Whether Hillary Or Trump As President Makes No Difference
When Warren Buffett, the man dubbed as the oracle of Omaha, speaks investors listen.
Last Saturday, he told a large group of his investors that the conglomerate Berkshire Hathaway Inc. is poised to do well regardless of who occupies the White House.
Buffett, the 85-year-old American business magnate, investor, and philanthropy who presided over his 51st Berkshire annual meeting in Omaha, Nebraska, fielded a range of questions from investors. He was ably supported by his Vice Chairman Charlie Munger as they addressed matters dealing with both the local and international economy.
Buffett, an ardent supporter of Democrat Hillary Clinton for president, was asked about the regulatory impact on Berkshire if Republican front-runner Donald Trump wins the 2016 U.S. presidential election.
“That won’t be the main problem,” he said to audience laughter.
“If either Donald Trump or Hillary Clinton becomes president, and one of them is very likely to be, I think Berkshire will continue to do fine.”
Berkshire was able to release only preliminary first-quarter results rather than full results, which will come out on May 6.
The company projected a rise in net income of about 8 percent, helped by a gain from the swap of Procter & Gamble Co stock for the Duracell battery business.
Operating profit is expected to fall by 12 percent.
Buffett said BNSF was hurt by declining oil prices and coal shipments while hailstorms caused losses in Berkshire insurance units.
“Railroad carloading throughout the industry – all of the major railroads – were down significantly in the first quarter, and probably almost certainly will continue to be down for the balance of the year,” Buffett said.
Berkshire owns close to 90 businesses in energy, insurance, manufacturing, railroad, retail and other sectors, and invests well over $100 billion in stocks.
Pollyana Davy, Readers Bureau, Fellow
Edited by Jesus Chan
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