Buffett said it was "extraordinarily" unlikely that Schultz -- who is openly weighing a 2020 run as an independent -- would be able to secure the necessary 270 electoral votes to win the election.
"That isn’t a reflection on him, it is a reflection on the electoral system and the political system in the country. It is really tough," Buffett said Saturday during the Berkshire Hathaway Annual Shareholder meeting in Omaha, Nebraska.
Shultz, the former Starbucks CEO, has publicly stated he is considering a presidential run as an independent in 2020. However, he's received strong pushback from some Democrats who fear that he could split the vote, this securing President Trump’s re-election.
Buffett agreed that an independent run by Schultz would take away votes from both the Democratic and Republican Parties.
"You are probably going to hurt the one you would vote for if you were voting," he said. "By nature, if you lean to the left, you are going to take people away from the Democrats, the right, you are going to take it away from the Republicans."
The Democratic field became more crowded last week when former Vice President Joe Biden entered the race to the White House. If Biden, 76, won the Democratic primary, he and Trump would become the two oldest presidential candidates in U.S. history.
Buffett told Claman that age could become a factor in the 2020 presidential race.
"Obviously the older you get, the more likely you are that something will happen to you. Biden, though -- 76 is a kid to me," he said.