Warren Buffett was asked at the Berkshire Hathaway annual meeting last weekend why an investing strategy he used with such success in the last recession — extending billions of dollars of financing to desperate companies, at very high interest rates — is not on his menu now.
His answer reveals the degree to which governments and central banks, including the Bank of Canada, have been successful at protecting the financial system against the effect of the Covid-19 recession and preventing a repeat of what happened in late 2008 — at least so far...
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