Warren Buffett to remain bearish

In a recent article Warren Buffett claimed that the expects a few more bank failures and claims the housing market to remain ‘tough’ over the next 18-24 months. He anticipates a slow recovery in the US economy and does not expect any improvement prior to 2009. Buffett added, Berkshire Hathaway has no bets right now on currencies but is calling the stock markets ‘more attractive’ than a year ago.

This week Warren Buffett toured Canada’s oil sands with his friend Bill Gates this week to understand how the resources are developed, but the billionaire investor said he had no plan to buy into the sector.

“No, no. I go to the movies, but I don’t buy movie companies. I mean, I’m always interested in understanding the math of things and understanding as much as I can about all aspects of business… And what I learn today may be useful to me two years from now. I mean, if I understand the tar sands today and oil prices change or whatever may happen, I’ve got that filed away and I can use it at some later date.”

– Warren Buffett