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:
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
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