Chairman and CEO of Berkshire Hathaway Warren Buffett was always the one investor most other accomplished and aspiring investors looked up to. After all, he bought his first stock at age 11 and made his first real estate investment at age 14. That says a lot if we know that he’s almost 94 now. He’s also among the richest people in the world, with a net worth of almost $135 billion, according to Forbes at the time of writing. 

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In February 2020, he sat down with CNBC’s Becky Quick to talk about the then-actual Coronavirus, the federal debt, and the U.S. economy, among other things. 

When Quick asked him to gauge the U.S. economy at that delicate point, Buffet said, “It’s strong but a little softer than it was six months ago.” He also stressed that although business is down, “it’s down from a very good level.”

In simple terms, Buffett was saying that the U.S. economy was still doing well, but it wasn’t quite as strong as it was months ago. Business activity has slowed down a bit, but it was slowing down from a very high level of performance. 

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So, despite a dip, things were still in good shape overall. It’s like going from running at full speed to jogging – you’re still moving fast, just not at top speed. 

He continued by saying that the real question is where these businesses will be in five, 10, and twenty years from now – “Some of them will do sensationally, some of them will disappear, and overall, I think America will do very well. You know it has since 1776!”

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Economic Uncertainty Then And Now

In early 2020, the U.S. economy faced significant uncertainty due to the onset of the COVID-19 pandemic. Investors and businesses were unsure about the future, leading to volatile markets and fears of a recession. 

Today, we see similar uncertainty, but for different reasons. Concerns about potential Federal Reserve actions, inflation, geopolitical tensions, and global economic slowdowns are causing unease in the markets. This sense of uncertainty is common to both periods, driving fluctuations in investor sentiment.

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