Thousands of investors are gathering in Omaha, Neb., this weekend for Berkshire Hathaway’s (BRK.A) annual meeting – and to hear the latest wisdom from chief executive Warren Buffett’s address. In his most recent annual letter to shareholders, Buffett reported that Berkshire’s per-share value rose 19.8% in 2009, underperforming the S&P 500’s 26.5% gain. But he also pointed out that Berkshire’s value fell only 9.6% in 2008 while the S&P 500 fell 37%. “Our defense has been better than our offense,” he wrote.
Buffett has long been a respected investing guru, but he has said he is reluctant to make broader economic forecasts. At Berkshire’s 2008 shareholder meeting he told investors he was “not in the business” of economic forecasting and that he didn’t know what was next for the economy.
Yet, since then, Buffett has commented frequently on CNBC and other networks, offering his opinions on the state of the economy, the wisdom of the stimulus package and other topics. Berkshire Hathaway did not respond to requests for comment.
Here’s a look at the past two years of crisis and recovery in the words of Warren Buffett.
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