It was said by Warren Buffet a Billionaire investor that a recovery in the U.S. economy will take time as signs of any rebound is not being seen by him at his businesses spanning retailing, manufacturing and energy.

Buffett is the chairman and chief executive officer of Omaha, Nebraska-based Berkshire Hathaway Inc. Buffet told CNBC that In terms of the economy coming back, it will take sometime. He further said that “Everything we see about the economy is we’ve had no bounce.”

It was said by the Commerce Department on May 31 that the U.S. gross domestic product has fallen in the first quarter, it is dropping at an annual pace of 5.7 percent, the said May 31.

It was reported by Buffett, who oversees candymaking, energy and manufactured-housing units that Berkshire has faced first loss since 2001 and that loss was in the first three months of the year.

It was stated by Buffet that “Industrial demand is down like we’ve never seen it,” He further said that a recovery “will happen but it hasn’t happened yet.”

Apart from that he told Fox News that he is intended to keep his Goldman Sachs Group Inc. warrants. It was said by the New York-based bank that in September it would sell $5 billion in preferred stock to Berkshire. Buffett gets a 10 percent dividend, or $500 million a year, and he also gained warrants to buy $5 billion of common stock at $115 each over the next five years.

He told fox that he think that they will make a lot of money.

According to Forbes magazine, Buffett, ranked the world’s second-richest man, this interview was given by him before a lunch with Zhao Danyang, manager of the Pureheart China Growth Investment Fund in Hong Kong. Last year more than $2.1 million were bid by Zhao to win Buffett’s annual charity auction, which supports San Francisco’s Glide Foundation.

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