Berkshire Hathaway held its annual meeting last weekend, and Warren Buffett provided some gloomy commentary on the U.S. economy. He said an "incredible period" in American history had recently ended, referencing the spending boom created by pandemic-era stimulus programs and historically low interest rates, and he mentioned that many businesses would likely report lower earnings this year as compared to last year.

The gravity of those words was compounded by the fact that Berkshire was a net seller of stocks during the first quarter. The company bought $2.9 billion in equity securities, but it sold $13.3 billion in equity securities during the same period. Those signals are undeniably pessimistic, but investors should be careful not to conflate near-term caution for long-term bearishness.

Buffett has always been, and continues to be, a long-term bull where the U.S. stock market is concerned.

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Source Fool.com