Many industries, including those focused on manufacturing, retailing, and managing restaurants, are feeling the pinch. Even iconic investor Warren Buffett, who owns more than 60 companies through Berkshire Hathaway, noted this week that his firm in 2008 logged its worst year in his 44 years as chairman and CEO.
But all is not total doom and gloom. Even Buffett offered optimistic gems of what he thinks the future may bring in his annual letter to shareholders. “Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so. America’s best days lie ahead.”
Americans are watching nearly every dime right now, but they continue to spend their money in more selective, increasingly deliberate ways. They’re spending more time at home, entertaining themselves through inexpensive means, eating in or out mainly at fast-food restaurants, and resigning themselves to staycations rather than flying the family to Disneyland.
This has made some companies feel more loved than others. Despite the economy’s downturn nationwide, more than a handful of firms have been logging noteworthy revenue gains. Check out the companies, supplied by Hoover’s Editors, that are helping to turn the tide.
5. Geico – The auto insurer keeps growing its customer base. And Warren Buffet engages in a little TMI when discussing his pleasure with the Berkshire Hathaway subsdiary. (It involves nudists and mosquitos. Yuck.)