The Hot Button Questions:- Money, Banks, & the Economy Message Board

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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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To: pezz who wrote (489)	10/28/2003 3:23:06 AM
From: maceng2	Read Replies (1) of 1417

Buffet's investment bets against dollar seattletimes.nwsource.com [seen this mentioned many times on the boards..pb] By David Plumb Bloomberg News NEW YORK — Warren Buffett, the billionaire investor and chairman of Berkshire Hathaway, said Berkshire has made "significant" foreign-currency purchases in the last year and a half in a bet that the U.S. trade deficit will erode the dollar. In a letter published on Fortune.com, Buffett said "our trade deficit has greatly worsened, to the point that our country's 'net worth,' so to speak, is now being transferred abroad at an alarming rate." Buffett declined to say which currencies he bought or how much. He had never bought a foreign currency prior to the spring of 2002, he said. Buffett proposed establishing a new tariff plan that would promote exports and make imports more costly. Berkshire has increased its book value per share 22 percent on average each year for the last four decades. Buffett's 37 percent stake in the company is worth more than $36 billion. Buffett told Barron's in an interview published last weekend that he hasn't found opportunities in the stock and bond markets that appeal to him now, forcing Berkshire to keep more than $24 billion in cash on the sidelines.

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