Buffett’s Letter to Break Months of Silence Amid Tumult in U.S.
February 25, 2021
May 4, 2022
Inflation is taking a toll on the American economy, with everything from gas to groceries seeing a steep price increase.
There is little that individuals can do to avoid inflation at the cash register, but Berkshire Hathaway CEO and legendary investor Warren Buffett says that people can make certain moves to protect against its effects.
“The best thing you can do is to be exceptionally good at something,” the 91-year-old said Saturday. Mentioning professions like doctors and lawyers as examples, Buffett said that ”[people] are going to give you some of what they produce in exchange for what you deliver.”
“Whatever abilities you have can’t be taken away from you. They can’t actually be inflated away from you,” he said. “The best investment by far is anything that develops yourself, and it’s not taxed at all.”
He used a company like Cola-Cola as an example, saying that people will still want his favorite soda decades from now, with inflation playing no role in their decision.
“It doesn’t make any difference what’s happened to the price level,” Buffett said, because people will still pay for the products they like.
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