CEO Warren Buffett (left) at Berkshire Hathaway Inc.’s annual shareholder meeting. in Omaha, Nebraska, USA, May 3, 2024 | Photo source: REUTERS
Billionaire investor Warren Buffett said the Indian market holds “unexplored” opportunities that his holding conglomerate Berkshire Hathaway would like to explore “in the future.”
Mr. Buffett’s remarks came at Berkshire’s annual meeting on May 3, when Rajeev Agarwal of DoorDarshi Advisors, a U.S. hedge fund that invests in Indian stocks, asked him about the possibility of Berkshire exploring India, the world’s fifth-largest economy.
“That’s a very good question. I am sure there are plenty of opportunities in countries like India,” he said.
“The question, however, is whether we have any advantage or knowledge of these companies in India or any contacts that will enable transactions that Berkshire would like to participate in. This is something that more energetic leadership at Berkshire could pursue,” said the founder, chairman and CEO of Berkshire Hathaway.
Buffett, 93, said Berkshire has an excellent reputation around the world. He said his Japanese experiences were fascinating enough.
“There may be an unexplored or untapped opportunity… but it may happen in the future,” he said of India.
Buffett said the question is whether Berkshire has any advantage in taking advantage of these unattended opportunities, especially relative to people who manage other people’s money and make money based on assets.
During the question and answer session, Mr. Buffett answered several questions related to some of the key investment decisions made recently by Berkshire Hathway.
One of the key topics was the significant reduction of shares in Apple. Buffett clarified that this has nothing to do with a long-term view for the stock and that Apple will likely remain one of the biggest holdings despite the recent slowdown.
He also told shareholders that vice presidents Greg Abel and Ajit Jain had proven to be the right people to lead Berkshire after his departure.
