Worth “just” USD 250 million in 1982, the Omaha-based legendary value investor Warren Buffett has become one of the world’s richest men by turning since 1965 a textile company in hot waters – Berkshire Hathaway – into a USD 100 billion 90-business conglomerate in various sectors such as railroads, energy, retail and insurance.
“Whenever I hear people talk pessimistically about this country, I think they’re out of their mind,” Warren Buffett said in New York at an event celebrating the 100th anniversary of Forbes magazine. Summing up, there’s no rich man out there who’s really a short seller of US stocks.
“It has been 241 years since Thomas Jefferson wrote the Declaration of Independence. (…) Being short America has been a loser’s game. I predict to you it will continue to be a loser’s game,” stressed 87-year-old Buffett.
Indeed, despite multiple financial crisis, two world wars and a cold war, the US stock markets have kept growing whatever were the circumstances, that’s why Warren Buffett thinks the Dow Jones Industrial Average (DJIA) could be “over 1 million” in 100 years, up from its current range at around 22.250 and 22.370.