Warren Edward Buffett is an American investor, business tycoon, and a philanthropist Berkshire Hathaway owner Warren Buffett on Saturday said nothing can stop the United States and that America will recover from the Covid-19 pandemic, he added that the global pandemic could damage the economy and his investments.
Warren Buffett said his conglomerate has taken several steps responding to COVID-19 pandemic which includes providing cash to struggling operating units and helping U.S. airlines.
He also disclosed his keen nature to make big purchases, which he has not done since 2016. But this time he has not provided any financial support to the needy companies as he did during the 2008 financial crisis because this time he didn’t find anything attractive.
Warren Buffett urged the investors to soothe their anxiety and to stay committed to stocks despite his year’s bear market.
Warren Buffett called dealing with the pandemic as “quite an experiment” that had an “extraordinarily wide” range of possible economic outcomes.
But according to Warren Buffett, Americans will survive this crisis as they have already done it in the past. He compared the current struggle with the struggles in the past during the Civil War in the 1860s, the influenza pandemic a century ago, and the Great Depression.
“Nothing can stop America when you get right down to it,” Buffett said. “I will bet on America for the rest of my life.” As America’s tailwind is not exhausted.
American magic prevailed in the past and it will work again, he added.
However, he did not share his ideas when he thinks the US will recover from this global pandemic. But he is convinced that the future will not be the same and better days lie ahead. He urged investors to be cautious.