US essentially in recession - Buffett

In an interview with CNBC today, the man dubbed the ‘Sage of Omaha’ believes a significant slowdown is in progress, even if the technical definition of recession has not yet been met. "I would say, by any common sense standpoint, we are in a recession," Buffett says. The Berkshire Hathaway chairman and CEO also says he is not yet ready to look for opportunities in the equity markets, calling current stock valuations "not cheap". While Buffett says he has found “more things to look at now” than six months or a year ago, he says the best opportunities right now are in bonds and will wait u...