OMAHA, Neb. (AP) -- Billionaire Warren Buffett encouraged investors to maintain their faith in America's economy and the businesses his Berkshire Hathaway conglomerate owns in a reassuring letter to his shareholders Saturday.
Buffett hardly even addressed the coronavirus that ravaged many businesses last year, instead focusing on the long-term prospects for the railroad, utility and insurance businesses and stocks that Berkshire Hathaway owns. But he said U.S. business will thrive over time in spite of the pandemic.
“In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country's economic progress has been breathtaking,” Buffett wrote.
The long-time Democrat also expressed faith in the political future of the country shortly after Democrat Joe Biden took over as president.
“Beyond that, we retain our constitutional aspiration of becoming 'a more perfect union.' Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so. Our unwavering conclusion: Never bet against America.”
The letter Buffett issues each year is always well read in the business world because of his remarkably successful track record and his knack for explaining complicated subjects in simple terms.
Along with offering business lessons, the 90-year-old Buffett reassured his stockholders that he has no plans to retire by joking about one of Berkshire's longest-serving managers retiring at the “ridiculously premature retirement age” of 103.