-(and usually around the time the Omaha billionaire knows that the government will backstop his TBTF investments, unlike those of pretty much anyone else), on Saturday the head of Berkshire Hathaway had a far more downbeat and gloomy prediction for his own businesses - and the broader economy in general - the good times may be over.

Speaking at Berkshire's annual general meeting in Omaha, Nebraska, the billionaire investor said he expects earnings at the majority of the conglomerate's operations to fall this year as the coming economic downturn slows corporate activity further. He made his pessimistic comments even as Berkshire posted an almost 13% gain in operating earnings to $8.07 billion for the first quarter, up from $7.04 billion a year ago.

"The majority of our businesses will report lower earnings this year than last year," Buffett, 92, said, before crowds of thousands at the event on Saturday according to Bloomberg. During the last six months or so, the "incredible period" for the US economy has been coming to an end, he said.