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Of Jonathan Stempel and Suzanne McGee
Omaha, Nebraska (Reuters), before announcing his plan to leave -as CEO of Berkshire Hathaway at the end of the year, Warren Buffett offered a fervent defense of trade on Saturday, saying that the rates should not be a “weapon” and the United States would be better if other countries shared their prosperity.
Buffett spoke at the Saturday’s annual meeting of his Berkshire Hathaway conglomerate, after a month when the United States President’s fare policies Donald Trump caused a great deal of decrease in the price of actions and increased the fear of recession.
“Balanced trade is good for the world”, and “trade should not be a weapon,” said Bufett, 94, who has directed Berkshire for 60 years, and is probably the world’s most revered investor in the world.
“I don’t think it’s a good idea to design a world where a few countries say, we have already won,” Buffet added. “I think the more prosperous the rest of the world … the more prosperous we will be.”
Berkshire himself has remained cautious towards the markets, as his cash participation increased in the first quarter to a record of $ 347.7 billion.
At the meeting, Buffett asked more than four hours of shareholders’ questions, with the help of Berkshire Vice Presidents, Greg Abel, who is expected to replace Buffett as CEO, and Ajit Jain.
Buffett said a question about the efficiency of the Government Efficiency Department, Elon Musk’s cost reduction initiative, while warning that the federal budget deficits are “unsustainable” and that the United States government has to put its tax home in order.
“It’s a job I don’t want, but a job that should be done, and Congress does not seem to do so,” said Buffet, causing applause from the audience.
Buffett also urged patience to investors concerned about the management of the United States and the country’s economy, saying that their approach should be rethinking to invest if the sudden market declines to leave them restless.
However, he maintained his long -term long -term optimism for the country, saying that the criticism of the policies and the people who make them stop at the course.
“We are always in the process of change,” he said. “If you were born today, you know, you would continue to negotiate in the uterus until (they) they said you can be in the United States. We are all very lucky.”
Net seller of stocks, again
Berkshire reported his cash participation with the results of the first quarter, where the loss of insurance for wildfires in January in southern California contributed to a decrease of 14% of the operating profit to $ 9.64 million.