Warren Buffett reacts to the stock market rout, oil crash amid the coronavirus outbreak

Not as bad as 2008 or 1987.

That’s what Warren Buffett said about the current coronavirus, oil shock market maelstrom.

“If you stick around long enough, you'll see everything in markets,” Buffett said. “And it may have taken me to 89 years of age to throw this one into the experience, but the markets, if you have to be open second by second, they react to news in a big time way.”

17 PHOTOS
Market down due to coronavirus fears
See Gallery
Market down due to coronavirus fears
Traders work in front of a board displaying the chart of Germany's share index DAX at the stock exchange in Frankfurt am Main, western Germany, on February 28, 2020. - Stock markets plunged further Friday, February 28, 2020, with equities on course for the largest weekly drop since the global financial crisis more than a decade ago on fears that the coronavirus could devastate the world economy, while oil prices tanked as well. (Photo by Daniel ROLAND / AFP) (Photo by DANIEL ROLAND/AFP via Getty Images)
28 February 2020, Hessen, Frankfurt/Main: An exchange trader at the Frankfurt Stock Exchange looks at his monitors. The most important German leading index, the Dax, fell by more than 5 percent in the morning. Concerns about a corona epidemic have been weighing on financial markets worldwide for days. Photo: Boris Roessler/dpa (Photo by Boris Roessler/picture alliance via Getty Images)
Mask-clad commuters make their way to work during morning rush hour at the Shinagawa train station in Tokyo on February 28, 2020. - Tokyo's key Nikkei index plunged nearly three percent at the open on February 28 after US and European sell-offs with investors worried about the economic impact of the coronavirus outbreak. (Photo by CHARLY TRIBALLEAU / AFP) (Photo by CHARLY TRIBALLEAU/AFP via Getty Images)
Mask-clad commuters make their way to work during morning rush hour at the Shinagawa train station in Tokyo on February 28, 2020. - Tokyo's key Nikkei index plunged nearly three percent at the open on February 28 after US and European sell-offs with investors worried about the economic impact of the coronavirus outbreak. (Photo by CHARLY TRIBALLEAU / AFP) (Photo by CHARLY TRIBALLEAU/AFP via Getty Images)
Mask-clad commuters make their way to work during morning rush hour at the Shinagawa train station in Tokyo on February 28, 2020. - Tokyo's key Nikkei index plunged nearly three percent at the open on February 28 after US and European sell-offs with investors worried about the economic impact of the coronavirus outbreak. (Photo by CHARLY TRIBALLEAU / AFP) (Photo by CHARLY TRIBALLEAU/AFP via Getty Images)
Mask-clad commuters make their way to work during morning rush hour at the Shinagawa train station in Tokyo on February 28, 2020. - Tokyo's key Nikkei index plunged nearly three percent at the open on February 28 after US and European sell-offs with investors worried about the economic impact of the coronavirus outbreak. (Photo by CHARLY TRIBALLEAU / AFP) (Photo by CHARLY TRIBALLEAU/AFP via Getty Images)
NEW YORK, NY - FEBRUARY 27: Traders work on the floor of the New York Stock Exchange on February 27, 2020 in New York City. With concerns growing about how the coronavirus might affect the economy, stocks fell for the fourth straight day. The Dow Jones Industrial Average lost almost 1200 points on Thursday. (Photo by Scott Heins/Getty Images)
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 27, 2020 at Wall Street in New York City. - Wall Street stocks opened sharply lower, joining a sell-off in most global bourses on fears the coronavirus will grow into a significant international health crisis. About five minutes into trading, the Dow Jones Industrial Average was down 1.8 percent, or about 480 points. The blue-chip index has fallen the last five days. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 27, 2020 at Wall Street in New York City. - Wall Street stocks opened sharply lower Thursday, joining a sell-off in most global bourses on fears the coronavirus will grow into a significant international health crisis. About five minutes into trading, the Dow Jones Industrial Average was down 1.8 percent, or about 480 points. The blue-chip index has fallen the last five days. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 27, 2020 at Wall Street in New York City. - Wall Street stocks opened sharply lower, joining a sell-off in most global bourses on fears the coronavirus will grow into a significant international health crisis. About five minutes into trading, the Dow Jones Industrial Average was down 1.8 percent, or about 480 points. The blue-chip index has fallen the last five days. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 27, 2020 at Wall Street in New York City. - Wall Street stocks opened sharply lower Thursday, joining a sell-off in most global bourses on fears the coronavirus will grow into a significant international health crisis. About five minutes into trading, the Dow Jones Industrial Average was down 1.8 percent, or about 480 points. The blue-chip index has fallen the last five days. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 27, 2020 at Wall Street in New York City. - Wall Street stocks opened sharply lower Thursday, joining a sell-off in most global bourses on fears the coronavirus will grow into a significant international health crisis. About five minutes into trading, the Dow Jones Industrial Average was down 1.8 percent, or about 480 points. The blue-chip index has fallen the last five days. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
Traders work during the opening bell at the New York Stock Exchange (NYSE) on February 27, 2020 at Wall Street in New York City. - Wall Street stocks opened sharply lower Thursday, joining a sell-off in most global bourses on fears the coronavirus will grow into a significant international health crisis. About five minutes into trading, the Dow Jones Industrial Average was down 1.8 percent, or about 480 points. The blue-chip index has fallen the last five days. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
The TSE Arrows market centre is seen at the Tokyo Stock Exchange (TSE) in Tokyo on February 26, 2020. - Tokyo stocks opened lower on February 26 extending losses on Wall Street, as the coronavirus continued to spread and public officials warned of the increasing likelihood of a pandemic. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)
A pedestrian stands in front of an electronic quotation board displaying share prices of the Nikkei 225 Index in Tokyo on February 26, 2020. - Tokyo stocks opened lower on February 26 extending losses on Wall Street, as the coronavirus continued to spread and public officials warned of the increasing likelihood of a pandemic. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)
TOKYO, JAPAN - FEBRUARY 25: Pedestrians wearing face masks walk past a monitor displaying the Nikkei 225 index and other financial figures outside a securities firm on February 25 in Tokyo, Japan. The Nikkei index dropped more than 3.5 percent at the open on Monday as global concerns grow about the economic impact of the Coronavirus. (Photo by Tomohiro Ohsumi/Getty Images)
NEW YORK, NY - FEBRUARY 25: Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2020 in New York City. Fueled by deepening concerns of the Coronavirus becoming a global pandemic, the stock market plunged Tuesday, with the Dow Jones Industrial Average losing almost 900 points. (Photo by Scott Heins/Getty Images)
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

In an interview with the Berkshire Hathaway (BRK-A, BRK-B) CEO in his Omaha headquarters on Tuesday, Buffett called the recent market shock “a one-two punch” with coronavirus and the plunge in oil prices, but indicated that the October crash of 1987 which he called a “financial panic” was worse.

As for the market collapse in the the fall of 2008, he said that was “much more scary, by far, than anything that happened yesterday [Monday of this week.]”

Market volatility has exploded in recent weeks with the spread of COVID-19. The S&P 500 (^GSPC) has plunged 19.4% from its Feb. 19 high of 3,393.52 to its March 9 low of 2,734.43, that P/E has come down sharply.

Things really crescendoed on Monday with the major indices dropping 7% in a single day. The Dow Jones Industrial Average (^DJI) fell 2,013 points or 7.8%

Read Full Story
  • DJI21052.53-360.91-1.69%
    NASDAQ7373.08-114.23-1.53%
  • NIKKEI 22517820.191.470.01%
    Hang Seng23236.11-43.95-0.19%
    DAX9525.77-45.05-0.47%
  • USD (PER EUR)1.08-0.0043-0.40%
    USD (PER CHF)1.02-0.0044-0.43%
    JPY (PER USD)108.450.62300.58%
    GBP (PER USD)1.23-0.0142-1.14%