Buffett says economy is in shambles, but still likes stocks

Speaking on CNBC before his annual charity lunch, Berkshire Hathaway (BRK.A, BRK.B) CEO Warren Buffett talked down speculation of an economic recovery.

"Everything that I see about the economy is that we've had no bounce... in terms of the economy coming back, it takes a while." Although Buffett said that measures taken in the fall of 2008 to stabilize the financial system had worked, the stimulus efforts had not made an immediate difference. He said that weak demand still existed across all business areas he receives data on, including retail, manufacturing, and even electricity.