He said Berkshire would "certainly be more inclined" to buy stocks following a selloff, at a time the US economy was "strong, but a little softer" than it was six months ago.

"If you look at the present situation," he said, "you get more for your money in stocks than bonds."

Buffett spoke two days after Berkshire said operating profit fell 3 per cent in 2019 to $US23.97 billion ($36 billion), hurt by losses from insurance underwriting, while unrealised gains in Apple and other investments boosted net income to a record $US81.42 billion.

Berkshire has more than 90 operating businesses including the BNSF railroad, Geico auto insurer and Dairy Queen ice cream, and Buffett said the outbreak has affected a significant number of them

Buffett said many of the roughly 1000 Dairy Queens in China are closed, while those that are open "aren't doing any business to speak of," while companies such as Johns Manville insulation and Shaw carpeting are seeing supply chain disruptions.

"There's always trouble coming," he said. "The real question is where are those businesses going to be in five or 10 years."

Buffett did acknowledge that the days when the stock price of Omaha, Nebraska-based Berkshire trounced the broader market are long gone, because Berkshire has gotten so large.


Berkshire has trailed the Standard & Poor's 500 over the last decade.

Buffett said Berkshire is unlikely to be in the top 15 per cent or bottom 30 per cent of stock market performers over 10 to 15 years, but will outperform in a down market.

Any long-term outperformance by Berkshire "will be minor, but it will be done in a very very safe manner", he said.

Reuters