In an exclusive joint interview with CNBC's Becky Quick, Dimon and Buffett cited several aspects of the economy as reasons for optimism.
"Right now, there's no question: It's feeling strong. I mean, if we're in the sixth inning, we have our sluggers coming to bat right now," Buffett said in the "Squawk Box" the interview that aired Thursday.
"I'm no good at predicting out two or three or five years from now, although I will say this: There's no question in my mind that America's going to be far ahead of where we are now 10, 20 and 30 years from now," the 87-year-old billionaire added. "But right now, business is good. There's no question about it."
But Buffett cautioned that a strong economy doesn't necessarily mean it's a good time to buy stocks.
"The decision on the stock market should be made independent of the current business outlook," Buffett said. "I don't think you should buy stocks based on what you think the next six months or year is going to bring."
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