— Warren Buffett struck a pessimistic tone about Berkshire Hathaway 's myriad of businesses on Saturday, saying he expects an earnings decline in light of an economic slowdown.
Berkshire has fared well so far despite a challenging macro environment with operating earnings jumping 12.6% in the first quarter.
And a number of our managers were surprised," Buffett said.
The Federal Reserve just approved its 10th rate hikes since 2022, taking the fed funds rate to a target range of 5%-5.25%, the highest since August 2007.
"It was more extreme in World War II, but this was extreme this time," Buffett said.