Buffett urges investors to ignore 'prophets of doom' on US

Berkshire Hathaway's Warren Buffett has urged investors to overlook the "prophets of doom" on the US economy, and says now is the time to make significant new investments.

In his annual letter to shareholders, the firm's chairman says he is "itching" to make new acquisitions for his portfolio. "Money will always flow toward opportunity, and there is an abundance of that in America," he says. Buffett says he plans to use some of the company's $38bn in cash to obtain new assets. "Our elephant gun has been reloaded and my trigger finger is itchy." According to its annual report, the firm posted a 43% profit rise last year, boosted by acquisitions and economic improvements. Profits came in at $4.38bn, up from $3.06bn a year ago. Burlington Northern Sa...