"Chaos in the economy in 2009 will continue and probably even much longer. In this situation we can not predict whether the stock market to rise or fall," - said Buffett in a letter to investors Berkshire Hathaway.
In doing so, he urged investors to look to the future. Buffett recalled that the U.S. has experienced hard times. "Only in the XX-th century there were two wars, the Great Depression and we have experienced a recession and the panic on the markets" - says Buffett. In difficult conditions, he notes, the American economy has demonstrated its efficiency. "Such a high capacity, which does not possess any of the economies of the world, we continue in the future. Best days ahead of America," - he said.
Buffett tells investors that the 2008 Berkshire Hathaway finished with the worst figures for 44 years of existence. Investfonda profit fell by 62 per cent. This past year, especially the fourth quarter, says Buffett, has been extremely difficult for investors who worked with raw materials, real estate, as well as corporate and municipal bonds. In the U.S. credit sector by the end of 2008 virtually ceased to function. "The country has adopted a slogan that I saw in their youth to the wall restaurant: 'We believe in God. Others are paid in cash'," - says Buffett.
Warren Buffett acknowledged that he had made a number of "nevynuzhdennyh" errors. Foremost among them, according to Buffett, was buying a large stake in ConocoPhillips at the peak of oil and gas prices. In the future, says Buffett, oil will cost considerably more expensive than 40-50 dollars per barrel. However, he acknowledges, the purchase of shares of the fund had losses of several billion dollars.
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