This morning, Warren Buffett, who controls the investment company Berkshire Hathaway and is the second richest man in the world, came out and said that the financial stocks were ridiculously undervalued and therefore he has started buying a lot of stock in several of the biggest U.S. banks (Citigroup, Bank of America, Wells Fargo)...
Buffett went on to say that not only are his new investments in these banks a vote of confidence for the growth prospects for the financial sector, but it was also a result of his belief that the U.S. economy is improving and better times are ahead.
So as I've written several times here, my favorite sector for the next 6-12 months remains the financials...
Thanks for the vote of confidence in the banks and in the U.S. economy today Mr. Buffett, it's nice to know I'm in good company.
