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Buffett says Japan quake a ‘buying opportunity’
US billionnaire investor and Birkshire Hathaway chairman Warren Buffett on Monday said a massive natural disaster would not hamper the future of the Japanese economy and could prompt a new bout of stock buying.
US billionnaire investor and Birkshire Hathaway chairman Warren Buffett on Monday said a massive natural disaster would not hamper the future of the Japanese economy and could prompt a new bout of stock buying.
“I’m not looking at Japan’s economic future differently from 10 days ago... extraordinary events offer (a) buying opportunity,” he said.
Buffett was visiting South Korea to attend a ground-breaking ceremony for a local unit of Israel’s Iscar Metalworking Companies, 80% owned by Berkshire.
Japan’s Nikkei index lost around 10% in the week following the devastating March 11 quake and tsunami.
Buffett, however, urged against selling Japanese stock and said Japan would recover relatively quickly.
Buffett, known as the “Oracle of Omaha” for his investment savvy techniques, said Berkshire was seeking further acquisitions worldwide including South Korea following its $9-billion purchase of US lubricant maker Lubrizol.
“We’re looking at big businesses in Korea, the US, the UK. We hope to find good companies wherever they may be. Basically, it’s the bigger, the better,” he said.
