(May 1, 2021) Meeting in Los Angeles without shareholders present due to the COVID-19 pandemic, Buffett starts with a lesson for new investors. He and Charlie Munger discuss their concerns over an increase of "gambling" in financial markets, and criticize the popular trading app Robinhood for encouraging people to treat the financial markets like a casino.
Berkshire Hathaway's per-share market value increased 2.4% in 2020, well below the S&P’s 18.4% gain, as both rebounded from sharp losses in March as COVID-19 pandemic began to take hold in the U.S. and around the world. In his annual letter to shareholders, Buffett acknowledges he paid too much when Berkshire bought Precision Castparts (PPC) for $37.2 billion, including debt, in 2016. The result: an "ugly" $11 billion write-down in the subsidiary's value in 2020.Read 2020 Letter (Dated Feb. 27, 2021)