Warren Buffett offered some positive news and insight at a conference this week hosted by Fortune Magazine according to Canaccord Genuity.
Buffett said, "As of today, our housing related businesses are as bad as they've ever been during this period. Everything else you name is up. And our railroad carried 200,000 car loads last week, that's the highest total in three years. That's stuff moving around the country, supplying merchants and doing all kinds of things. If you take our five largest businesses, all of them will either set records for earnings or just about set records for earnings this year.
While not using the cliché “green shoots,” which was popularized in the early days of the fledgling recovery from the current financial crisis, Buffett set a positive tone, continuing, “in our retailing operations, we're seeing same-store gains just like before. I really thought in August and September with all the turmoil in the markets, you'd see a falloff particularly in higher-priced items, but it hasn't happened yet. Maybe it will, but as of today, the recovery is still underway."Canaccord Genuity pointed out that Buffett has recently been quiet on the economy after serving as a cheerleader for equities following the 2008 crash, and that there is fear the stock market could be following the 2008 roadmap as the S&P 500 recently took out the August low.