Buffett Sitting On His Money
The emergence of the COVID-19 pandemic and the subsequent lock down of America sent the stock market spiraling downward. In the first month of the crisis alone, the S&P 500 lost 35 percent of its value. Despite a somewhat robust recovery since then, investment icon Warren Buffett is warning shareholders to be wary of worst-case scenarios, announcing that he’s been selling his holdings during the crash. Truth is, Buffett’s firm, Berkshire Hathaway, is sitting on the sidelines with a huge cash pile of $135 billion. “There are things that are quite improbable and I hope they don’t happen, but that doesn’t mean they won[t happen,” Buffett says. “There are things that trip other things and we take a worst-case scenario in the mind.” Buffett further elaborates on his firm’s position in this appearance on Aussie Wealth Creation.
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