(Bloomberg)Billionaire Warren Buffett said he expects “large” opportunities in China, making the world’s fastest growing major economy a “logical” place to invest.
“Almost anyone, a third-grade child from America, can see that this economy is booming,” Buffett said at a briefing today in the southern Chinese city of Changsha. China’s transformation is “unlike anything that’s ever taken place in history.”
Buffett, 80, is turning his attention outside the U.S. after his Berkshire Hathaway Inc. bought Fort Worth, Texas-based railroad Burlington Northern Santa Fe Corp. this year for $27 billion in his largest deal. In China this week, he and Berkshire Vice Chairman Charles Munger visited the facilities of automaker BYD Co., part owned by Berkshire, and with Bill Gates met with local business leaders to promote philanthropy.
“China’s a very big economy and it’s going to get a lot bigger,” Buffett said. “That means it has large investment opportunities and that’s what Berkshire Hathaway is looking for. We need to put large sums to work, so China is a logical place.”
Buffet is either getting out of touch and marking the beginning of his investment strategy flaw or he is getting wiser and hitting a bigger jackpot. I am in the latter camp. Maximum bullish China despite they are still having hell of growing pains.