• Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
Wednesday, March 3, 2021
Informed American Today
No Result
View All Result
  • Breaking News
  • Politics
  • Business
  • Economy
  • Stock Market
  • Editor’s Choice
  • Breaking News
  • Politics
  • Business
  • Economy
  • Stock Market
  • Editor’s Choice
No Result
View All Result
Morning News
No Result
View All Result
Home Breaking News

Warren Buffett calls coronavirus outbreak ‘scary stuff,’ but says he won’t be selling stocks

informedamericantoday by informedamericantoday
February 24, 2020
in Breaking News
0
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Dow Higher as Energy, Financials Shine; Tech Wreck Continues

Businesses Face Higher Wages, but Inflation Remains Modest: Fed

imageStock Markets36 minutes ago (Feb 24, 2020 09:50AM ET)

(C) Reuters. Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha

By Jonathan Stempel

(Reuters) – Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc (N:BRKa), on Monday called the coronavirus outbreak “scary stuff” but said that it was no time to sell stocks despite the threat of a pandemic.

Speaking on CNBC, Buffett said investors with a 10- to 20-year time horizon and focused on companies’ earnings power will fare well in stocks, and that the outbreak has “not changed” his long-term outlook.

“It is scary stuff,” Buffett said. “I don’t think it should affect what you do in stocks.”

Markets worldwide fell on Monday on concern about how the Covid-19 coronavirus outbreak, which began in China and has spread to countries including Italy, South Korea and Iran, could disrupt supply chains and slow global economic growth.

Buffett, however, said long-term investors should not get caught up in daily headlines, and that Berkshire would “certainly be more inclined” to buy stocks than on Friday.

“If you look at the present situation,” he said, “you get more for your money in stocks than bonds.”

He said this was true though the U.S. economy, while sill strong, had become “a little softer” than it was six months ago.

The economy grew 2.3% last year but has experienced slower consumer spending and industrial production.

Buffett spoke two days after Berkshire said operating profit fell 3% in 2019 to $23.97 billion, hurt by losses from insurance underwriting, while unrealized gains in Apple Inc (O:AAPL) and other investments boosted net income to a record $81.42 billion.

Berkshire, based in Omaha, Nebraska, has more than 90 operating businesses including the BNSF railroad, Geico auto insurer and Dairy Queen ice cream, and Buffett said the coronavirus outbreak has affected a significant number.

Many of the roughly 1,000 Dairy Queens in China are closed, while those that are open “aren’t doing any business to speak of,” Buffett said, while Johns Manville insulation and Shaw carpeting have seen supply chain disruptions.

“There’s always trouble coming,” he said. “The real question is where are those businesses going to be in five or 10 years.”

Berkshire’s stock price has trailed the Standard & Poor’s 500 (SPX) over the last decade, and Buffett said it will not trounce the broader market as it once did, in part reflecting its size and roughly $558 billion market value.

Buffett said Berkshire over the long term is unlikely to be in the top 15% or bottom 30% of stocks, but will outperform in down markets.

Any long-term outperformance “will be minor, but it will be done in a very very safe manner,” he said.

Warren Buffett calls coronavirus outbreak ‘scary stuff,’ but says he won’t be selling stocks

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Posts

Breaking News

Dow Higher as Energy, Financials Shine; Tech Wreck Continues

March 3, 2021
Businesses Face Higher Wages, but Inflation Remains Modest: Fed
Breaking News

Businesses Face Higher Wages, but Inflation Remains Modest: Fed

March 3, 2021
Oil Jumps as Talk of OPEC Rollover Overshadows Humongous U.S. Crude Build
Breaking News

Oil Jumps as Talk of OPEC Rollover Overshadows Humongous U.S. Crude Build

March 3, 2021
U.S. private payrolls rise modestly, worker shortages emerging
Breaking News

U.S. private payrolls rise modestly, worker shortages emerging

March 3, 2021
S&P 500, Nasdaq fall as high-flying tech stocks slide
Breaking News

S&P 500, Nasdaq fall as high-flying tech stocks slide

March 3, 2021
Exxon touts growing dividends, cutting spending as climate challenges loom for Big Oil
Breaking News

Exxon touts growing dividends, cutting spending as climate challenges loom for Big Oil

March 3, 2021
Next Post

Some Samsung, Hyundai workers self-quarantine as Korea Inc braces for virus impact

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

An incident known as ‘bathroomgate’ left some Coinbase employees feeling ‘targeted,’ say former workers. It’s the kind of fight CEO Brian Armstrong wants to avoid.

An incident known as ‘bathroomgate’ left some Coinbase employees feeling ‘targeted,’ say former workers. It’s the kind of fight CEO Brian Armstrong wants to avoid.

October 3, 2020
These custom sleeper cabs are like luxurious tiny homes for long-haul truckers — see inside

These custom sleeper cabs are like luxurious tiny homes for long-haul truckers — see inside

September 20, 2020
Disgusting, female Secret Service Agents Had to be Protected From BIDEN!!

Disgusting, female Secret Service Agents Had to be Protected From BIDEN!!

May 11, 2020

Snowflake salaries revealed: From $69,000 to $215,000 a year, here’s how much the $12 billion unicorn pays its employees

September 15, 2020
This Google leadership exec quit after months spent meditating under lockdown: ‘I could never go back to that lifestyle.’

This Google leadership exec quit after months spent meditating under lockdown: ‘I could never go back to that lifestyle.’

October 4, 2020

EDITOR'S PICK

‘Headwinds outnumber tailwinds’ for the global economy in 2021 and a vaccine is the answer, JPMorgan says

‘Headwinds outnumber tailwinds’ for the global economy in 2021 and a vaccine is the answer, JPMorgan says

September 25, 2020

Cash, Tax Cuts on Table in Hong Kong Recession Budget

February 25, 2020
New top federal prosecutor tapped in Atlanta to replace Trump appointee who abruptly resigned

New top federal prosecutor tapped in Atlanta to replace Trump appointee who abruptly resigned

January 5, 2021
U.S. judge orders detention for alleged Proud Boy who blames Trump for Capitol riots

U.S. judge orders detention for alleged Proud Boy who blames Trump for Capitol riots

February 11, 2021

Disclaimer: InformedAmericanToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 Informed American Today. All Rights Reserved.

No Result
View All Result
  • Breaking News
  • Politics
  • Business
  • Economy
  • Stock Market
  • Editor’s Choice

Copyright © 2020 informedamericantoday.com. All Rights Reserved.