Warren Buffet, business magnate, frequent ‘world’s wealthiest man’, and CEO of Berkshire Hathaway, just recently gave an interview to CNN in the wake of the recent US presidential election. Mr. Buffet speaks about the health of the US economy and his view that the US economy is ‘softer’ than most people realize.
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Referring to Q3 GDP, Mr. Buffet notes:
“I don’t think it was a 2.9% quarter… I look at everything. We’ve got 70+ businesses… and I love numbers so I get it on a very real time basis. The Federal Reserve and those people, they’re getting a thousand times as many figures and they’ve got all kinds of people working on it but if I had to bet, they end up revising the third quarter and it will get revised downward… I think the economy is not growing at 2.9%”
Mr. Buffet goes on to describe point to declining rail traffic and trucking, warning that auto sales may be next. Nonetheless, he claims that he is still buying stocks and that the financial markets “don’t have to go with business.”
The interview goes on to discuss Mr. Buffet’s views on wealth distribution and taxes.
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