Legendary investor Warren Buffett has made a U-turn from his previous stance as an "uber bull", saying he now thinks the US is "still in a recession".
Reports from the US say the ‘Oracle of Omaha' has changed his mind from a fortnight ago, when he categorically ruled out a double-dip recession in the US.
Yesterday Buffett, the second richest man in the US with a $45bn fortune, told CNBC: "I think we're in a recession until real per capita GDP gets back to where it was before."
While he still believes the US will eventually emerge from recession, he says it may take some time.
Buffett was responding to a question about the National Bureau of Economic Research's announcement earlier this week that the recession 'officially' ended in June, 2009.
"Well, they define it differently," Buffett said of the NBER statement.
"But I will tell you that on any common sense definition, the average American is below where he was before, or his family, in terms of real income, GDP. We're still in a recession. And we're not gonna be out of it for awhile, but we will get out of it."
Speaking to the Montana Economic Development Summit earlier this month, Buffett had said he was still confident of an economic rebound, and was seeing businesses owned by his Berkshire Hathaway vehicle expanding.
He said at the time: "I am a huge bull on this country. We will not have a double dip recession at all," Buffett says. "I see our businesses coming back almost across the board."
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