- Warren Buffett joked in a CNBC interview in 2010 that he would’ve faced a fast-food Thanksgiving in 2008 if US authorities hadn’t saved the financial system.
- “If the government hadn’t acted, I would be eating Thanksgiving dinner at McDonald’s,” he said.
- The famed investor and Berkshire Hathaway CEO wouldn’t mind too much, as he typically picks up breakfast at the restaurant chain on his way to work.
- Buffett is also the proud owner of a McDonald’s gold card, meaning he can eat for free at the company’s restaurants in Omaha.
- Visit Business Insider’s homepage for more stories.
Warren Buffett would have celebrated Thanksgiving with a Big Mac, fries, and a milkshake in 2008 if US officials hadn’t bailed out the banks, he joked in a CNBC interview in 2010.
“If the government hadn’t acted, I would be eating Thanksgiving dinner at McDonald’s,” he quipped.
Read more: An innovation-focused portfolio manager at a $158 billion firm shares 8 disruptive stocks across multiple industries he thinks could grow 30% every year over the next decade
The billionaire investor and Berkshire Hathaway CEO was underscoring the enormous threat posed by the financial crisis in 2008. However, few would put it past him to follow through on a fast-food Thanksgiving.
Buffett typically grabs breakfast at McDonald’s during his morning drive to the office, opting for a pricier bacon-egg-and-cheese biscuit if he’s feeling especially wealthy. He also carries one of the restaurant chain’s gold cards, which entitles him to free McDonald’s meals for life in his hometown of Omaha, Nebraska.
“That’s why the Buffett family has Christmas dinner at McDonald’s,” he joked in a CNBC interview in 2007.
Read more: A senior portfolio manager at Morgan Stanley’s $665 billion investment-management business shares his playbook as stocks run higher in 2020 — and 3 non-COVID threats that will occupy his attention in 2021
Buffett isn’t shy about showing his love for McDonald’s or his thriftiness — even when he’s spending time with Bill Gates, one of the wealthiest men in the world.
“Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald’s?” Gates wrote in a public letter to Buffett in 2017. “You offered to pay, dug into your pocket, and pulled out…coupons!”
Giving thanks to the government
Buffett joked about celebrating Thanksgiving at McDonald’s shortly after he praised the US government’s financial-crisis interventions in a New York Times op-ed article.
“The challenge was huge, and many people thought you were not up to it,” he wrote. “Well, Uncle Sam, you delivered.”
The investor signed the letter “Your grateful nephew, Warren.”
Read more: Lazard’s top ESG stock-picker outlines the 3-part strategy he’s used to beat 75% of his peers and smash his benchmark without paying Tesla-like prices
There are few people more qualified than Buffett to judge the federal response in that period. When credit markets seized up, Berkshire invested billions of dollars in blue-chip companies including Goldman Sachs and General Electric, and it loaned much-needed cash to ailing businesses such as Harley-Davidson.
The investor also called Treasury Secretary Hank Paulson in October 2008 to suggest the US government invest directly in the banks instead of only buying their assets, inspiring a program that might have staved off an even deeper recession.