Back in 2008 Warren Buffett predicted a quick turnaround in housing. Here at Doom we were skeptical about his prediction.
Turns out that time around our crystal ball was better, and Buffett admits his predictions were off:
OMAHA, Neb. — Billionaire investor Warren Buffett said Saturday that he was “dead wrong” with a prediction that the U.S. housing market would begin to recover by now, but he remains optimistic about the nation’s economy.
In his annual letter to Berkshire Hathaway shareholders, Buffett said he is sure housing will recover eventually and help bring down the nation’s unemployment rate. But he did not predict when that will happen.
So housing will recover “eventually”. This time we are with Buffett. A hard date is a tough call, but “eventually” is a safe bet.