OMAHA, Neb. — Billionaire Warren Buffett said artificial intelligence may change the world but new technology won’t take away opportunities for investors and he’s confident America will continue to prosper despite its bitter political divisions.
Both Buffett and Munger said the U.S. will benefit from having an open trading relationship with China, Both countries should be careful not to exacerbate tensions — the stakes for the world are too high. • Buffett said bank regulators need to find a way to punish executives and board members who make risky decisions that doom a bank.
• To avoid the biggest mistakes in life, Buffett said, “You should write your obituary and figure out how to live up to it.” Also avoid debt, and in business try to avoid taking on so much risk that a single mistake can wipe you out. Abel assured the crowd that he knows how Buffett and Munger have handled things for nearly six decades. “I don’t really see that framework changing.”Outside the arena, pilots from Berkshire’s NetJets protested over the lack of a new contract and environmental groups questioned why the company’s utilities continue to burn coal. Pro-life groups carried signs declaring “Buffett’s billions kill millions” to object to his many charitable donations to abortion rights groups.
Buffett said he expects operating profits to grow this year although the economy is slowing and most of the company’s businesses will sell less. He said Berkshire will profit from rising interest rates on its holdings, and the insurance market looks good. At the end of this year’s first quarter, Berkshire held $130.6 billion cash but spent $4.4 billion during the quarter to repurchase its own shares.