Warren Buffett is one of the most famous and trusted investors in the U.S., garnering the nickname the Oracle of Omaha over his decades-long career leading Berkshire Hathaway (BRK.B) -) and its $380 billion equity portfolio.
Jaimie Dimon, head of JPMorgan Chase (JPM) -), has become one of the most famous banking CEOs in the world and is so trusted that some people have pushed him to run for U.S. President.
DON'T MISS: Fitch Ratings 'Bizarre and Inept' US Credit Downgrade Ignores One Key Fact
It's not often that major titans of industry have the same against-the-grain take on major economic happenings, but when it comes to the Fitch downgrade of U.S. debt that sent stocks tumbling Wednesday, Buffett and Dimon are on the same page.
It's really not that big of a deal.
"Berkshire bought $10 billion in U.S. Treasurys last Monday. We bought $10 billion in Treasurys this Monday. The only question for next Monday [following the downgrade] is whether we will buy $10 billion in 3-month or 6-month (T-bills)," Buffett told CNBC Thursday.
Dimon agrees, separately telling CNBC that "It doesn't really matter that much," because the market, not rating agencies like Fitch, that determine borrowing costs.
But Dimon took it a step further, saying that the idea that U.S. debt deserves anything but the highest rating "ridiculous"
"To have them be triple-A and not America is kind of ridiculous. It' still the most prosperous nation on the planet, it's the most secure nation on the planet," Dimon said.
"There are a bunch of countries rated higher than us, like AAA, but they live under the American enterprise military system. To have them be rated AAA and not America is kind of ridiculous."
$JPM CEO Jamie Dimon on the Fitch downgrade: “it doesn’t really matter.” @LesliePicker joins us with the highlights from her exclusive interview: pic.twitter.com/U2L5wnFPs4
— Squawk Box (@SquawkCNBC) August 3, 2023
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