Despite Struggles, Buffet Optimistic
March 1, 2009 by Stephen Kersey
Filed under Business
Warren Buffet, the United States billionaire, remains optimistic in the future of the country. In his annual letter to shareholders of his Berkshire Hathaway, Buffet said that the best years of the U.S. lie ahead.
Warren Buffet - Image: Newscome
However, Buffet also warned in the same letter that the economy in 2009 will remain in “shambles” and said it could remain that way for “well beyond”.
Buffet has been chairman and CEO of Berkshire Hathaway for nearly 45 years and his company has just seen the most difficult year in its history. In 2008, the book value of Berkshire Hathaway dropped approximately 9.5%. The only other time in the company’s history that it failed to grow from one year to the next was in 2001 following the attacks of 9/11.
Currently, Berkshire Hathaway’s stock is at $78,600. Although it’s still the most valuable stock in the United States, it lost approximately one-third of its value in 2008. Compared to its peak value of over $150,000 in 2007, Berkshire Hathaway’s stock has almost lost half of its value.
