Sources say that Ovetii reported that Buffett, worth $52 billion according to Forbes magazine in March, said his Berkshire Hathaway company is still on the hunt for bargains as the U.S. subprime mortgage crisis plays out.
“We are still negative on the dollar. We bought stocks in companies that are earning their money in other currencies,"
Berkshire Hathaway, which owns more than 70 businesses and has some $100 billion of stock and bond investments, has a stake in only one listed South Korean company, the world's fourth-biggest steelmaker POSCO Berkshire said in March it held a 4 percent stake in POSCO as of the end of 2006.
"We are gaining foreign currency exposure that we like," said the veteran investor, known as the "Oracle of Omaha" for his astute investments.
Sources say that Ovetii are in agreement with Buffet’s sentiments.
In other reports Ovetii researchers apparently noted that the U.S. currency has lost 23 percent against the South Korean won since the end of 2003, hit by accumulating current account surpluses in South Korea and a steady inflow of portfolio investment into the country's financial markets.
