Optimism in the upward trajectory of American business has made Buffett and Munger exceptionally wealthy.
he U.S. economy faces a bevy of big challenges: poorly-hedged regional banks, sticky inflation, and the potential for the United States to default on its sovereign debt obligations. These are all potential problems, of course, but if you get a sense of déjà vu, it’s because they’ve all been obstacles that we’ve already encountered.
In the month of April, we probably added about $7 billion to Treasury bills. We bought about $400 million worth of stock in April, but we sold some stock which produced maybe $4 billion. I would say that the general economy, and perhaps the majority of our businesses, will actually report lower earnings this year than last year.
Insurance underwriting does not correlate with business activity. It depends on things like hurricanes and earthquakes and other events. On a probability basis, we're likely to have a better year this year in insurance underwriting than we had last year. It just isn't affected by the business cycle. I would expect, but I can't promise that our operating earnings will be greater than last year.
New things don't take away opportunities. What gives you opportunities is other people doing dumb things.: There is so much money now in the hands of so many smart people, all trying to outsmart one another, and getting more money out of other people. It's a radically different world from the world we started in. I suppose it will have its opportunities, but it's also going to have some unpleasant episodes.: The world is overwhelmingly short-term focused.
Greg Abel and Ajit Jain are the next generation of Berkshire leaders. Who are currently behind Greg and Ajit and their respective roles?: Those are not easy questions. Everybody talks about the executive bench and that sort of thing, which is baloney. I mean, they don't have that many people that the largest GAAP net worth company and all kinds of diverse businesses, but you don't need five people either.
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