Buffett says still plans to buy U.S. businesses

Tue May 20, 2008 12:02pm EDT
 
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By Laura MacInnis

LAUSANNE, Switzerland (Reuters) - The world's richest man, U.S. investor Warren Buffett, remains open to buying more businesses in the United States despite the decline of the U.S. dollar and recent banking sector wobbles.

"I am not disappointed at all in the U.S.," Buffett told a news conference during a European tour, launched to seek possible targets for his investment company Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research, Stock Buzz).

"We will probably always be present in the minds of more people in the U.S.," he said, adding Berkshire Hathaway would likely "buy a U.S. company or two in the next couple of years.

"I love buying businesses in the United States," he said, though his trip to Germany, Switzerland, Spain and Italy was a way to boost Berkshire Hathaway's profile in those markets.

"We would buy a company in any country in the world where we felt that we understood the company well enough," he said.

Buffett, whose proclamations are followed by investors worldwide, said the dollar's slide against the euro and other major currencies had not affected his investment patterns in a significant way.

"It's not really a factor," Buffett said. "If the euro was at 80 or the euro was at 110 I'd be here ... I am not unhappy about buying in euros today, let's say, or Swiss francs, and earning money in euros or Swiss francs."

Without offering specifics, Buffett said he believed European currencies would remain relatively strong over the long term. "I do not worry about them depreciating against the U.S. dollar," he said.  Continued...

 

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