OMAHA, Neb. (AP) - Billionaire investor Warren Buffett admits he was "absolutely wrong" with his prediction that the U.S. housing market would start to recover now, but he remains optimistic about the economy.
In his annual letter to shareholders of Berkshire Hathaway, Buffett said he is sure to get housing and will eventually help lower the unemployment rate in the nation. But he says he is not sure when.
Saturday admission was consistent with the plainspoken manner Buffett.
Buffett has also used his letter to Berkshire to hire key managers Geico, General Reinsurance, MidAmerican Energy and Burlington Northern Santa Fe Railway. These companies are all subsidiaries of Berkshire.
They helped Berkshire generate $ 10.3 billion in net income last year, against nearly $ 13 billion in 2010.
In his annual letter to shareholders of Berkshire Hathaway, Buffett said he is sure to get housing and will eventually help lower the unemployment rate in the nation. But he says he is not sure when.
Saturday admission was consistent with the plainspoken manner Buffett.
Buffett has also used his letter to Berkshire to hire key managers Geico, General Reinsurance, MidAmerican Energy and Burlington Northern Santa Fe Railway. These companies are all subsidiaries of Berkshire.
They helped Berkshire generate $ 10.3 billion in net income last year, against nearly $ 13 billion in 2010.
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