OMAHA, Nebraska (Reuters) - Warren Buffett said on Saturday he expects the euro and the sterling to hold their own against the U.S. dollar, in part because of U.S. fiscal and trade policies that weigh on the value of the greenback.
“I do not have a feeling that those currencies are likely to depreciate in a big way against the U.S. dollar,” Buffett said at the annual meeting of Berkshire Hathaway Inc (BRKa.N) (BRKb.N), his insurance and investment company. “Overall, the U.S. is going to continue to follow policies that have made the dollar weaker over the years.”
Buffett said he plans to go to Europe later this month to visit businesses, to be more on the continent’s “radar screen,” and perhaps lay the groundwork for future acquisitions. Berkshire owns about 76 businesses, and plans to add more in the coming years, he said.
“We are happy to invest in businesses that earn their money in euros in Germany, or France or Italy, or earn their money in sterling in the UK,” Buffett said. “I feel no need to try and hedge those purchases.”
Reporting by Jonathan Stempel; Editing by Sandra Maler