On Saturday, May 3rd, renowned American investor Warren Buffett once again expressed optimism about the future prospects of the US economy at the Berkshire Hathaway shareholders meeting.
This year’s Berkshire Hathaway annual meeting is considered one of the most significant in history, and possibly Buffett’s last full participation in a shareholders’ meeting.
During the question and answer session, an investor inquired about Buffett’s unwavering belief in the long-term advantages of the US economy. The investor pointed out that the current circumstances in the US seem to be undergoing unprecedented and almost “transformative” changes. The question raised was whether the “American exceptionalism” would continue, or if the current investors’ pessimism towards the US economy is justified, suggesting that the US may indeed be entering a period of fundamental transformation that requires a new perspective.
Buffett responded affirmatively that the concept of American exceptionalism still holds true. He stated, “I am not discouraged by the current situation appearing unfavorable, as the United States has overcome every challenge in history.”
At 94 years old, Buffett expressed his confidence that the US will not experience the kind of drastic “revolutionary” changes mentioned. He emphasized that the current transformations and challenges are not signals of US decline but rather a continuation of historical processes.
Buffett noted that the US originally developed from an agricultural nation and has undergone a series of significant and transformative changes since its foundation.
Simultaneously, Buffett acknowledged that there will always be criticisms of the US. However, he maintained that being born in the US is “extremely fortunate.”
“We are always in a state of evolution,” Buffett said. “There are always various points of criticism. But the luckiest day in my life was the day I was born in America. If you don’t believe it, just look at the changes the US has undergone since 1930 when I was born, the various events we’ve experienced, the Great Depression, World Wars.”
He added that the US has also faced tense situations brought about by the atomic bomb.
“Who would have bet on America in 1790 (the early days of the nation)?” Buffett rhetorically asked, “Starting from scratch, America eventually owned nearly 25% of the world’s GDP.”
“These are experiences we’ve accumulated along the way. We are an incredibly fortunate country, and I am a very lucky person. I believe being born in America is much luckier than being born elsewhere,” he concluded.