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Warren Buffett warns upcoming disaster and says the losses will be huge



Record breaker investor and Berkshire Hathaway, CEO Warren Buffett, released his annual letter Saturday, and in that he warned of the prospect of "The Big One" – a major hurricane, earthquake or cyber attack he said "will dwarf hurricanes Katrina and Michael. "

" When such a megakatas strike, we will get our share of the losses and they will be big – very big, "Buffett wrote.

Although such a disaster could happen tomorrow or decades from now, there is one thing that is certain, he said: The disaster is inevitable. However, Buffett said he had a plan for such an outcome.

"Unlike many other insurance companies," he wrote, "we will look to add business the next day." That funding, he said, comes from deferred taxes, obligations that Berkshire Hathaway will eventually pay, but is currently interest-free.

& # 39; The Big One: & # 39; a question about when, not about

A picture shows what happened when the rivers broke during Hurricane Katrina.
AP

Although Buffett says the disaster may take the form of a natural disaster or may be somewhat more surprising, like a cyber attack, experts have warned of the upcoming nature of it for decades.

In recent years, concerns about "The Big One" from geologists, seismologists and other scientists mounted as two things have: First, evidence of our role in a steady shift in climate sponges that we see more frequently and extreme fires , drought, hurricanes and tsunamis. Second, our ability to predict and model enhances the risk of conflicting natural disasters by a smooth cut.

Science writer Kathryn Shultz galvanized public attention to the threat in 2015 with the New Yorker essay "The Really Big One", describing how an earthquake could destroy much of North America's coastal northwest.

"A geological clock is in a place in its slow sweep," she wrote. region, seismologists look at their watches, wonder how long we have, and what to do before geological time catches up to ourselves. "

Although some natural disasters are not wrong, the generally active Ely is exacerbated by problems such as premature construction, poor planning, lack of investment in health infrastructure and environmental protection, and an over-reliance on dirty fossil fuels, experts say. – Including turbulent hurricanes, earthquake earthquakes, and flood and sea level rise – will eventually affect everyone. "" The bottom line is going to be bad everywhere, "Bruce Riordan, director of the Climate Readiness Institute at the University of California, Berkeley told , for Business Insider two years ago.

"It's a question of who's being organized around this," said Riordan.


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