Warren Buffett.Chip Somodevilla / Getty
Warren Buffett issued a negative outlook for the US economy on Saturday.
The Berkshire Hathaway CEO said the boom period for his businesses has ended.
Higher interest rates and banking pressures are stoking fears of a US recession and credit crunch.
Warren Buffett expects an economic downturn this year, he said during Berkshire Hathaway’s annual shareholder meeting on Saturday.
“The majority of our businesses will actually report lower earnings this year than last year,” the famed investor and Berkshire CEO said, attributing the expected downturn to a wider economic decline.
Berkshire owns scores of businesses including Geico, See’s Candies, and the BNSF Railway. It operates in a raft of industries including insurance, energy, real estate, railroads, manufacturing, retail, and services. The scale and scope of its operations mean investors view it as a microcosm of the US economy.
Buffett underscored that many of Berkshire’s businesses have performed…
2023-05-06 19:38:52
Article from finance.yahoo.com
