Best Dow, S&P returns were during recession: Warren Buffet

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Best Dow, S&P returns were during recession: Warren Buffet

Warren Buffet, Chairman and CEO, Berkshire Hathaway, said the best returns of Dow, S&P were during recession. ”The best year the Dow and the S&P has ever had in my investing lifetime was a year of recession. In 1954, the Dow was up 50% and the country was in a recession."

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Q:  You know, we've just gotten contacted by Bank of America, called in to point out the fact that they are denying the Financial Times article that we pointed out before, saying that they are denying they are seeking fresh capital.  Got any thoughts on that? 

A: Well, one thing about Bank of America. It has a wonderful deposit-gathering system. It's not quite as wonderful, in my view, as Wells, but that -  Bank of America might disagree with me. Their money costs more than Wells but it's very cheap compared to some of the other very large banks.  The Bank of America was built on that, if you go back decades. They've got a wonderful system, and then they've got some activities that are maybe less wonderful.  But they do have a terrific base, so I don't want to comment beyond that on that.  I don't look at the specifics of B of A as hard as I look at the specifics of Wells.  But there is a very good fundamental asset underlying the Bank of America. 

Q:  In your opinion of what happened this weekend, you had 35,000 shareholders who came from around the globe, most that have ever come to one of your meetings, what was the most important takeaway for you?

A: Well, we had a lot of fun and we sold them a lot of goods. We sold them 180-thousand dollars of See's Candies, which was a record. We had record numbers.  And I think people had a good time.  We had good weather, we got lucky on that.  We had a much better questioning system this year, so we had a much higher quality of Berkshire-related questions and we're going to follow the same format next year and I hope we top 35,000.  People have a lot of fun. I have a lot of fun.