Earlier today (May 4), Jim Cramer, the host of CNBC’s “Fast Money”, talked about his key takeaway from the comments made on Saturday (May 2) by billionaire investor Warren Buffett at Berkshire Hathaway’s first virtual Annual Shareholders Meeting.
Cramer, who was appearing on CNBC’s “Squawk Box”, was asked by co-host Rebecca Quick what his takeaway was from what Buffett, who is the Chairman and CEO of Berkshire Hathaway, said at this five-hour long meeting.
Cramer replied:
“Well, I think that short-term, yeah, I mean very negative in the sense that he didn’t do any reassurance, which is great that he didn’t…
“Long-term, it made me feel like it’d be good…
“I felt like what he’s saying to me is there’s no reason to put in more money to work and the market could go down…
“He really was point-blank saying [that] I’m not putting money to work, and so why put money to work…
“I didn’t feel reassured, and I think that by not feeling reassured what he’s saying is don’t commit a lot of money to decline because it may not be an easy decline, but don’t change your long-term view and that’s fine if you have long term…
“It was a very unsettling annual meeting, and now maybe it’s because it was there were no people there…”
During the Q&A session mentioned by Cramer, Quick asked Buffett several interesting questions (from the shareholders). One of them was why he didn’t buy more Berkshire stock during the sell-off in Q1 2020.
Buffett replied:
“The price has not been at a level where it really feels way better to us than other things, including the option value of money, to step up in a big way.”
