Buffett: Stocks still cheap, best investment choice – USATODAY.com
By JEFF BUNDY, AP
OMAHA, Neb. – Billionaire Warren Buffett says stocks remain relatively cheap compared to other investments right now, and the economy continues to improve slowly.
Buffett says he believes stocks will perform better than bonds, gold or any other investment option over time. He says stocks still appear relatively cheap even after prices have improved.
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He says single-family homes are also really cheap. He says if he were handy and could easily buy large numbers of homes, he might invest in them.
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Buffett also says newspapers need to stop giving away their product for free online, but they will have a decent future if they continue delivering information that can't be found elsewhere.
Buffett talked about the news business because Berkshire Hathaway (BRK.A)(BRK.B), of which he is the primary shareholder, chairman and CEO, owns two newspapers and has a sizeable investment in the Washington Post (WPO).
Buffett says newspapers face challenges because of competition from Internet news sources and the rising cost of newsprint. He says newspapers need to make sure they remain the primary source of information about subjects readers are interested in.
He was being interviewed in front of the Omaha World-Herald's printing presses. Buffett's Berkshire bought the World-Herald late last year.
Buffett continues to call for tax reforms and a higher tax rate for wealthy... the current tax code is unfair and favors the ultra-rich.
Neither Democrats nor Republicans want to talk about reforms now because it is an election year.
Buffett says the nation's $1.2 trillion deficit won't be fixed by contributions from individuals. The country is simply spending too much and bringing in too little revenue.
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