When inflation is high, Warren Buffett has only one tip
Speaking at the annual Berkshire Hathaway 2022 shareholders' meeting, its CEO Warren Buffett reiterated his long-held advice that one of the strongest defenses against inflation is sharpening your skills.
"The best thing you can do is be extremely good at something," the 91-year-old said on Saturday. Citing professions such as doctors and lawyers as examples, Buffett said, "[people] will give you some of what they produce in exchange for what you give."
Buffett added that capabilities, unlike currency, are resilient to inflation. If you have a skill that is in demand, it will remain in demand no matter how much the dollar is worth.
It's similar advice that Buffett shared in 2009 when he said "the best thing to do is invest in yourself."
At the time, Buffett also said that the next best thing a person can do is invest in "a great business" that makes products that are in demand regardless of dollar performance.