Warren Buffett says he remains optimistic about U.S. economy despite coronavirus
American billionaire investor Warren Buffett said on Saturday he doesn’t know how or when the U.S. economy would recover from the coronavirus shutdown, but he remains optimistic in the country’s long-term future.
Speaking at Berkshire Hathaway’s online annual meeting, Buffett said that there’s no way to forecast the future economic situation for the time being because the possibilities are still too varied.
The meeting was held without any of the roughly 40,000 shareholders due to the virus.
“We do not know exactly what happens when you voluntarily shut down a substantial portion of your society,” Buffett said because it has never been done.
It may take several years to determine all the economic implications of the coronavirus outbreak, he said, but added that this hasn’t changed his long-term view because the United States has endured wars and depressions before.
“In the end, the answer is never bet against America,” Buffett said.
It’s not clear how long the virus will continue to weigh on the economy, he added. However, he said there could still be unpleasant surprises from the virus and the way people react to it.
“You’re dealing with a huge unknown,” Buffett said, so businesses and investors can’t be sure about what will happen in the near future.
Buffett said he doesn’t expect major banks to witness significant financial problems during the virus crisis because they are in much better shape than they were during the 2008 financial crisis.