Buffett said it can be tough to pick the long-term winners.
He said the government clearly learned lessons from the Great Recession in 2009 and acted quickly in response to the pandemic, but it’s hard to predict the long-term consequences of those policies.
“Nor do I like shoveling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air.
Buffett said he wants to invest more of Berkshire’s cash, but the current competition he faces from private equity and other investment funds has made it difficult for Berkshire to find reasonably priced acquisitions.
Author Bob Miles said he misses “mingling with like-minded and self-selected shareholders” and talking with executives who run Berkshire subsidiaries who routinely spend part of the meeting in their company’s booth in the huge exhibit hall that adjoins the arena.
The fun of the meeting isn’t just for shareholders.
Buffett has long said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.
Berkshire shareholders rejected proposals that would have required the company to publish annual reports on climate change and on the company’s efforts to improve diversity throughout Berkshire.
The company also has major investments in such companies as Apple, American Express, Coca-Cola and Bank of America.