Why Warren Buffett ignores economic forecasts 🙉
And how TKer thinks about them 🤔
“I’ve been in business, running Berkshire for 58 years, and I’ve never opined an economic forecast of any use to the company,” Warren Buffett, CEO of Berkshire Hathaway, said in an April interview with CNBC.
“If I depended on economic forecasts, I don't think we'd make any money,” he added.
That might sound surprising considering that businesses always have to plan ahead and invest for expected future sales.
But in the context of planning, economic forecasts aren’t helpful if they’re not accurate. And they’re often inaccurate.
Economists have been off the mark 🤦🏻♂️
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