BerkshireHathaway

Legendary investor Warren Buffett told the crowd in Omaha on Saturday that the stock market’s recent swings aren’t anything worth panicking about.

Speaking during Berkshire Hathaway’s annual meeting, Warren said straight up, “What has happened in the last 30, 45 days … is really nothing.” He downplayed the recent volatility that’s shaken up traders and left analysts scrambling for explanations.

Warren reminded investors that Berkshire Hathaway’s stock has fallen by 50% three different times in the last sixty years. None of those drops were caused by anything broken inside the business. He said the same thing now—there’s no actual issue. “This has not been a dramatic bear market or anything of the sort,” Warren said. He didn’t flinch once while saying it.

Buffett tells investors to stop freaking out over stocks

According to the meeting’s livestream from CNBC, Warren explained that today’s conditions don’t even come close to past crashes. People are acting like the sky is falling, but he said they’re just being overly emotional.

“If it makes a difference to you whether your stocks are down 15% or not, you need to get a somewhat different investment philosophy,” Warren said. “The world is not going to adapt to you. You’re going to have to adapt to the world.”

He gave people a long-term reminder. On his birthday, August 30, 1930, the Dow Jones was sitting at 240. It later dropped as low as 41. But on Friday, it closed over 41,300. That’s the kind of scale Warren was working with. “People have emotions,” he said. “But you got to check them at the door when you invest.”

Investors had been rattled over Donald Trump’s tariff policies, which triggered chaos in the markets last month. The S&P 500 dropped into bear market territory on an intraday basis, meaning it fell more than 20% from a recent high.

But by Friday, it had pushed through and logged its longest winning streak since 2004. Warren said none of that should be taken as anything new or surprising. He pointed out that some earlier downturns were a lot worse.

Buffett slams tariffs and warns about protectionism

Warren also came for Trump’s economic approach. Without saying his name, he called out the White House’s decision to slap heavy tariffs on imports, calling it a bad strategy.

“Trade should not be a weapon,” Warren said in front of thousands of shareholders in Omaha. “I do think that the more prosperous the rest of the world becomes, it won’t be at our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday.”

He warned that tariffs “can be an act of war” and said they’re doing real damage. “Just the attitudes it’s brought out,” he added. He said the U.S. should trade openly and let everyone do what they’re best at.

“We should be looking to trade with the rest of the world and we should do what we do best and they should do what they do best.”

Trump’s government had already slapped 145% tariffs on Chinese imports earlier this year. China hit back with 125% in return. Things got so tense the White House suddenly paused most of the increases for 90 days, except with China, while trying to make deals. Warren didn’t buy into the tough talk.

“It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done,” he said. “I don’t think it’s right, and I don’t think it’s wise.”

Warren reminded people that the United States started from zero just 250 years ago and became the world’s biggest industrial power. “There’s not been anything like it,” he said. But now, protectionism could chip away at that position. He didn’t offer a plan. He didn’t sugarcoat. He just gave his view.

Warren Edward Buffett. Source: Warren Buffett Twitter/X

Investors had shown up to the meeting hungry for answers about what’s next. Berkshire controls pieces of a massive mix of American businesses—insurance, energy, retail, transportation, and more. The GDP had just shown its first contraction since 2022, and everyone wanted Warren’s take.

Berkshire’s first-quarter earnings report said that tariffs and global politics have added “considerable uncertainty.” The company said it can’t predict the full damage yet.

Meanwhile, Warren has been offloading stocks nonstop. He’s been selling for ten straight quarters. In 2024, Berkshire dumped more than $134 billion worth of stock. Most of that came from pulling out of Apple and Bank of America—the company’s two biggest holdings.

That selloff left Warren with a record-setting $347 billion in cash by the end of March. He hasn’t said what he plans to do with it. But one thing’s clear: he’s not chasing the hype. He’s not riding the panic. He’s playing his own game.

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