Two days after sending out his annual shareholder letter for Berkshire Hathaway Inc., billionaire Warren Buffett appeared on CNBC to discuss topics ranging from health care reform to the goings on of his company. Buffet also stated his opinion on the economic progressing, stating that the economy is rebounding but at a very sluggish rate. He added that weak consumer spending would keep job growth to a minimum for some time.
Buffett, whose appearance lasted three hours, has insight into the economic progress as a result of the array of subsidiaries possessed by Berkshire Hathaway. Buffet said the reports he reviews from the 80 subsidiaries, which extend from retail to manufacturing show only minor improvements. Most, he says, are still operating at worse levels than two years ago, directly before the crash.
Buffett’s company has a hand in furniture, corporate jets, clothing, insurance, utilities and more. Insurance and utilities alone currently account for one-third of the total business. Berkshire Hathaway's net income increased by 61 percent, to $8.1 billion last year. Despite the improvements, Buffet said only, "it's getting better, but at a very, very slow rate."
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
