(p. 16) Mr. Buffett said Berkshire last year spent more than $5 billion on property and equipment in the United States – more than 90 percent of the company’s total expenditure – and that the overwhelming part of the company’s future investment will be at home.
“The prophets of doom have overlooked the all-important factor that is certain: Human potential is far from exhausted, and the American system for unleashing that potential – a system that has worked wonders for over two centuries despite frequent interruptions for recessions and even a Civil War – remains alive and effective,” he wrote.
“Now, as in 1776, 1861, 1932 and 1941, America’s best days lie ahead.”
For the full story, see:
PETER LATTMAN. “Buffett Plans to Buy Local, Investing Mostly in the U.S.” The New York Times, First Section (Sun., February 27, 2011): 16.
(Note: the online version of the article was dated February 26, 2011 and has the title “As Berkshire Improves, Buffett Sings Praises of U.S.”)