Buffett Plays Down Hoopla, Hope

At an event that is typically filled with hoopla, Warren Buffett spent much of his company's shareholder gathering this weekend defending a rough year. And he didn't hold out much hope in the near term for better results in many of Berkshire Hathaway Inc.'s businesses.

"We will continue to do quite well in our insurance and utility operations. We won't do well in other operations," Mr. Buffett said.

But Mr. Buffett was upbeat about opportunities for Berkshire, saying he believes the company is well positioned to capitalize on current market turmoil. link...