why Warren didn't buy much in 2020

Nice interview with Ted Weschler (in quotes).

#7: “It was tough from an investment standpoint, because we all looked at each other and were like, ‘Wow, just haven’t seen anything like this, not sure how it’ll go.’ We sat with the cheese at the quarter pound, saying, ‘What do we think?’ And it was like ‘Jeez. Just don’t know.’ We had great information, but we didn’t have the relative edge.”

#8: “It was a great job on the part of the Fed and Jay Powell to fix everything. But the Fed effectively put a floor under everything, and the moment they did that, the opportunities that were there for Berkshire were ‘t no more.”

#9: “Historically, the best times for Berkshire have been when there were difficulties. Our view was that the banking system was going to be effectively shut down, and lending was going to be unavailable to institutions. But in reality there was a lot.” All the money was available. The Fed came and said, ‘Open the vault, do whatever you want,’ and not even Berkshire can match that.”

https://biz.crast.net/warren-buffetts-deputy-reflects-on-the…

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