Warren Buffett's Stern Advice: "Never Invest Against the United States"

Warren Buffett (90), chairman of Berkshire Hathaway, known as the "Investment Genius," is answering shareholders' questions at the annual general meeting held on May 2 last year (local time) at the Omaha headquarters in Nebraska.
[Image source=Yonhap News]

[Asia Economy Reporter Choi Eun-young] Warren Buffett (90), the 'investment genius' and chairman of Berkshire Hathaway, advised, "Never invest against America."

On the 28th, Buffett stated in his annual shareholder letter, "Although America's progress is slow, uneven, and often discouraging, there has been no incubator that has unleashed human potential like America," and emphasized, "Never bet against America."

He continued, "Despite some serious obstacles, America's economic growth has been breathtaking," and stressed, "The unwavering conclusion is to never bet against America."

He added, "Success stories are spread throughout the United States. Since America's founding, people with ideas and ambitions, often with little capital, have created something new or improved the old, turning their dreams into success stories."

Buffett also explained that Berkshire Hathaway holds the largest amount of U.S. assets (real estate, factories, facilities, etc.) worldwide. Based on depreciated cost, Berkshire Hathaway's fixed assets in the U.S. amount to $154 billion (approximately 173 trillion won), surpassing AT&T's $127 billion to rank first.

However, last year's performance was sluggish due to the impact of COVID-19. According to the letter, Berkshire Hathaway's annual net income for 2020 was $42.5 billion (approximately 48 trillion won), a 48% decrease from the previous year. However, in the fourth quarter alone, net income increased by 23% compared to the same period last year, showing signs of recovery.