OMAHA, Neb. – Warren Buffett said this Berkshire Hathaway is considering investing in Canada.
“We are in no way uncomfortable investing our money in Canada,” he told an arena full of investors on Saturday. “In fact, we’re actually looking at one thing now.”
The billionaire investor has placed bets in the country in the past. He previously took a roughly $300 million position in Home Capital Group, which investors saw as a vote of confidence in the troubled Canadian mortgage insurer.
The “Oracle of Omaha” said during the annual shareholder meeting that he does not expect to make significant bets outside the U.S., saying his recent investments in Japanese trading houses were a compelling exception. But Buffett pointed out the similarity of operations between Canada and the United States
“There are many countries that we don’t understand at all,” Buffett said. “So, Canada, it’s great when you have a big economy, not as big as the U.S., but a big economy that you’re confident will operate there.”
Warren Buffett takes the floor and meets with Berkshire Hathaway shareholders before their annual meeting on May 3, 2024 in Omaha, Nebraska.
David A. Grogen | CNBC
Buffett did not reveal which specific company he had in mind north of the border or whether it was public or private.
“Obviously there aren’t as many big companies up there as there are in the United States,” Buffett said. “There are things we can actually do pretty well that Canada could benefit from Berkshire’s involvement.”
Canada S&P/TSX Composite Index is up about 5% this year. The economy has large financial and extractive industries.
Berkshire Hathaway’s shareholder meeting will be broadcast exclusively on CNBC and streamed live on CNBC.com.
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2024-05-04 17:09:47
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