Steve and thread. Warren baby buys 20% of the worlds supply of silver and it only dents him by 2%. Now remember he does this all with out using a computer.
NEW YORK (Feb. 3) - Warren Buffett, the billionaire investor known for his Midas touch, has turned to silver.
Buffett, chairman of Berkshire Hathaway Corp., said in an unusual news release Tuesday that his corporation has purchased 129.7 million ounces of silver in the past six months. That much silver represents more than 20 percent of the world's estimated silver supply at the end of 1997, according to CPM Group, a metals market consulting firm located in New York.
The statement from Buffett comes as silver was setting its highest prices in nine years and the market was being unsettled by suggestions of manipulation.
Omaha, Neb.-based Berkshire said it began purchasing silver on July 25.
Berkshire, which rarely discloses its investment strategies, made the statement ''because of recent price movements in the silver market and because Berkshire Hathaway has received inquiries about its ownership of the metal.''the silver represents less than 2 percent of its investment portfolio.
''Last summer, Mr. Buffett and Mr. (Charlie Munger), Vice Chairman of Berkshire, concluded that equilibrium between supply and demand was only likely to be established by a somewhat higher price,'' the statement said.
Berkshire said it normally would have published the information in its annual report. It said at the purchase price, |
