Legendary investor and Berkshire Hathaway CEO Warren Buffett is confident the U.S. economy will bounce back despite the grave challenges posed by the ongoing coronavirus pandemic.

“Nothing can basically stop America,” he said during an annual shareholder’s meeting in Omaha, Nebraska on Saturday. “The American miracle, the American magic has always prevailed and it will do so again.”

“In World War II, I was convinced of this,” he continued. “I was convinced of this during the Cuban Missile Crisis, 9/11, the financial crisis.”

During the first quarter of 2020, U.S. GDP declined by 4.8%, the first negative reading since the first quarter of 2014. GDP is expected to drop by an even larger amount in the second quarter, as non-essential businesses are closed across the country to prevent the spread of the coronavirus.

Goldman Sachs has projected second-quarter GDP to drop by a stunning 34%, while Pacific Investment Management Co. (PIMCO) believes GDP will plunge by 30%.

“You can bet on America but you have to be careful about how you bet,” Buffett said later in his speech. “Markets can do anything.”

In Buffett’s case, he said Berkshire Hathaway sold all of its airline stocks. The holding company held more than $4 billion in airlines such as United, American, Delta Air Lines and Southwest as of December.

“The world has changed for the airlines. And I don’t know how it’s changed and I hope it corrects itself in a reasonably prompt way,” he said during the meeting. “I don’t know if Americans have now changed their habits or will change their habits because of the extended period.”

According to Forbes, Buffett is worth $72 billion, making him one of the richest individuals in the world. Berkshire Hathaway subsidiaries include ice cream chain Dairy Queen, insurance company GEICO and clothing manufacturer Fruit of the Loom.

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