Legendary investor Warren Buffett attributes much of his wealth accumulation to the fact that he is American. He reiterated his strong belief in the U.S. economy, brushing aside worries over potential transformative shifts.
What Happened: During the annual Berkshire Hathaway shareholders meeting earlier this month, Buffett, who has amassed his wealth through U.S. stocks, responded by reasserting his faith in the country. “We’re always in the process of change and we’ll always find all kinds of things to criticize in the country. But the luckiest day in my life is the day I was born, because I was born in the United States,” he told CNBC.
Buffett has consistently shown confidence in the U.S. economy, even during the 2007-2009 financial crisis when investors fled from U.S. stocks. Back in 2008, Buffett also wrote an Op-Ed in The New York Times titled “Buy American. I Am,” where he urged investors to hold tight during times of crisis and revealed that his personal account only had American assets due to a firm faith in the economy.
Despite recognizing short-term concerns, such as tariffs, Buffett remains optimistic about the U.S.’s long-term prospects.
"If I were being born today, I would just keep negotiating in the womb until they said I could be in the United States," stated Buffett while expressing his love for the U.S. as the place of his birth and investment.
Why It Matters: Buffett’s optimism is backed by his successful investment history. Notably, 98% of his $160 billion wealth was earned after he turned 65. Buffett’s company, Berkshire Hathaway BRK BRK, has also emerged as a significant player in the U.S. Treasury-bill market, with holdings amounting to $314 billion.
Furthermore, Buffett has announced his plans to step down as chief executive in December, passing the reins to Greg Abel. This transition is likely to usher in a new era for Berkshire Hathaway, but Buffett’s faith in the U.S. economy remains a guiding principle.
Buffett admitted he couldn’t predict short-term stock movements but remained confident that U.S. stocks would eventually continue their long-term upward trend.
The shares of Berkshire Hathaway lost 1.66% to close at $503.40 on Wednesday, while on a year-to-date basis, it surged 11.59%, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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