Monday, April 28, 2008

Buffett says recession may be worse than feared. And: Centrica Jumps 2 Percent on Buffett Stake Talk BRK.A; CNA.L)

Wall of worry. 'Til it stops.

Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect.

Buffett made his comments on CNBC television after his Berkshire Hathaway Inc. agreed to invest $6.5 billion in the takeover of chewing gum maker Wm. Wrigley Jr. Co. by Mars Inc. in a $23 billion transaction.

"This is not a field of specialty for me, but my general feeling is that the recession will be longer and deeper than most people think," Buffett said. "This will not be short and shallow...MORE

From Reuters (Apr. 22):

Shares in British energy firm Centrica (CNA.L: Quote, Profile, Research) rose as much as 2.5 percent on Tuesday on the back of market talk that Warren Buffett's Berkshire Hathaway (BRKa.N: Quote) investment group was building a stake in the company, traders said....