Warren Buffett said at Berkshire Hathaway’s annual meeting: 'There is a lot more to picking stocks than figuring out what is going to be a wonderful business in the future'
Berkshire Hathaway Inc. Chairman and Chief Executive Warren Buffett defended the company’s investments over the past year as the coronavirus pandemic initially drove a plummet in stocks, before the market turned around and surged to record highs.
A year ago, as the pandemic took hold, Mr. Buffett sold all of his holdings in major airlines. He also lowered his stakes in several banking firms and didn’t make any large acquisitions even as markets were falling sharply. Since then, the airline industry has been one of the largest to bounce back and the broader market has surged. Shareholders have questioned whether Mr. Buffett was active enough during a potentially opportunistic time.
“I don’t consider it a great moment in Berkshire’s history but we have more net worth than any company on Earth,” he said.
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