The billionaire was referring to the trade tariff war initiated by U.S. President Donald Trump, which has shaken global markets.
“It’s a big mistake, in my opinion, when you have 7.5 billion people who don’t like you very much and 300 million who are bragging about their performance,” said Buffett, comparing the global population to that of the United States.
While the investor noted that it is better for countries to maintain balanced trade, he does not believe Trump is handling the situation correctly with his widespread tariff policy.
“We should be looking to trade with the rest of the world. We should do what we do best, and they should do what they do best,” he stated.
Tariffs were the primary topic of questions shareholders submitted in advance to the CNBC reporter, who will be interviewing Buffett and his two key managers throughout the day.
However, investors are also waiting for the billionaire to explain why Berkshire has $347.7 billion (approximately €307 billion) in liquidity.
Buffett noted that he does not currently see many attractively priced investments he understands but predicted that one day Berkshire will be “flooded with opportunities where it will be glad to have cash on hand.”
The Berkshire Hathaway shareholder meeting, held in Omaha, Nebraska, attracts around 40,000 people annually eager to hear from Buffett, including some celebrities and well-known investors.
This year, Hillary Rodham Clinton also attended. The Democrat was the last public presidential candidate endorsed by Buffett, as the investor has avoided politics and controversial topics in recent years out of fear of harming Berkshire’s business.
Shareholder Linda Smith, 73, first heard about Warren Buffett and Berkshire Hathaway when she rented a room to her sister Doris, who was a graduate student in Washington D.C. Linda Smith told the Associated Press that Doris returned home from an annual meeting shortly after Berkshire bought See’s Candy and told her she needed to buy the stock.
Linda Smith was not immediately able to purchase shares as a single stock was selling for around $3,400, close to €3,000, which was equivalent to her income as a graduate student. However, once she secured a post-college job, she followed her friend’s advice and began saving to buy some shares, now worth $809,350 (about €715,000).
Over the years, Linda Smith estimates she has likely attended about 20 annual meetings and almost always brings a friend.
“I really enjoy listening to Warren Buffett, especially this year, with everything that’s happened,” she pointed out.
Meanwhile, Haibo Liu camped overnight outside the arena to be first in line this morning. Liu expressed concern this might be Buffett’s last meeting, as he is 94, and prioritized attending the second meeting.
“He has helped me a lot,” commented the shareholder, who traveled from China to attend. “I really want to express my gratitude to Buffett,” he added.
