Economic possibility range ‘extraordinarily wide’: Buffett at AM

“It doesn’t look like an annual meeting and it doesn’t feel like an annual meeting,” Warren Buffett starts off Berkshire Hathaway (NYSE:BRK.B) (NYSE:BRK.A) annual meeting from an empty arena in Omaha.

As for the coronavirus’s effect on the economy, the range of possibilities is still “extraordinarily wide,” Buffett said, but he’s optimistic that the U.S. will overcome it.

“In 2008-2009, our economic train went off the track due to weaknesses in the system, the banks… this time we have pulled the train off the tracks and put it on the siding,” Buffett said.

“I remain convinced that nothing basically can stop America. We have faced tough problems before — the American miracle, the American magic has always prevailed and it will do so again.”

He gives a history lesson on how the U.S. has managed to overcome such disruptions as the Civil War and the Depression.

Update at 5:40 PM ET: His conclusion — “Never bet against America. In my view that’s as true today as it was in 1789.”

Still, he said, “We still  have a long way to go in creating an even wealthier and more equitable society.”

5:50 PM ET: He emphasizes that nobody knows what’s going to happen in the markets tomorrow or next year, so “you can bet on America, but you have to be careful on how you bet.”

The meat of the annual meeting will likely come during the question session after the meeting’s formal business concludes.

Watch live webcast.

https://seekingalpha.com/news/3567986-range-of-economic-possibilities-is-extraordinarily-wide-buffett-annual-meeting