Detroit has "huge potential" and might even be a place for Berkshire Hathaway to invest, Warren Buffett said Tuesday night, according to a Detroit Free Press report.

The legendary investor, at a news conference with other Wall Street heavyweights, called the city an underutilized resource, the paper said.

"The resources are here to have a great, great city," Buffett told the news conference, the paper said.

One of Buffett's favorite themes in recent years has been the power of investing in America, particularly the kind of industrial and infrastructure plays that have roots in the Midwest.

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