Warren Buffett seems pessimistic

Like the swallows returning to San Juan Capistrano, Warren Buffett's acolytes arrive every year at the annual meeting of Berkshire Hathaway Inc (BRK.A) in Omaha, hoping to absorb the wisdom of the greatest investor ever. Unfortunately, today he did not offer them much reason for optimism.

"It has been a very extraordinary year," Buffett told the record crowd gathered to hear him. "When the American public pulls back the way they have, the government does need to step in. . . . It is the right thing to do, but it won't be a free ride."