Buffett confident in U.S., Berkshire; flags risk of market 'turmoil'

, Buffett also warned of growing "tribalism" in Washington where partisanship causes people to talk past each other.

But he said Berkshire's diverse array of businesses are well-protected from such shoals, in part as rising interest rates boost income from investments. Attendance is up significantly from 2022, with Buffett saying Berkshire received ticket requests from 45 countries, and unlike last year the downtown arena hosting the meeting was filled to capacity.In discussing Berkshire's performance, Buffett said perhaps a majority of its operating businesses may fare worse in 2023 than in 2022 as economic activity slows, but this can be offset by rising investment income.

Munger prompted muffled groans by saying value investors like himself and Buffett--and much of the audience--"should get used to making less" in part because so many investors are following similar strategies. Thousands more lined up outside the arena before its 7 a.m. CDT opening, often to get seats close to the stage.

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