In his annual letter (pdf) to Berkshire Hathaway shareholders, Warren Buffett touted his confidence in the U.S. economy while also warning about “runaway inflation” from the consequences of fiscal deficits over the last decade.
Buffett, 92, encouraged investors to concentrate on the long term rather than short-term volatile conditions, arguing that betting against the United States has never worked out in his nearly six decades running the Omaha, Nebraska-based multi-national conglomerate holding company.
After 80 years of investing, Buffett noted, he still has yet to lose any of his confidence in the world’s largest economy.
“We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned,” he wrote….