Buffett says he was 'dead wrong' on housing market

OMAHA, Neb. (AP) -February 25, 2012 (WPVI) -- Billionaire investor Warren Buffett admits he was "dead wrong" with his prediction that the U.S. housing market would begin to recover by now, but he remains optimistic about the nation's economy.

In his annual letter to Berkshire Hathaway shareholders, Buffett says he's sure housing will recover eventually and help bring down the nation's unemployment rate. But he says he's not sure when.

The admission Saturday was in keeping with Buffett's plainspoken manner.

Buffett also used his letter to praise key Berkshire managers at Geico, General Reinsurance, MidAmerican Energy and Burlington Northern Santa Fe railroad. Those companies are all Berkshire subsidiaries.

They helped Berkshire generate $10.3 billion in net income last year, down from nearly $13 billion in 2010.

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