The only way is up for U.S. stocks. That’s according to one of the most closely followed billionaire investors around — Warren Buffett, who was speaking at an event in New York Tuesday evening to mark the 100th anniversary of Forbes magazine.
The chairman of Berkshire Hathaway (BRK) said he thinks the U.S. is in fairly good shape, and even 100 years out, stocks are a good bet.
Backing that up, Buffett noted that 1,500 distinct people have featured on Forbes’s list of 400 wealthiest Americans since the beginning of the tally in 1982.
“You don’t see any short sellers” one of them, he Said, referring to those who expect equity prices will collapse, according to a report in Reuters.
Doubling, Even tripling on that belief that U.S. stocks are the best long-term bet around, he pitched at a rather bullish call. Buffett said he expects the Dow Jones Industrial Average to be “over 1 million” in 100 years. The index was at 81 around 100 years ago, he explained, so that isn’t such a far-fetched notion.
The Dow industrials closed at 22,370.80 on Tuesday, the benchmark’s 41st record for 2017.
“Being Short America has been a loser’s game. I predict to you it’ll continue to be a loser’s game,” said Buffett
He appeared on the cover of this anniversary issue of Forbes, featuring 100 greatest business minds. Its cover is interactive, allowing readers to pose questions to Buffett via their telephones; an artificial-intelligence program interprets the query and responds with one of 33 prerecorded videos.
In that issue, Buffett discusses his favorite investment read — Benjamin Graham’s “The Intelligent Investor” — and favorite investment — auto insurer Geico.