Note that on the eve of the Berkshire Hathaway holding, it reported a loss of $ 49.7 billion in the first quarter of 2020.
Buffett said he didn't know how consumer travel habits will change after the pandemic subsides, but any reduction in travel could leave airlines with higher-than-necessary fixed costs. Buffett predicted that we'll see a flood of litigation in the coming months, from companies that go to war with their insurance companies over lost business due to the pandemic.
On Saturday, Buffett also announced that his company last month sold its stakes in four major United States airlines, as the pandemic clobbered the travel industry.
There's been a lot of speculation about what legendary investor Warren Buffett's Berkshire Hathaway will do with its massive cash pile, especially if he'll seek an "elephant-sized" acquisition.
Financial pros like to call Berkshire Hathaway's annual shareholder meeting "Woodstock for Capitalists" - and 2020's version looked a lot like every other major festival that made a decision to forge ahead through the coronavirus pandemic.
After the Federal Reserve's moves in late March, those companies that called him in March were "able to get money in the public markets at terms we wouldn't have given", Buffett added.
"He received much more demanding questions", said Tom Russo, who oversees investments including Berkshire shares at Gardner Russo & Gardner LLC. It also said it repurchased $1.7 billion of its own stock, but that was less than in the prior quarter.
Buffett said the company completely exited their stakes in the airlines, and wished the air travel business well in a time of uncertainty.
Still, Shanahan said Berkshire is "as well positioned as it can be", reflecting its diverse businesses and substantial liquidity and access to capital. By that measure, Berkshire's operating earnings improved to $5.87 billion, or $3,617.62 per Class A share, from $5.56 billion, or $3,387.56 per Class A share.
"I don't know - and perhaps with a bias - I don't believe anybody knows what the market is going to do tomorrow", Buffett said.
Buffett, 89, instead was joined by a top deputy who lives just hours from Omaha, Greg Abel.
Buffett told investors to "never, ever bet against America", as historically the nation has persisted through hard times. No shareholders were present at the meeting this year, nor was Vice Chairman Charlie Munger. Ajit Jain who manages Berkshire's insurance businesses is also considered to be a leading candidate to be the company's next CEO. "But, it's good for the country that it's a good time to borrow money - not good for Berkshire, particularly, although we borrowed some money, so we've put our money where our mouth is", he said.
