skip to content

Key Words

Warren Buffett on the ‘one-two punch’ market panic: It took me 89 years to experience something like this

Warren Buffett shares his thoughts on coronavirus fears.

Getty Images

‘It wasn’t October 1987, but it was an imitation... [and the financial crisis] was much more scary, by far, than anything that happened [on Monday].’

That’s Berkshire Hathaway BRK.A, -6.74% BRK.B, -4.66% boss Warren Buffett putting the recent market plunge — which he described as a “one-two punch” of coronavirus and falling oil prices — in perspective in .

“If you stick around long enough, you’ll see everything in markets,” he said from his Omaha headquarters. “And it may have taken me to 89 years of age to throw this one into the experience, but the markets, if you have to be open second by second, they react to news in a big time way.”

While it may have been scarier in 1987 and 2008, at least to Buffett, there’s no denying that it’s been a brutal stretch for investors. On Monday, the Dow Jones Industrial Average DJIA, -3.03%7073彩票注册 dropped more than 2,000 points before recouping a chunk of those losses on Tuesday.

On Wednesday, the red ink spilled once again, as hopes were dented for a quick round of fiscal stimulus to limit a U.S. economic slowdown caused by the coronavirus outbreak. 7073彩票注册man Sachs GS, -2.48% signaled that the worldwide epidemic may finally mark the end of the longest bull market run in history. At last check, blue chips were down about 1,600 points and both the S&P SPX, -2.92% and Nasdaq COMP, -0.27% were off more than 5%.

The so-called Oracle of Omaha appears to be well-positioned to weather such market storms. At last count, Berkshire Hathaway was holding $128 billion in cash.

“Buffett did not amass his fortune by following the herd but by leading it,” RIA Advisors strategist Lance Roberts recently wrote in a blog post. “He is sitting on a $128 billion in cash for a reason. Buffett is fully aware of the gains he has forgone, yet still continues his ways. Buffet is not dumb!”

Watch this clip from Yahoo’s Buffett interview:

Read Next

Read Next

Treasurys rally on Fed’s unlimited QE plan

7073彩票注册U.S. Treasurys gain in price on Monday, lifting yields, after the Federal Reserve launches a raft of measures to calm financial markets, including a pledge to buy an unlimited amount of Treasurys and mortgage-backed securities.

689彩票邀请码 7072彩票开户 7073彩票注册 963彩票开户 7073彩票网址 7073彩票地址 7073彩票登录 66顺彩票app 8炫彩彩票app 677彩票开户