Warren Buffett's Warnings, Actions Send Shockwaves Through Financial Markets
Buffett made some bold prophecies about the economy during Berkshire Hathaway's annual shareholder meeting.
They don't call Warren Buffett the Oracle of Omaha for nothing as his insights into the investment landscape and U.S. economy have made him a billionaire many times over.
And now Buffett has a dire prediction for investors: the good times are coming to an end.
DON'T MISS: Warren Buffett Responds to U.S. Dollar Doomsayers
The "incredible period" for the U.S. economy is coming to an end, Buffett told the crowd at Berkshire Hathaway's (BRK.B) - Get Free Report annual shareholders meeting.
In addition, Buffett said the company is expecting a downturn and lower earnings for the "majority of our businesses" due to the state of the U.S. economy, thanks in part to a brewing banking crisis that has already felled a handful of major financial institutions.
"If people think deposits aren't sticky anymore, you're living in a different era," Buffett said, according to Seeking Alpha.
As an investor who prides himself on being ahead of the curve, Buffett's recent trades suggest he is definitely practicing what he's preaching.
Berkshire Hathaway sold shares worth $13.3 billion in the first quarter of 2023 while buying just $2.9 billion in equities during the period.
The company cut its stake in oil company Chevron (CVX) - Get Free Report by 28% to $21.6 billion, despite the fact that the company's stock price only declined 9% in the period, according to Reuters.
The bets in the quarter paid off with Berkshire's quarterly operating profit rising 13% to $8.07 billion in the period.
What's Your Reaction?
