Warren Buffett remains in bullish mood despite $50bn Covid-related losses

The 89-year-old opened the meeting in Omaha, Nebraska with one and three quarter hours of remarks to soothe anxious investors, urging them to stay committed to stocks despite this year’s bear market, even if the pandemic gets a second wind late this year.

Warren Buffett’s Berkshire Hathaway is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50bn (€45.5bn) at the weekend and saying performance is suffering in several major operating businesses.

Berkshire said most of its more than 90 businesses are facing “relatively minor to severe” negative effects from Covid-19, with revenue slowing considerably in April even at businesses deemed “essential.”