Berkshire's Buffett calls himself a 'card-carrying capitalist'

Warren Buffett, the CEO and chairman of the Berkshire Hathaway, doesn’t think the U.S. political system is shifting toward socialism anytime soon, despite a progressive push from some Democrats.

“I don’t think the country will go into socialism in 2020, or in 2040, or 2060,” Buffett told investors in Omaha, Nebraska during Berkshire’s the annual 2019 meeting.

Buffett -- whose net worth is estimated around $89.9 billion, according to Forbes -- was discussing the emerging clash on the left between moderate Democrats and those who identify as Democratic socialists, such as Sen. Bernie Sanders, I-Vt., or Rep. Alexandria Ocasio-Cortez, D-N.Y.

Buffett stressed that he thinks capitalism involves regulation and government oversight, including taking care of individuals who were left behind by the system, particularly when a small portion of the country becomes enormously profitable.

“I’m a card-carrying capitalist,” Buffett said. “And I believe we wouldn't be sitting here, except for the market system and the rule of law and some of the things that are embodied in this country.”

During the 2016 presidential election cycle, Buffett donated to Democratic nominee Hillary Clinton’s campaign, albeit relatively small donations (he and his wife each donated about $2,700, according to Forbes).

Buffett largely eschews Berkshire’s political involvement, telling shareholders that in his 54 years at the helm of the conglomerate, the company has never made a contribution to any political candidate.