Billionaire Warren Buffett maintains optimism and preaches patience with the US economy – 02/25/2023 – Market

Billionaire investor Warren Buffett signaled on Saturday that he had lost none of his enduring confidence in the US economy and his company Berkshire Hathaway Inc.

In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the longer-term big picture rather than higher inflation and other factors that in 2022 dampened share prices, though not them. from Berkshire.

He also urged Americans not to be convulsed by “self-criticism and doubt,” saying the country’s dynamism had benefited Berkshire in his 58 years at the helm of the company in Omaha, Nebraska, and will do so after he hands over the reins.

“We have the ‘American Tailwind,’ and though it has stopped from time to time, its driving force has always returned,” Buffett wrote.

“I have yet to see a time when it makes sense to make a long-term bet against America. And I very much doubt that any readers of this letter will have a different experience in the future.”

The letter was accompanied by Berkshire’s year-end results, which Buffett said reflected a “good” year for Berkshire despite supply chain disruptions and rising inflation, including a record operating profit of $30.8 billion. of dollars.