Buffett: We will always be prepared for the thousand-year flood

In his 50th annual letter to the shareholders of Berkshire Hathaway, Warren Buffett assured investors the company is well positioned to weather upcoming market storms.

Looking back at the financial crisis of 2008-2009, he said even then Berkshire was able to play the important role of "first responder", and its strength has markedly improved since. "I believe the chance of any event causing Berkshire to experience financial problems is essentially zero," wrote Buffett (pictured). "We will always be prepared for the thousand-year flood; in fact, if it occurs we will be selling life jackets to the unprepared. Your company is the Gibraltar of American business and will remain so." He put this down to three main areas of the business: a "huge" earnin...