After Several Bank Failures, Does Warren Buffett Still Like Bank Stocks?
At Berkshire Hathaway's (NYSE: BRK.A) (NYSE: BRK.B) annual meeting, held May 6 in Omaha, Nebraska, Warren Buffett was unsurprisingly asked several questions about the recent bank failures and general worries many investors have about the sector.
Buffett had a warning for bank investors after the recent turmoil, saying that the bank collapses we've seen so far have created fear, and he doesn't know if it's over yet. As Buffett said, "The situation in banking is very similar to what it's always been in banking, that fear is contagious, always." Going further, he said that he has no idea what is going to happen from here.
Vice Chairman Charlie Munger said that bankers are starting to distort the lessons learned in the 1929 crash when it comes to taking on responsible risk. Munger also said that he liked it better when banks didn't simply do investment banking, and that when you have many bankers all trying to get rich, it isn't a good thing.
Source Fool.com
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