'Fear is contagious': Warren Buffet warns you can't run an economy when people worry if their money is safe in banks

In contrast, it sold US$13.3 billion of other companies’ stocks, in a quarter where the S&P 500 Index rose 7 per cent.

He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers. Anticipating questions on banking, Buffett prompted laughter by putting in front of him a sign reading “AVAILABLE FOR SALE” and one reading “HELD-TO-MATURITY” before Munger.

But he said Berkshire can offset this with more income from investments, including US$7 billion of Treasury bills bought in April.

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