The Oracle of Omaha expects the housing market to see "significant downward adjustments," and warns on mortgage financing. At this weekend's annual meeting of Warren Buffett's Berkshire Hathaway, security is tighter than usual, with several entrances to the parking lot of the Qwest convention center closed.
This may have something to do with Buffett's announcement yesterday of his purchase of an 80% stake in Iscar, an Israeli-based metal cutting tools firm, for $4 billion. In one fell swoop, that makes him one of the biggest foreign investors in Israel. With that news, a little extra security amidst the sea of the roughly 20,000 shareholders and acolytes in attendance can't hurt.
As usual, Warren Buffett entanced the crowd that flocked to see him.
Regardless, Buffett and Berkshire Hathaway (Research) vice chairman Charles Munger threw Saturday's entire morning open to a question and answer session with shareholders just as they do every year. With no major scandal or news event in the foreground, Buffett and Munger struck a more reserved tone than they have at past meetings.
But their views on housing prices and the energy and commodity markets may ruffle some feathers. Buffett played his usual role of the talkative, cheery extrovert, speaking in perfect paragraphs, while Munger took the role of the laconic, crotchety critic whose favorite sentence is "I have nothing further to add."
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This may have something to do with Buffett's announcement yesterday of his purchase of an 80% stake in Iscar, an Israeli-based metal cutting tools firm, for $4 billion. In one fell swoop, that makes him one of the biggest foreign investors in Israel. With that news, a little extra security amidst the sea of the roughly 20,000 shareholders and acolytes in attendance can't hurt.
As usual, Warren Buffett entanced the crowd that flocked to see him.
Regardless, Buffett and Berkshire Hathaway (Research) vice chairman Charles Munger threw Saturday's entire morning open to a question and answer session with shareholders just as they do every year. With no major scandal or news event in the foreground, Buffett and Munger struck a more reserved tone than they have at past meetings.
But their views on housing prices and the energy and commodity markets may ruffle some feathers. Buffett played his usual role of the talkative, cheery extrovert, speaking in perfect paragraphs, while Munger took the role of the laconic, crotchety critic whose favorite sentence is "I have nothing further to add."
Read the complete article
