicy with opportunities. He stated today's market is 'not an ideal environment' for deploying cash. He said he has not learned about any new industries in the past decade.
Buffett described deepfakes as a concerning trend amid nuclear proliferation but emphasized America's lasting strengths and opportunities. Buffett said 'I haven’t met the old managers' in response to a question about meeting new managers of Berkshire's key holdings. He said 'That doesn’t mean that investing is terrible.
Buffett said the most likely time to buy is when nobody will answer their phones because the markets are collapsing. U.S. Army soldier made $400,000 on a prediction market knowing in advance about the military’s raid to capture Venezuelan dictator Nicolas Maduro.
U.S. Army soldier with insider trading earlier this month. Kartik Rangarajan, a 54-year-old tech worker from Dallas and Berkshire shareholder for over 25 years, described the interview as a 'very good, pleasant surprise' and noted Buffett's message of patience in waiting for opportunities.
