No worries if shares are buffeted.
A rare trip to Britain by America’s second richest man sparked a search to find out what company the so-called “sage of Omaha” has decided to target. Warren Buffett, who revealed recently that his investment vehicle Berkshire Hathaway has taken a stake in a quoted British company, refused to let slip the name of the stock that has attracted his attention – though he grimaced at London Stock Exchange regulations that will force him to reveal his hand if he takes his stake above 3%. Berkshire Hathaway is currently sitting on some $15bn in cash, and Buffett has recently expressed concern about the level of the stockmarkets. “We have a very hard time finding things to buy”, he said at a press conference held to publicise NetJets, an executive jet “time-share” business he owns. But he added: “I never met anybody who ever knew what the stockmarket was going to do, and when I look in the mirror I certainly don’t meet anyone who knows that. It’s not the game I’m in. I am in the business of trying to value other businesses, their managements and their prospects. When I buy a stock I would be happy if they closed the stock exchange for five years, because I’m in a business I like.”