Warren Buffett says there’s no way he’s selling his shares in Japan because of the earthquake.
“If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so.Something out of the blue like this, an extraordinary event, really creates a buying opportunity,” he said in South Korea over the weekend.
(On the flip side: A hedge fund manager sold all of his exposure to Japan for 4 reasons.)
Buffett was supposed to visit a factory in Fukushima this week as part of an Asia tour that also includes South Korea and India, but canceled that part of his trip because of the disaster.
However the is still keen to buy up some businesses in Japan. He thinks it will take time to rebuild, but it won’t “change the future… the economic future of Japan.”
He also said Berkshire is prepped to make some more big acquisitions in Korea and the U.S. This comes after the company’s $9 billion purchase of Lubrizol.
He told reporters, via Bloomberg,
We’re looking at a number of big businesses in Korea, the U.S., the U.K…
Large companies appeal to me and Korea has a number of large companies obviously, so it’s a hunting ground. We do pile up cash, month by month, and we’re looking for large businesses to buy. [The U.S] he most familiar to me, so it’s most likely where we would do something.
Buffett arrived in South Korea on his private jet, wearing grey sweatpants and running shoes, according to the WSJ. Apparently there was a crowd there to greet him, including politicians, business leaders, locals and a marching band. This afternoon he’ll meet with South Korean President Lee Myung-bak.
That Buffett is primed to go on a spending spree won’t come as a surprise to investors — in his later shareholder letter he said his “elephant gun” was loaded, and that his trigger finger was “itchy” for a new acquisition.