May 3 (UPI) — Warren Buffett shared his thoughts on everything from Donald Trump‘s tariffs to the state of the economy Saturday, while also taking questions from shareholders.
The billionaire Chairman and CEO of investment firm Berkshire Hathaway spoke at the company’s annual shareholder weekend in his hometown of Omaha, Neb., which saw a record 20,000 people attend.
Buffett in February celebrated 60 years at the helm of the company he founded, where he reiterated his preference for the equity market over large cash positions.
Buffett is Berkshire Hathaway’s largest shareholder, controlling approximately 31.2% of its voting interest.
Nicknamed the “Oracle of Omaha,” Buffet is the seventh richest person in the world with a net worth of $168.2 billion through Saturday, according to Forbes.
Berkshire Hathaway’s market capitalization stood at $1.16 trillion Saturday.
The 94-year-old said he believes the American economy will steady itself after the market turmoil created in the wake of the announcement of international tariffs by President Donald Trump.
He also reiterated his position that the tariff should not be used as “an act of war” with other countries.
“There’s no question that trade can be an act of war and I think it’s led to bad things, just the attitudes it’s brought out in the United States,” Buffett said in response to a question.
“I mean, 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.”
Buffett and Berkshire Hathaway Energy Chair Greg Abel also fielded questions about the company’s insurance business assets in the aftermath of California’s devastating wildfires.
“We can’t just become the insurer of last resort,” Abel responded to a shareholder question, while acknowledging the public utility business is not as lucrative as it has been previously.
“We can’t be responsible for everything that happens in the state.”
The pair also said the company plans to continue investments and operations of coal power plants.
“We will continue to work with each of our states to identify the paths they want to chart,” Abel told investors, adding coal is still required to keep power grids stable, eliciting a round of applause.