The U.S. is in deeper trouble than I thought, if Warren Buffett is right. In proclaiming an “all-in wager on the economic future of the United States, Buffett just paid $44 billion for a 19th century technology platform, a railroad, that carries 20th century goods—coal, agriculture, imports from Asia, petroleum. This is a vision of an America mired in the past and in economic and political decline.
And Buffett just might be right. He has a great track record betting against innovation. His company, Berkshire Hathaway, is famous for investing in insurance companies and utilities, and avoiding high tech and innovative corporations. Its stock is up 84% over the past decade, while the S&P 500 is down by 18%.
Warren Buffett's Bet Against Innovation
