New Delhi, May 8 -- Asked a question about Berkshire Hathaway's earnings power over the past financial year by a London-based economics professor at the company's annual gathering of shareholders on 3 May, Warren Buffett conjured a soliloquy worthy of a Shakespearean comedy.

His voice, as he approaches his 95th birthday on 30 August, sounded croaky. But he replied with a quick reference to problems at the utility business Berkshire owns and embarked on a riff about the foundation of the company's success: "We will make our best deals when people are most pessimistic." This principle has guided Berkshire over the decades, including during the financial crisis of 2008-09, when Buffett threw a lifeline to Goldman Sachs by investing $5 billi...