Warren Buffett said on Saturday that Berkshire Hathaway Inc (BRKa.N) is being lifted by a U.S. economy faring far better than he predicted early in the coronavirus pandemic, though investor euphoria is making it hard to deploy cash.
Speaking at Berkshire’s annual meeting, Buffett said the economy has been “resurrected in an extraordinarily effective way” by monetary stimulus from the Federal Reserve and fiscal stimulus from the U.S. Congress.
“It did the job,” Buffett said. “This economy, right now, 85% of it is running in super high gear.”
Buffett lamented how an influx of so-called special purpose acquisition companies and inexperienced investors hoping for quick riches have made markets feel like a casino, making it hard for Berkshire to deploy more of its $145.4 billion cash hoard.
But the 90-year-old retained his optimism for the future of the company he has run since 1965, including after he’s gone.
“We’ve seen some strange things…