Full Warren Buffett meeting highlights | Sold entire airline stake | Doesn't see anything attractive
EDITOR'S NOTE
Welcome to a special edition of CNBC's Weekend Brief, highlighting all of our special coverage of Berkshire Hathaway's annual meeting Saturday.
"Never bet against America."
That's the text from one of Warren Buffett's slides during this year's shareholder's meeting, which was held virtually for the first time. That slide reflects Buffett's optimism on a U.S. economic recovery even after the coronavirus pandemic sparked a steep contraction and a massive surge in unemployment.
"Nothing can basically stop America," said Buffett. "The American miracle, the American magic has always prevailed and it will do so again."
"In World War II, I was convinced of this," he said. "I was convinced of this during the Cuban Missile Crisis, 9/11, the financial crisis."
To be sure, Buffett recognized how challenging these times are, noting he has never seen anything quite like this.
"We just pulled the train of the tracks and put it on a siding, and I don't really know of any parallel — in terms of a very, very well the most important country in the world, most productive, huge population — in effect sidelining its economy and its workforce," Buffett said.
Despite all of this, Buffett thinks better days lie ahead for the U.S.
Even with that long term viewpoint, that didn't stop Buffett from dumping his entire airline position. He also said he hasn't made any big moves yet because he hasn't found anything attractive.
Click here for our ongoing live blog of the Berkshire Hathaway meeting, which is still going on. See below for a full wrap of our Buffett articles and our usual Weekend Brief features, including an Activist Spotlight column on Carl Icahn.
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MICHAEL SANTOLI'S MARKET COLUMN
THE WEEK AHEAD
ACTIVIST SPOTLIGHT
YOUR WEEKEND BRIEFING
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