Warren Buffett: No Double-Dip Recession
On the back of the sweet and steady performance showed by the US stocks, Warren Buffett, CEO of Omaha-based investment firm Berkshire Hathaway eliminated the possibility of double-dip recession and declared that businesses run by his firm Berkshire Hathaway are showing sustainable growth.
“I am a huge bull on this country,” said Mr. Buffett, on Tuesday at the Montana Economic Development Summit, as reported by the Bloomberg news.
“We will not have a double-dip recession at all,” he said. “I see business coming back almost across the board.
According to Buffett, the US banks are adopting a flexible approach as far as lending is concerned. The new global rules adopted by the banks indicate that the American entrepreneurs and businessmen will get financial support from the banks, which will help them to establish a better business.
The Berkshire Hathaway recently sold another 1.35 million shares of credit ratings company Moody’s Corp, extending a series of sales that began in mid 2009.
The Berkshire Hathaway runs about 80 businesses and manages numerous subsidiary operations. The market value of Berkshire is approx. 5 billion with a share price up by 20.88% on the NYSE. The Berkshire Hathaway has been consistently outperforming the Dow Jones Industrial Average since past five years.
However, according to a research conducted by CNN Money on top 50 companies to be listed under Fortune 500, Warren Buffett’s Berkshire Hathaway gets the 11th position. Berkshire boasts of the loudest net worth gains after ruling a billion deal by purchasing railroad Burlington Northern.
In 2008, Forbes ranked Warren Buffett as the richest person in the world with an estimated net worth of approximately US billion.