Warren Buffett: No Double Dip Recession
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November 8, 2011 6:58 PM |
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I saw this interesting article that i wanted to share with you about Warren Buffet, who predicts that there will not be a double dip recession in the economy.
Warren Buffett's $24 Billion Bet on the U.S. Market
NOVEMBER 8, 2011
BY KERRI SHANNON, Associate Editor, Money Morning
Investing legend Warren Buffett must be feeling good about the U.S. market and economic outlook - he's bet $24 billion on them. Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) invested $23.9 billion in this year's third quarter, the most in at least 15 years. The company bought almost $7 billion in stock last quarter, a 90% jump from the $3.62 billion in the second quarter and a staggering 739% increase from the $834 million purchased in the first. The $23.9 billion also included the $9 billion acquisition of specialty chemical company Lubrizol Corp., finalized in September, and $5 billion in preferred shares and warrants in Bank of America Corp. (NYSE: BAC).These billion-dollar investments by the "Oracle of Omaha" are another move signaling his bullish outlook on the U.S. market.
He's said repeatedly the United States won't see a double-dip recession - and he's putting huge money behind that forecast. "He sees something, and it's big," Thomas Russo, a partner at investment management firm Gardner, Russo & Gardner, toldBloomberg.
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