Warren Buffett was on CNBC’s Squawk Box today.
He said that he’d be “surprised” if stock prices fell 50% from current levels.
But he also warned that the world will be eventually be confronted by another financial crisis, just not anytime soon.
“Humans will behave in crazy ways, both on the upside and the downside in the next 50 years,” said Buffett. “It’s very unlikely they do it in the next few years because after something like 2008, once they get out of the emergency room, they’re a little more careful for a while.”
Reflecting on the recent financial crisis, Buffett said that it was worse than he had expected.
He noted that present concerns about the crisis in Ukraine or the slowdown in China didn’t have him selling any assets.
This is inline with his statements on CNBC earlier this month.
“I never really buy businesses based on macro factors,” he said on March 4. As tensions heated up in Ukraine at the time, Buffett said he was “absolutely” buying on the dips.
He also addressed the Bitcoin, the digital currency that everyone’s still trying to figure out.
“Stay away from Bicoin,” he said. “It’s a mirage.“
Buffett was on to promote his controversial billion-dollar bracket challenge. Partnering with Quicken Loans, Buffett will award $US1 billion to whoever fills out the perfect NCAA men’s basketball tournament bracket.
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