Buffett: Candidates Wrong About the Economy

The US economy is in better shape than the presidential candidates make it seem, investor Warren Buffett said Saturday. In his annual letter to Berkshire Hathaway shareholders, Buffett didn't name specific candidates or issues, but noted that the negative drumbeat about the economy, health care reform, and income inequality may get voters down about the future, reports AP. "It's an election year, and candidates can't stop speaking about our country's problems (which, of course, only they can solve)," he said. "That view is dead wrong: The babies being born in America today are the luckiest crop in history."

Buffett's letter—read it in full here—is one of the most well-read documents in the business world each year because of his successful track record and his knack for explaining complicated subjects in simple terms. The Wall Street Journal is parsing it as well, observing that Buffett "brushes past last year’s disappointing stock performance, dwells on Berkshire’s ties to private-equity firm 3G, talks about Berkshire’s big 2015 deal, and defends manufactured -housing unit Clayton Homes." Buffett said the book value of Berkshire's businesses improved 6.4% last year even as its stock price fell 12.5%. (More Warren Buffett stories.)