Billionaire Warren Buffett stated on Saturday, during the Q&A portion of the Berkshire Hathaway annual meeting, that "nobody knows how much inflation there will be over the next 10 years, 20 years, 50 years or in the next month."
Buffett underscored that "there are a lot of people that will tell you they know the answer if you pay them enough and other people will tell you for nothing because they think it enhances their prestige" but the final answer is "they don't know."
The Berkshire CEO concluded by saying that "inflation swindles almost everybody" adding that he does not oppose Fed's actions and stating that Powell is "a hero" in his eyes. Previously, Buffett condemned Wall Street for encouraging "gambling" on the stock markets.
