A Chicago lawyer had Warren Buffett (Trades, Portfolio) over to his house for dinner Thursday night and a guest commemorated the exceptional event with a press release for his firm. But embedded in the description of general bonhomie that characterized the night were some comforting words from Buffett on the volatile market 2016 brought:
âI am not worried. Buy and hold good companies and you will make money," Buffett said.
Buffett also told his host he âwould like his legacy to be that he was a âgood teacher.ââ
The dinner occurred at the home of J.B. Pritzker and was attended by independent private wealth adviser of Ameriprise Financial Joe Della Monica and Chicago attorney Jeffrey M. Leving.
Buffett, the president and CEO of Berkshire Hathaway (BRK.A, Financial)(BRK.B, Financial) has been buying Phillips 66 (PSX, Financial) this year, amassing 74.5 million shares, or an almost 14% stake.
Shares of Buffettâs company have declined 3.3% year to date, while the S&P 500 Index lost 8.7%.
Buffett spoke as most of his top holdings have also declined amid the market sell-off, with American Express (AXP, Financial) down 24.7%, IBM (IBM, Financial) down 12.3%, Kraft (KHC, Financial) down 1.3%, Wells Fargo (WFC, Financial) down 13.3% and Coca-Cola (KO, Financial) up 0.25%.
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