Tags: Trump Administration | Donald Trump | Financial Markets | warren buffet | stocks | rise | trump

Warren Buffett: Stocks Will Continue to Prosper Under Trump

Warren Buffett: Stocks Will Continue to Prosper Under Trump

(AP Images)

By    |   Friday, 11 November 2016 12:35 PM

Billionaire investor Warren Buffet — a longtime critic of Donald Trump — said he expects stocks to continue to rise under the billionaire real-estate tycoon's term as president of the United States.

"The stock market will be higher 10, 20 and 30 years from now and it would have been with Hillary [Clinton] and it will be with Trump," Buffett said in an interview with CNN's Poppy Harlow.

Any suggestion they will begin to plunge in the wake of Trump's surprise victory on Tuesday is "silly," the CEO of Berkshire Hathaway added.

But Buffett is not all rosy over Trump being good news for the market.

He called the creation of new taxes on goods imported from Mexico and China a "very bad idea, but I'm not going to say it would cause a recession."

Buffett, who is nicknamed "The Oracle of Ohama" for his financial prowess, added, "I would say [Trump] understands business, but his record has been better at licensing than putting up his own capital."

After an initial plunge as ballots were counted in Tuesday night, stocks rallied before pulling back on Friday.

MarketWatch reports the S&P 500 is on track for a 3.6 percent weekly gain, while the Dow is up nearly 5 percent.

Last month, Buffett denied Trump's allegation that he, like Trump, had taken "a massive deduction" to avoid federal income taxes.

Buffett said he paid about $1.85 million in income tax in 2015, and that returns for previous years were similar.

"I have paid federal income tax every year since 1944, when I was 13 … Being a slow starter, I owed only $7 in tax that year."

Trump's claim came after The New York Times revealed that Trump's declared loss of $916 million in 1995 was so large he could legally avoided paying federal income taxes for up to 18 years.

© 2018 Newsmax. All rights reserved.

   
1Like our page
2Share
Newsfront
Billionaire investor Warren Buffet - a longtime critic of Donald Trump - said he expects stocks to continue to rise under the billionaire real-estate tycoon's term as president of the United States.
warren buffet, stocks, rise, trump, presidency
307
2016-35-11
Friday, 11 November 2016 12:35 PM
Newsmax Media, Inc.
 

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