Buffett says he will hold same strategy
omaha.com
Count multibillionaire investor Warren Buffett among those holding faith in America's financial markets.
Speaking Sunday on CBS-Television's '60 Minutes,' Buffett said that the attacks on New York and Washington are a tragedy but that he had no plans to change his investment strategies when the markets reopen today.
"I won't be selling anything. If prices fall significantly there are some things I might buy,' Buffett said.
The chairman of Omaha-based Berkshire Hathaway Inc. said the country hasn't changed significantly in economic ways.
Businesses and properties that were a good investment last week would remain a good investment today, Buffett said.
A market slowdown that has been under way will continue and the attacks will have an effect on third-quarter earnings, he said.
In response to a question, Buffett agreed that consumers will play an important role in keeping the economy rolling.
"In the short term they can make a determination to save a little more of pay-down debt,' Buffett said. "It will come back.'
Berkshire Hathaway has made an offer on a business and has no intention of pulling the offer, he said.
"It made sense before, it makes sense now,' Buffett said.
Berkshire Hathaway, with substantial insurance holdings, will be paying out more in insurance claims than ever before, but the money is there, he said.
The nation will have to deal with terrorism for the rest of his life, he said, but the attacks will not change New York's role in the world's economy.
"New York is the heart of the financial world, and this attack did not hit the heart,' he said. |
