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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Lizzie Tudor who wrote (5638)3/8/2004 12:08:00 AM
From: Lizzie Tudor  Read Replies (1) of 173976
 
Weak Dollar Gains Notice of Buffett

Warren E. Buffett, the billionaire investor, has a $12 billion bet against the United States. Mr. Buffett said over the weekend in an annual letter to shareholders of Berkshire Hathaway Inc., his holding company, that he began investing in foreign currency for the first time in 2002 and expanded his positions in 2003.

By the end of 2003, Berkshire Hathaway held foreign-exchange contracts valued at $12 billion that were spread among five unspecified currencies, he said in the letter, which was released on his company's Web site.

"I've attended the annual meeting for well over the past 15 years, and every year until this year when asked about the dollar or foreign currency, Berkshire's basically said, 'You don't make money betting against the United States of America,' " said Tom Russo, a partner at Gardner, Russo & Gardner, which owns about 1,000 Berkshire shares. "Something must have really scared him."
nytimes.com
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