Warren Buffett: 'American magic' will spur US economic recovery

WASHINGTON: Billionaire investor Warren Buffet said on Saturday he's confident the US economy will bounce back from its pummeling by the coronavirus pandemic because"American magic has always prevailed".

Berkshire Hathaway had paid US$7 billion to US$8 billion, and"we did not take out anything like that", he said. "But we faced tougher problems, and the American miracles, American magic has always prevailed and it will do so again." Buffett addressed his shareholders in a livestream flanked only by Gregory Abel, who is in charge of Berkshire's non-insurance operations.GROWTH BY ONE MEASURE

The brutal drop in the net - to a loss of US$49.75 billion from a profit last year of US$21.7 billion - resulted primarily from the virus-related decline in value of its broad investment portfolio, which ranges from energy to transport to insurance and technology.

Only magic will help

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