I found this Warren Buffett interview to be interesting, particularly when he says this:
BECKY: The last time we sat down to talk to you was on May 4, and at that point you told us that you think we’re in an economic war right now. How much progress do you think we’ve made in that war?
BUFFETT: Well, it’s been pretty flat. I get figures on 70-odd businesses, a lot of them daily. Everything that I see about the economy is that we’ve had no bounce. The financial system was really where the crisis was last September and October, and that’s been surmounted and that’s enormously important. But in terms of the economy coming back, it takes a while. There were a lot of excesses to be wrung out and that process is still underway and it looks to me like it will be underway for quite a while. In the (Berkshire Hathaway) annual report, I said the economy would be in a shambles this year and probably well beyond. I’m afraid that’s true.
As an aside, for those interested I wrote an article a few months ago titled “Does Warren Buffett’s Market Metric Still Apply?” It discusses several issues that may be of interest to followers of Buffett, as well as investors in general. It can be found under the “Investor” heading here:
SPX at 920.26 as this post is written