BUFFETT: There will be economic troubles, but 'we know that America will come out fine'

Warren Buffett isn't too worried about any problems appearing in the US economy.

Buffett has long held the belief that the American economy will do just fine, and he reiterated that belief at the Berkshire Hathaway annual meeting.

"When the rest of the world is fearful, we know that America will come out fine," Buffett said.

In fact, Buffett leaned on his old adage and said that in economic downturns, Berkshire Hathaway is likely to come out on top. The downturn in the economy makes investments look cheaper, the Berkshire Hathaway CEO and chairman said.

Buffett also said that it doesn't particularly matter who the president is, and there will always be downturns in the economy. The resiliency of America should carry the day.

Check out the rest of our coverage of the Berkshire Hathaway annual meeting here.

"There will be an occasional hiccup in the American economy. It doesn't matter who is president," Buffett said. "Those people may get blamed for it."

The legendary investor has also said that the generation being born in America is the "luckiest ever born."

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