The COVID-19 pandemic and the related restrictive measures have dealt a heavy blow to the global economy. Given the current situation, investment projects require careful planning. So, in these gloomy economic times, the best option is to follow the recommendations of the world's largest and most famous investor Warren Buffett. His company Berkshire Hathaway posted a net profit increase of 87% even during the pandemic. In these new challenging circumstances, which are associated by many with a deep economic downturn, the billionaire managed to gain the maximum profit.

One of Buffett's main investment recommendations is connected with the strategy of using low interest rates. This is the first factor to help investors succeed in 2020. Initially, the US Federal Reserve lowered the interest rate to almost a zero level. This measure was necessary to support the country's economy. Then, following the Fed's policy, the interest rates were reduced across the board. This can be a great investment opportunity. For example, when paying off a mortgage, it is enough to choose the one with the lowest interest rate. This is a wise decision in case you take a new mortgage or refinance the previous one at a lower rate.

Warren Buffett also warns against accumulating debts, especially during a crisis. It is not surprising that in the time of financial hardship people have to use credit cards. The billionaire says that if he was in such a situation of uncertainty, he would try to pay off all his debts as soon as possible. Even so, you can apply both investment tips: in case of a significant credit card debt, pay it off at the lowest interest rate.

Apart from this, the billionaire advises investors to always keep in mind the worst-case scenario when planning their next step, be it buying or selling an asset. If are you ready to meet the worst outcome, then it will never shock you. Such an approach makes you more resistant to losses and helps you make a rational decision in times of turmoil.

Before the coronavirus outbreak, Warren Buffett owned several airlines. As soon as the virus began to spread across the globe and chaos swept through the markets, Mr. Buffet evaluated the risks and made a decision to sell all his airline stocks despite their rapid plunge. This was hardly an easy decision to make. However, it was a necessary step since, according to the billionaire, the aviation industry will never be the same. A conscious choice is one of the strategies of successful people.

Despite clear signs of a recession and increasing uncertainty, Warren Buffet strongly believes that the US will tackle the crisis that wreaked havoc over the whole world. The economic recovery is expected to be slow and sluggish. Yet, the leading investor holds an optimistic view and recommends adhering to a long-term plan in everything that you do. Warren Buffet reiterates that stocks need to be a long-term investment. In other words, to gain profit, you need to buy shares, having in mind long-term investment goals.

Definitely, this is not a full list of all the secrets and tips of the famous US entrepreneur. However, this is the core of his business strategy, and, apparently, his life credo.