Warren Buffett: I bought $12bn worth of stock after Trump won

The failure of Warren Buffett’s favoured candidate to capture the White House has not dimmed the billionaire’s appetite for stocks.

The billionaire businessman chose Hillary Clinton over President Donald Trump during the campaign.

However, Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway Inc (BRKa.N) since the November 8 presidential election.

In an interview with talk show host Charlie Rose that aired on Friday night, Buffett suggested that Berkshire’s post-election stock purchases overall were even higher, reflecting stocks that his deputies Todd Combs and Ted Weschler bought.

“We’ve, net, bought 12 billion dollars of common stocks since the election,” Buffett said.

“The guys that work with me, the two fellows, they probably bought a little bit or sold a little bit too.”

The speed with which Berkshire is buying stocks is unusual.

It has spent in fewer than three months roughly half what it spent on equities in the three years ending September 30, 2016.

Buffett demurred on whether Berkshire has added to its stakes in the four largest US airlines: American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N), Southwest Airlines Co (LUV.N) and United Continental Holdings Inc ( UAL.N).

Berkshire revealed those stakes in mid-November, surprising many, given Buffett’s long aversion to the sector.

US stocks rose after Trump was elected, reflecting investor optimism that his policies might boost economic growth, aided by a congress also under Republican control.

Buffett said Trump is unlikely to reach his goal of four percent annual growth, but that growth at half that level would over a generation add $19,000 per person to real gross domestic product.

“Two per cent will produce miracles,” Buffett said.

The US economy grew by 1.6 percent last year, the lowest since 2011.