Billionaire Warren Buffett issued a grave message during his CNBC show, ‘Buffet & Munger: A Wealth of Wisdom.’ The 90-year-old ‘Oracle from Omaha’ as he is called, not only said the COVID-19 pandemic is not over but also predicted: “there will be another pandemic.”
The future pandemic will likely be worse than what we experienced with COVID-19 because “despite the lessons that this experience has left us, people would not be prepared to face it either” reports Entrepreneur.
“We know that there is a nuclear, chemical, biological and now cyber threat. Each of them has dire possibilities, “Buffett said. ” It doesn’t seem like it’s something that society is fully prepared to deal with,” he added.
“I learned that people don’t know as much as they think they do. But what is most learned is that the pandemic could be seen coming and that this is not the worst that can be imagined,” said the billionaire. “Society has a hard time preparing for remote situations, which are possible and will happen sooner or later.”
The CEO of Berkshire Hathaway, who ranks ninth in the Forbes billionaire ranking, hammers home the lesson that the coronavirus taught him that the entire world is not prepared for such emergency situations.
Specifically, the economic devastation for small businesses are disproportionate. “Many hundreds of thousands or millions of small businesses have been hurt terribly,” he said. Other areas, such as automotive companies, experienced “a fabulous success that they did not anticipate” recalling the registered record profits thanks to the reopening and the reduction in supply derived from chip shortage.
“(The pandemic) has been very unpredictable, but it has worked better than expected for most people and most companies. And simply, through no fault of their own, it has decimated all kinds of people and their hopes” he added.
The billionaire himself admitted he did not know what was going to happen with some of his wealth due to his airlines BNSF Railway and NetJets. However, he says he focused on supporting other companies so they would not have to resort to government aid to survive. “We remind them that they had a rich brother.” See, even Buffett cringes at the thought of resorting to government aid.
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