Skip navigation
Watchlist Sponsored By :


Current DateTime: 08:14:22 10 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 08:14:22 10 Nov 2009
LinksList Documentid: 33793611

Current DateTime: 08:14:22 10 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Buffett: Subprime Woes May Linger for Up to 2 Years
By: Associated Press | 25 Oct 2007 | 08:30 AM ET
Text Size

American billionaire investor Warren Buffett said Thursday he remains negative on prospects for the U.S. dollar and that problems in the U.S. subprime mortgage sector may continue to cause problems for some time. 

Buffett said he is still "negative on the dollar relative to most major currencies." He said subprime problems could weigh on consumers for anywhere from another six months to two years. He made the comments during a press conference during his first visit to South Korea. 

The dollar has fallen against the yen, euro, British pound, India rupee and many other Asian and European currencies this year. The euro [EUR-TN  Loading...      ()   ], for example, has gained 8% against the dollar this year. 

Buffett also said that his company Berkshire Hathaway [BRKA  Loading...      ()   ] owns the equivalent of 3.4 million shares in South Korean steelmaker POSCO [PKX  Loading...      ()   ]

In March, Buffett said in his annual letter that Berkshire in 2006 bought 3.49 million shares, or 4%, of South Korean steelmaker Posco. Berkshire spent $572 million on the POSCO shares, which were worth $1.16 billion at the end of 2006. 

That would be worth considerably more now as POSCO have more than doubled this year. 

Buffett came to Daegu, located about 300 kilometers southwest of Seoul, to inspect Iscar Korea, a subsidiary of Iscar, the Israeli industrial tool manufacturer he purchased last year for $4 billion, his first overseas acquisition. 

He arrived from China in his private plane.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • From politicians to CEOs to companies, here's your chance to vote for the winners and losers of 2009.
  • With prices well below peak, gems could add some sparkle to your investments.
  • On the anniversary of the fall of the Berlin Wall, many in the former Eastern Bloc recall communism fondly.
  • Do free market libertarians really believe what they say about ethics and shareholder value? The Big Money takes a look.
  • The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
  • The health care reform bill that passed the House on Saturday will have a much harder time in the Senate.
ADD COMMENTS
Remaining characters


Current DateTime: 06:23:05 10 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:02:37 10 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 06:22:21 10 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:37 10 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters