Mr Buffet was speaking to shareholders of his Berkshire Hathaway company at their annual general meeting being held in Omaha, Nebraska. The value of Berkshire Hathaway’s investments fell by quite a bit and Mr Buffett’s personal wealth shrank by $25bn (£17bn) and he is now not at the top of the richest person list.

Some of the key points from his discussions in Bold:

• He expected that his company to make further losses this year.
  So 2009 would not be a good year looking forward at least for the US.
• Overall, I commend the actions that were taken ( by the Government )
  Government is taking right steps but then it would need more time for the actions to make fruitful results
• The economy had experienced “a financial hurricane” and no one could expect perfection.
  If you predicted and something went wrong then even the best did the same mistake and so its perfectly normal.
• In an interview for the BBC, he said that despite short-term pain, in the long run he was optimistic.
  Still equity would be the best Asset class and give it a thought.

Mr Buffett’s legendary stock-picking skills has not helped when he lost nearly $3bn after buying a large stake in oil company ConocoPhillips just before the oil price crashed. This has been particularly bad year in more than 40 years for Mr. Buffet