Australia in Buffett’s sights
17 June 2015 by News Desk
US speculator Warren Buffett has set his sights on Australia with a $500m investment in one of the country’s biggest insurance companies.
Buffett, whose company Berkshire Hathaway is worth $200bn, this week invested $500m in Insurance Australia Group. “I’m 84 and this is my first investment in an Australian company. I’ve been very derelict but it has been worth waiting for,” Buffet said.
The billionaire American speculator is moving into Australia now because currency values have changed and he can now get 1.3 Aussie dollars for every one US dollar.
Now Buffet is expected to start investing in Australian banks. “There is a good chance that five years from now, we will have bought one or more positions in Australian banks”, Buffet told reporters.
