Investor Warren Buffett says that the economic impacts of COVID-19 have burdened small businesses the most, according to CNBC. Buffet has warned that the unpredictability of the crisis is not yet over.
Buffett says several large firms have done overwhelmingly great during the pandemic, despite small businesses feeling the heat. The investor says some businesses, such as auto dealers, have reaped enormous profits.
In March last year, at the onset of the pandemic, approximately $20 trillion of the economy was folded up. Many small businesses stopped operations, and big companies took their customers.
Buffett says that the pandemic has worked out better than it was expected for many individuals and companies, but it has been unpredictable.
Buffett’s greatest lesson is that the world is not well-prepared for emergency conditions that are bound to occur. The world is now fighting new COVID variants amid slow inoculations.