• Buffett says there’s ‘no option’ for reserve currency besides U.S. dollar
• Buffett says Apple is different — it is ‘a better business than any we own’
• Sometimes portfolio diversification is ‘deworsification,’ Munger says
• Commercial real estate starting to see the consequences of high borrowing rates, Buffett says
• Charlie Munger says ‘old fashioned intelligence works pretty well’ over AI
“In the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number people doing dumb things, and they do big dumb things,” he said, meaning that there will be more opportunities to make money down the road.
He said commercial real estate could struggle with higher borrowing rates and banks could face more pressure but noted that deposits were safe. As for the economy, Buffett noted that his businesses will see lower year-over-year earnings as economic activity slows down.
In a recent article, we connected the dots to help explain the factors contributing to the current high interest rate environment and bank runs, and provided insights into the risks and opportunities that lie ahead.
$HSI(HSI)$ $S&P 500(.SPX)$ $NASDAQ 100(NDX)$ $NASDAQ(.IXIC)$ $Berkshire Hathaway(BRK.B)$ $Berkshire Hathaway(BRK.A)$
Here's a full recap of everything Warren Buffett and Charlie Munger said at Berkshire’s annual meeting
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