Enviado: 1/5/2004 15:04Buffett Says He Has Increased His Foreign Currency Holdings
May 1 (Bloomberg) -- Billionaire investor Warren Buffett said he has increased his bet against the U.S. dollar in the past several months on concern that the U.S. trade deficit will weaken the currency over time.
Buffett told reporters before Berkshire Hathaway Inc.'s annual shareholder meeting in Omaha, Nebraska that he has boosted his foreign currency holdings by "more than a little bit." He wasn't more specific.
In March, Buffett said he invested $12 billion in currencies, held onto most of his high-yield, high-risk bonds and regretted not selling some of Berkshire's stock holdings.
Berkshire's chairman and the world's second-wealthiest man told shareholders in his annual letter that he saw few bargains in stocks and bonds. Cash at Berkshire jumped to $36 billion from $31 billion in September and was earning "pathetically low interest," Buffett said then.
The foreign exchange purchases, made in five different currencies, represented Buffett's biggest investment in the last two years. Buffett said in March that he started betting against the dollar in 2002 on concern that the U.S. trade deficit would erode the value of the country's currency.
Shares of Berkshire, which owns energy, aviation, paint and carpet companies, have increased 28 percent in the past year compared with a 19 percent gain for the Standard & Poor's 500 Index. The shares fell $110 to $93,390 in New York Stock Exchange composite trading on Friday.
May 1 (Bloomberg) -- Billionaire investor Warren Buffett said he has increased his bet against the U.S. dollar in the past several months on concern that the U.S. trade deficit will weaken the currency over time.
Buffett told reporters before Berkshire Hathaway Inc.'s annual shareholder meeting in Omaha, Nebraska that he has boosted his foreign currency holdings by "more than a little bit." He wasn't more specific.
In March, Buffett said he invested $12 billion in currencies, held onto most of his high-yield, high-risk bonds and regretted not selling some of Berkshire's stock holdings.
Berkshire's chairman and the world's second-wealthiest man told shareholders in his annual letter that he saw few bargains in stocks and bonds. Cash at Berkshire jumped to $36 billion from $31 billion in September and was earning "pathetically low interest," Buffett said then.
The foreign exchange purchases, made in five different currencies, represented Buffett's biggest investment in the last two years. Buffett said in March that he started betting against the dollar in 2002 on concern that the U.S. trade deficit would erode the value of the country's currency.
Shares of Berkshire, which owns energy, aviation, paint and carpet companies, have increased 28 percent in the past year compared with a 19 percent gain for the Standard & Poor's 500 Index. The shares fell $110 to $93,390 in New York Stock Exchange composite trading on Friday.