Legendary investor Warren Buffett has said that potential for India is incredible currently and he will invest in good businesses in the country. He said this while giving an interview to ET Now after Berkshire Hathaway’s annual general meeting. He further added India is a huge and enormous market for anyone to ignore. Emphasising on investing in good companies, Buffett made it clear that he will buy a company in India which is a good value company and is on sale. Buffet, who was all gung-ho about India, said that India has a terrific future due to the brain power it has and future generations in India will live better than the current.
On the world economy, he said during the ET Now interview that he has no doubt about the future and the world and US will prosper more if rest of the world prospers. Buffett is not too worried over global economic environment. According to Reuters, while speaking at Berkshire’s annual shareholders’ meet, the Berkshire Hathaway Inc chairman on Saturday said that healthcare costs are eating away at the US economy like “tapeworm” and said the Republican approach to overhaul Obamacare is a tax cut for the rich
While making a comparison between the current investing scenario and that of 1950s, Buffett said that it was easier to invest in 1950 as there was less competition and it is much tougher now. He advocated not to follow short term markets moves.
Buffett further added that investors should hold on to good businesses and the attention should be on businesses rather than on markets.
On Saturday he has also warned about the dangers of booming developing markets, which he said can be like ‘casinos’. “Markets have a casino characteristic that has a lot of appeal to people, particularly when they see people getting rich around them,” was Buffett’s response to a question about volatile Chinese stocks.
During the Berkshire Hathaway Inc meet last week, Buffett also admitted that he made a mistake by not buying Google shares years ago when the technology company was earning $10 to $11 per advertising click from Geico, a subsidiary of Berkshire Hathaway’s consumer insurance company.
With inputs from Reuters