Billionaire investor Warren Buffett said the U.S. economy remains in recession, disputing this week’s assessment by a leading arbiter of economic activity that the downturn ended more than a year ago.

“We’re still in a recession,” Buffett said. “We’re not gonna be out of it for a while, but we will get out.”

President Barack Obama said on Monday that economic weakness is “still very real” for millions of Americans.

Buffett, 80, runs Berkshire Hathaway, which has roughly 80 operating businesses. “A great majority” of these businesses are “coming back slowly,” he said.

Berkshire’s operations cover a broad swath of the economy, including the Burlington Northern Santa Fe railroad, Dairy Queen ice cream, Geico auto insurance and luxury jewelers such as Borsheim’s. reuters