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Billionaire investor Warren Buffett says he worries about certain things. The success of his business is not one of them.
When asked if he was worried about Berkshire Hathaway’s trajectory amid the current economic headwinds, from bank failures to rising interest rates, the 92-year-old recently made his feelings clear on CNBC’s “Squawk Box.”
“At 92, I have other things to worry about… I worry about the nuclear threat. I worry about a pandemic in the future, all kinds of [things]”Buffett said. “I never go to bed worrying about Berkshire and how we’re going to handle a thing.
Since Buffett took over Berkshire Hathaway in 1965, the company has become one of the largest in the world, with a market cap of over $707 billion and an investment portfolio that includes Geico, Dairy Queen, Duracell and Fruit of the Loom.
Buffett also has a well-documented history of optimism — a history of close friends like Melinda French Gates. credit for its success. In 2017, a data scientist performed a sentiment analysis on decades of Buffett’s annual letters to Berkshire shareholders and identified a surplus of positivity in Buffett’s updates.
It shows in his investment strategies: Buffett is a known proponent of choosing investments you believe in, regardless of their current price, and taking advantage of stock declines to buy more companies you trust.
When stocks are down, “I would say [investors]don’t watch the market closely,” Buffett told CNBC in 2016 during a volatile market period.
His optimism is rooted in a supreme sense of self-confidence. “99 and a fraction percent of my net worth in Berkshire,” Buffett told “Squawk Box,” adding that several members of his family are also heavily invested in the business.
“If I thought I wasn’t going to be able to do a decent job of managing risk, a more than decent job, I’d be crazy to take on that responsibility,” Buffett said.
When Buffett encounters a frightening problem beyond his control — like a nuclear war or future pandemics — he tries to ease his stress by focusing on situations and tasks he can actually fix himself, he said. he declares.
“I worry about things that no one else worries about, but I can’t solve them all,” Buffett said. “I can’t solve if the pandemic starts. But whatever can be solved, I should think about it.”
As for feeling secure about Berkshire’s future, Buffett has already chosen his company’s next CEO – and his successor, Greg Abel, has said he has no plans to deviate from Buffett’s winning formula. . Buffett is known for trusting the executives of Berkshire’s portfolio companies to make the right business decisions, and he expects Abel to do the same.
“I do not give [Abel] an envelope that tells him what to do next,” but Berkshire Hathaway is “so lucky” that Abel is taking the reins, Buffett said.
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