Finance
Warren Buffett says Berkshire Hathaway is considering an investment in Canada
OMAHA, Neb. Warren Buffett said that Berkshire Hathaway is exploring an investment in Canada.
“We are in no way uncomfortable putting our money in Canada,” he told an arena full of investors on Saturday. “We’re actually looking at one thing right 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, a position that investors saw as a vote of confidence in the troubled Canadian mortgage insurer.
The ‘Oracle of Omaha’ said at the annual shareholder meeting that he does not expect to make significant bets outside the US, saying his recent investments in Japanese trading houses were a compelling exception. But Buffett noted the similarity in operations between Canada and the US
“There are many countries we don’t understand at all,” Buffett said. “So, Canada, it’s great when you have a big economy, not the size of the U.S., but a big economy that you’re confident you can operate in.”
Warren Buffett will speak and meet with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3, 2024.
David A. Grogen | CNBC
Buffett hasn’t revealed which specific company he’s looking at north of the border, nor whether it’s public or private.
“Obviously there aren’t as many big companies there as there are in the United States,” Buffett said. “There are things we can actually do quite well that Canada could benefit from Berkshire’s participation.”
Canadas S&P/TSX composite index is up about 5% this year. The economy has large financial and resource industries.
The Berkshire Hathaway shareholder meeting will be broadcast exclusively on CNBC and streamed live on CNBC.com.
