The Oracle of Omaha still likes the market — but he’s hardly pounding the table.
FORTUNE — In his annual letter to Berkshire Hathaway (BRKA) shareholders, released Friday afternoon, Buffett says he still believes U.S. stocks will “do well.” He notes that he made his first stock purchase during the bleakest part of World War II, so even if things look not so great right now, you should end up doing fine as well.
But compare that to last year’s letter. Buffett devoted three and a half pages – over 1,900 words – to a detailed explanation of why he thought stocks were a much better investment than say gold or bonds. (See Warren Buffett: Why stocks beat gold and bonds.) He also said he was bullish on U.S. housing.