Buffett Debunks Double Dip Recession (BRK-B, WFC)

Bears be damned!  That is what Warren Buffett of Berkshire Hathaway Inc. (NYSE: BRK-B) wants to say.  Buffett is already probably the most well known perma-bull and needs no formal introduction.  Still, he is often considered far too bullish by many skeptics.  For now, Mr. Buffett is out debunking the myths of a double dip recession hitting the United States.

Buffett’s remarks to the Montana Economic Development Summit noted, “I am a huge bull on this country.  We will not have a double-dip recession at all. I see our businesses coming back almost across the board.”  This is on the heels of what Buffett called a sentiment turn in the media.  If you look at the data and consider Buffett’s “all in bet on America” when he bought BNSF, it is not really a situation where Buffett would say, “Boy, it’s time to get cautious all over again.”

Buffett went as far as talking up how Wells Fargo & Co. (NYSE: WFC) would make far more loans if there was demand.

We recently ran over a bunch of trade ideas for Warren Buffett, although they had more to do with concentration of investments than they did a true double-dip recession.

Frankly, this is no shock if you consider Mr. Buffett’s stance.  More detailed remarks can be found at Bloomberg.com.

As always, you can view Buffett’s latest full equity holdings here.

JON C. OGG