Berkshire Hathaway CEO and chairman Warren Buffett said on Monday that the US economy and investment climate were a tailwind for his companies’ success, and he encouraged foreign investors to jump in too.
“I know that a very large part of (our) success has come because we have been operating in the United States,” he said.
“There’s more to come. So join in with us. Berkshire Hathaway is going to do well in the years ahead.”
In a video address to the SelectUSA summit, aimed at attracting foreign investment, Buffett said US advantages included rule of law, equality of opportunity, and encouragement for innovators.
Buffett’s latest endorsement of the merits of investing in the US should not come as a surprise to investors.
In his most recent annual letter to shareholders, Buffett said the “Mother Lode” of opportunities ran through America. Buffett added, “The treasures that have been uncovered up to now are dwarfed by those still untapped.” He also asked, “Indeed, who has ever benefited during the past 238 years by betting against America?”
In 2014, Buffett said that Berkshire and its subsidiaries spent a combined $US15 billion on plant and equipment, with 90% of this happening in the US.
Reuters noted, however, that Buffett has invested quite a bit of money abroad, especially for someone who talks up America so frequently.
As Buffett wrote in his annual letter, his bullishness on America may just come down to a bit of personal bias.
“Through dumb luck, Charlie and I were born in the United States,” Buffett said, “and we are forever grateful for the staggering advantages this accident of birth has given us.”
Here’s Buffett’s incredible performance over the past 50 years. “Staggering advantages” indeed.
(Reuters reporting by Krista Hughes; Editing by Jonathan Oatis)
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