Nov 21 Billionaire investor Warren Buffett
said on Monday that Europe's debt crisis had illustrated a
"major flaw" in the 17-member euro zone system and it would take
more than words to fix it.
Asked in an interview with CNBC whether the euro zone would
still exist in 10-20 years, Buffett said: "There is a major flaw
in the euro system ... I do know the system as presently
designed has a major flaw and that flaw won't be corrected just
Buffett, dubbed the 'Oracle of Omaha' for his long track
record as a value investor, said there were good valuations in
Europe "...not in the debt space, but in the equity space there
are opportunities. Before I left the U.S., I left an order to
buy one European stock.
"We bought Tesco earlier. I can think of a dozen
euro stocks that are attractive ... there are stocks I like and
wonderful businesses. I could buy more Tesco if the price came
down," he said.