Warren Buffett to CNBC: We're Buying an Attractive European Stock 'Today'
Warren Buffett tells CNBC today that he sees some bargain stocks in Europe, and began buying one of them "today."
As usual, however, Buffett isn't yet revealing the name of the stock he's accumulating for Berkshire Hathaway.
In a live interview from Japan airing overnight on CNBC Asia, CNBC Europe, and CNBC World (the digital cable network that brings live CNBC Europe and Asia programs to the United States), Buffett told us:
"We today — I left an order when I left Omaha, I left an order to buy one European stock which we will undoubtedly be buying today, and we'll probably be buying it tomorrow and the
next day, and next week and next month. As you know, it's a matter of record that earlier this year we bought some Tesco, for example. There are — I can think of a dozen European stocks that are quite attractive. Whether they're more attractive than something else I can find in the United States depends on the prices on any given day, or any given week. But there are European stocks I like and there's some wonderful businesses in Europe and the prices have come down on some of them. If the price came down some on Tesco, I'd buy some more of that."
On the other hand, Buffett does not find beaten-back European debt attractive. In the same interview, Buffett said the Eurocrisis has shown the present system has a "major flaw" and "Europe will either have to come together or there will have to be some other rearrangement because this system is not working."
Can the European Union and its currency survive? "That's in doubt now," he warns.
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