OMAHA, Nebraska (AP): Warren Buffett says the economic turmoil that contributed to a 62 percent profit drop last year at the holding company he controls is certain to continue in 2009, but the revered investor remains optimistic.

Buffett released his annual letter to Berkshire Hathaway Inc. shareholders on Saturday morning, and detailed the worst of his 44 years leading the Omaha-based company.

Buffett wrote he is certain ``the economy will be in shambles throughout 2009 _ and, for that matter, probably well beyond _ but that conclusion does not tell us whether the stock market will rise or fall.''

In between the news of Berkshire's sharply lower profit and its nearly $7.5 billion investment and derivative losses, Buffett offered a hopeful view of the nation's future.

He said America has faced bigger economic challenges in the past, including two World Wars and the Great Depression of the 1930s.

``Though the path has not been smooth, our economic system has worked extraordinarily well over time,'' Buffett wrote. ``It has unleashed human potential as no other system has, and it will continue to do so. America's best days lie ahead.''

Within Berkshire, Buffett said the company's retail businesses, including furniture and jewelry stores, and those tied to residential construction, such as Shaw carpet and Acme Brick, were hit hard last year, and they will likely continue to perform below their potential in 2009.

But he said Berkshire's utility and insurance businesses, which includes Geico, both delivered outstanding results in 2008 that helped balance out the other businesses.

Berkshire's 2008 net income of $4.99 billion, or $3,224 per Class A share, was down from $13.21 billion, or $8,548 per share, in 2007.