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Warren Buffett Says the Dow Will Be Over 1 Million in 100 Years

By:
Rob Wile
2 min read
Warren Buffett (C) is joined onstage by 24 other honorees at a celebration of the Forbes list of 100 Greatest Business Minds. - Daniel Zuchnik—WireImage
Warren Buffett (C) is joined onstage by 24 other honorees at a celebration of the Forbes list of 100 Greatest Business Minds. Daniel Zuchnik—WireImage

Warren Buffett didn't become one of the world's richest people by betting against America.

In remarks Tuesday night at a Forbes party celebrating 100 great living "business minds," the Berkshire Hathaway chairman noted that none of the other honorees did either.

“Whenever I hear people talk pessimistically about this country, I think they’re out of their mind,” Buffett said according to Reuters.

He continued:

“It has been 241 years since Thomas Jefferson wrote the Declaration of Independence. Being short America has been a loser’s game. I predict to you it will continue to be a loser’s game.”

Buffett has earned $5.7 billion in the past 12 months according to the Bloomberg Billionaire's index, putting his net worth at $78.8 billion, fourth-highest in the world.

Buffett also predicted the Dow Jones Industrial Average would be “over 1 million” in 100 years, given how the index has performed since it was first introduced over a century ago. The index closed Tuesday at 22,370.80, and is up 23% over the past year.

Bear in mind that Buffett was being a little disingenuous with his predictions about the Dow. While the 1-million mark sounds astounding, the Dow would only need to grow by 3.8% annually, which is historically lousy.

Still, Buffett was so pleased at the Forbes event that he literally burst into song, singing a duet of "The Glory of Love" with Stevie Wonder. An attendee posted footage on Instagram:

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