Warren Buffett’s Berkshire Hathaway was forced to cut about 20,000 jobs last year as demand for products across its entire spectrum of energy, luxury goods, insurance and services declined. However, now Warren Buffett sees signs of life in all of his businesses.
In remarks to the Montana Economic Development Summit, Mr. Buffett said that things are looking up for the US economy. He said “We will not have a double-dip recession at all. I see our businesses coming back almost across the board.”
He went on say he does not see the sour sentiment as expressed in the media over the past several months. “I don’t see that in our businesses. I see we’re employing more people than a month ago, two months ago.”
Mr. Buffett said US banks were ready to boost lending and encouraged entrepreneurs to seek financing for their business ideas. Berkshire Hathaway is the biggest shareholder in banking giant Wells Fargo which is the nation’s top home lender. Mr. Buffett said, “It’s night and day from a year, year and a half ago. I know Wells Fargo, they would love to have $50 billion more of loans now. Go in and talk to the banker.”
Based on track record, Buffett’s bullishness on America is a positive sign for investors. After all, he built Berkshire Hathaway into a $200 billion conglomerate and has amassed the world’s third-biggest personal fortune through decades of brilliant investments.
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