Omaha, Neb. — Warren Buffett said Berkshire Hathaway Are considering investing in Canada.
“We don’t feel comfortable putting money into Canada in any form,” he told a stage packed with investors on Saturday. “Actually, we’re looking at one thing right now.”
The billionaire investor has made bets on the country in the past. He previously held a position of about $300 million in Home Capital Group, which investors viewed as a vote of confidence in the troubled Canadian mortgage underwriter.
The “Oracle of Omaha” told the annual shareholder meeting that he does not expect to make major investments outside the United States, citing his recent investment in a Japanese trading company as a compelling exception.But Buffett noted that Canadian and U.S. businesses are similar
“There are a lot of countries we don’t understand at all,” Buffett said. “So, Canada, it’s great when you have a major economy, not the size of the United States, but a major economy that you feel confident operating there.”
Warren Buffett meets with Berkshire Hathaway shareholders ahead of the annual meeting on May 3, 2024 in Omaha, Nebraska.
David A. Grogen | David A. Grogen CNBC
Buffett did not reveal the specific company north of the border that he is watching, or whether it is a public or private company.
“Obviously, there aren’t as many big companies out there as there are in the U.S.,” Buffett said. “There are some things that we can actually do quite well and Canada could benefit from Berkshire’s involvement.”
Canadian S&P/TSX Composite Index It’s up about 5% this year. The economy has large financial and commodities industries.
The Berkshire Hathaway Shareholders Meeting is exclusively televised by CNBC and streamed live on CNBC.com.
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