Tuesday, 22 November 2011

There are Many Opportunities in Japan, says Warren Buffett

Warren Buffett, who became the world’s third-richest person through long-term value investing, remains in favor of investing in Japan, even after the March 11 disaster and the country’s biggest corporate scandal at Japanese Camera maker Olympus Corp. “There are lots of opportunities in Japan”, Buffett, 81, said in Iwaki city. He said he is interested in “businesses that will be around for many, many decades.”

Warren Buffett, chairman of Berkshire Hathaway Inc., is visiting Japan for the first time to see the plant of tool maker Tungaloy Corp., which is owned by the Berkshire subsidiary Iscar, headquartered in Israel. The factory is located approximately 40 kilometers (25 miles) from the Fakushima Daiichi nuclear power plant, from which the radiations are leaking continuously since it was wrecked by the March 11 earthquake and Tsunami.

“The tsunami does not change Japanese people and Japanese business” the chairman and Chief Executive of Berkshire Hathaway said at a news conference. During his later news conference, Buffett also said that the corporate governance scandal that has swallowed up the Olympus Corp., does not affect good businesses.

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