Warren Buffett Calls President Obama Right Commander for Economic Pearl Harbor

President Obama has the friendship and counsel of value investor Warren Buffett who endorsed Obama early in the presidential campaign and is expected to remain active in giving the President’s economic team advice.

Buffett, who through his company Berkshire Hathaway has investment in insurance companies, furniture companies, and large stakes in Coca-Cola and Wells Fargo Bank, has suffered major losses like most Americans. But unlike many Americans, Buffett has always adopted a value-based long-term investing approach and has in the past advocated maintaining 5% of investor’s portfolios in cash or bank savings accounts.