The New York Times has a must-read analysis of Warren Buffett's annual letter to investors. Iowa Political Alert is not in the business of giving investment advice but Buffett is a top advisor to President Barack Obama.
Buffett is optimistic about a recovery -- although he says 2009 will be tough.
Here's where he's going bargain-shopping according to The Times:
Despite its record losses, Berkshire Hathaway still has about $25 billion of cash on hand and has been buying preferred shares of General Electric and Goldman Sachs, as well as the debt of companies like Harley-Davidson and Tiffany & Company. Mr. Buffett is shopping for bargains while the share prices of most companies are sliding — his own portfolio included.