Buffett voices optimism on US businesses

Billionaire investor Warren Buffett voiced optimism about the prospects for American businesses on Saturday, Reuters reported.

Buffett, the chief executive officer of Berkshire Hathaway, said that U.S. businesses will be worth a lot more in the future.

“American business — and consequently a basket of stocks — is virtually certain to be worth far more in the years ahead,” Buffett wrote in his letter to Berkshire shareholders.

{mosads}Buffett argued that those with a negative long-term outlook on the economy should not take their own predictions seriously.

“Ever-present naysayers may prosper by marketing their gloomy forecasts. But heaven help them if they act on the nonsense they peddle,” he said.

Buffett’s letter came as Berkshire Hathaway reported an increase in its quarterly profit though a drop in its operating income, Reuters noted.

In his letter Buffett also maintained that investors “will almost certainly do well” in the long run with a “collection of large, conservatively financed American businesses,” the report noted.