Billionaire Warren Buffett is optimistic about the US economic future because the nation has begun to unleash the potential of women.
In an editorial he wrote for Fortune magazine that appeared online today, Buffett says most of America's prosperity was created using only about 50 per cent of its talent, the men. So he's confident the country will prosper as more women excel in the workforce.
"For most of our history, women -- whatever their abilities -- have been relegated to the sidelines," Buffett writes. "Only in recent years have we begun to correct that problem."
Buffett also discussed the topic at the University of Nebraska at Omaha's business college today in a talk broadcast online at Fortune.Com.
Buffett, 82, said his two sisters were encouraged to set their sights on "marrying well" as a career goal, even though they are just as bright as him.
"I only had half the workforce to compete with," the investor said.
Buffett is getting ready to face more than 30,000 Berkshire Hathaway shareholders this weekend. He is Berkshire's chairman and CEO.
Berkshire owns roughly 80 subsidiaries that include railroad, clothing, furniture and jewelry firms. Its insurance and utility businesses typically account for more than half of the company's net income. The company also has major investments in companies such as Coca-Cola Co., Wells Fargo & Co., and International Business Machines Corp., better known as IBM.
When it comes to investing, Buffett said anyone looking to manage other people's money should learn everything they can and try to develop a track record of managing money.
"They won't care about your gender if they think you can make them a lot of money," Buffett said.
But he encouraged the students not to define success strictly in monetary terms.
"When you get to be my age ... If the people you want to have love you, love you, then you are a success," Buffett said.
