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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (86027)	3/27/2001 9:20:07 AM
From: LLCF	Read Replies (1) \| Respond to of 436258

LONDON, March 27 (Reuters) - Legendary investor Warren Buffett on Tuesday said his Berkshire Hathaway investment company had been doing little buying in stock markets and he suggested shares remained overvalued even after recent falls. "We're not doing a lot of buying," Buffett told a press conference here. Asked when it would be a good time to buy stocks following recent falls, Buffett said "When businesses sell in the market for less than they're worth." Buffett said he had no idea whether there would be a recession but he said there has been a slowdown which has hit some of Berkshire's businesses. Asked about the performance of U.S. Federal Reserve chairman Alan Greenspan, Buffett said "Greenspan has done a terrific job." He said Berkshire's jewellery businesses had begun to see a slowdown last November and that had carried through to its furniture businesses earlier this year. Buffett also told reporters he had not bought any technology stocks despite the sharp fall in their prices. Buffett was in London to promote the NetJets program of Executive Jet Inc, which is owned by his insurance and investment firm Berkshire Hathaway Inc <BRKa.N>. NetJets is a program of fractional aircraft ownership, a sophisticated form of time-sharing in which buyers share a pool of planes, buying as big or small a block of access as they want. Omaha, Nebraska-based Berkshire holds large stakes in: Coca-Cola Co. <KO.N>, Gillette Co. <G.N> and Washington Post Co. <WPO.N>. Buffett owns just over 30 percent of Berkshire, which made him No. 4 on Forbes magazine's global rich list last year, behind Bill Gates and Paul Allen of Microsoft Corp. <MSFT.O> and Larry Ellison of Oracle Corp. <ORCL.O>. He may shoot up a few rungs this year, however, as Berkshire shares -- accounting for about 98 percent of his wealth -- have shot up, while technology shares have tanked. Buffett drew heavy criticism in recent years for his decision not to invest in technology stocks, which he saw as overvalued and due for a fall. But his decision was vindicated with Berkshire reporting net profits up 114 percent for 2000. DAK