Buffett Says US Economy Continues To Grow Steadily
OMAHA, Neb. (AP) — Investor Warren Buffett says the economy continues the steady improvement that began in fall of 2009 and he remains optimistic despite Russia's advance into Ukraine.
Buffett appeared on the business cable channel CNBC Monday morning after releasing an upbeat annual letter to his Berkshire Hathaway Inc. shareholders over the weekend. Buffett is chairman and CEO of the Omaha, Neb., conglomerate.
Buffett said the reports he gets from Berkshire's 80-odd subsidiaries in a variety of industries show that the economy is growing at a moderate rate, despite swings in investors' mood.
"The American economy for five years has been moving at a fairly steady rate upwards —not as fast as people would like — but I think that absolutely continues now," he said.
But Buffett said he doesn't make investment decisions based on the economy or world events, and Berkshire continued buying an unnamed stock in the United Kingdom Monday. He said he focuses on the prospects of the business in which he's investing, and the price.
The Russian military advance into part of Ukraine over the weekend shouldn't prompt investors to sell stocks in good businesses in the United States, Buffett said.
"People react too much to short-term things in the stock market whereas they behave quite rationally when they get into other investments," he said.
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