Billionaire Warren Buffett says the latest recession really shook up Americans’ confidence but he sees the economic slide ending.
The head of Berkshire Hathaway Inc. said on Monday that he can’t predict how quickly the economy will improve. Economists say the recession began in December 2007.
Buffett, interviewed on ABC television, said his worst business decision in 2008 was investing in ConocoPhillips when the price of oil was high. His best investment was Geico.
Buffett addressed his shareholders this past weekend and defended the steps he took to help the company navigate the “financial hurricane.” Berkshire reported a 2008 profit of $4.99 billion, or $3,224 per ‘Class A’ share. That was down 62% from the previous year, but better than many companies. (Economic Times)