Warren Buffett Doesn't Think Donald Trump Will Send the Economy Off Course

While there are indications that Donald Trump's presidency will include a recession, investing tycoon Warren Buffett doesn't think people have to be concerned about the economy or the stock market. He discussed the future of the economy, amid other topics, in an interview with Fortune Nov. 15.

These recession indicators include market uncertainty, protectionism and the possible repeal of the estate tax. Furthermore, the current bull market is more than seven years old, while the average post-war economic expansion is less than five years. While the stock market has benefited from a Trump rally since the election, MarketWatch cautions the possible bubble phenomenon in the market could leave investors dismayed in the future.

But the chairman of Berkshire Hathaway (ticker: BRK.A, BRK.B) is buying the stocks he was prior to the election, and says that following Trump's presidency, the U.S. will be richer.

Meanwhile, he has spent $15 billion on the development of wind energy and says it's likely his company will still fund billions into it -- though Trump recently told The New York Times he doesn't support subsidizing wind farms.

"Investment in wind wouldn't have gone forward in virtually all cases, unless there was the tax credit involved," Buffett says. "So the government has said, 'We are willing to forego a certain amount of tax receipts in order to foster wind, and solar as well.'"

He later added, "You can't expect to get returns in the utility business [that you get in other businesses]. It's not a great business, it's a good business. And the more money we can put in good businesses the better I like it."

Buffett also gave a clue about what he's going to talk about in his 2017 annual report when asked if "the next Warren Buffett" would be an index fund.

"I don't know about ETF, but passive will beat active over time," he said. "But not for the manager. The manager's going to make money out of active and the investor's going to do better with passive. I'm writing a lot about this subject in next year's annual report."

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David Oliver is Associate Editor, Social Media at U.S. News & World Report. Follow him on Twitter, connect with him on LinkedIn, or send him an email at doliver@usnews.com.