Buffett Says He Was 'Dead Wrong' on Housing Market

Saturday, 25 Feb 2012 09:09 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Billionaire investor Warren Buffett admits he was "dead wrong" with his prediction that the U.S. housing market would begin to recover by now, but he remains optimistic about the nation's economy.

In his annual letter to Berkshire Hathaway shareholders, Buffett says he's sure housing will recover eventually and help bring down the nation's unemployment rate. But he says he's not sure when.

The admission Saturday was in keeping with Buffett's plainspoken manner.

Buffett also used his letter to praise key Berkshire managers at Geico, General Reinsurance, MidAmerican Energy and Burlington Northern Santa Fe railroad. Those companies are all Berkshire subsidiaries.

They helped Berkshire generate $10.3 billion in net income last year, down from nearly $13 billion in 2010.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Texas Army Base on Lockdown After Suspicious Vehicle Found

Sunday, 23 Nov 2014 21:58 PM

A lockdown was ordered at a U.S. Army base in San Antonio, Texas, on Sunday evening in what a military spokesman describ . . .

Man Who Ambushed Cops Had Anti-Government Beliefs

Sunday, 23 Nov 2014 18:36 PM

A Florida man who set his house on fire and ambushed responding police officers held anti-government, anti-establishmen . . .

Admiral Denies Role in Counterfeiting Casino Chips

Sunday, 23 Nov 2014 16:58 PM

An admiral linked by Navy investigators to counterfeit casino chips denied Sunday that he played any role in making them . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved