Good for him. Factories yes, but not in this country.
"Buffett believes that the U.S. dollar will lose value in the long run. He views the United States' expanding trade deficit as an alarming trend that will devalue the U.S. dollar and U.S. assets.
As a result it is putting a larger portion of ownership of U.S. assets in the hands of foreigners. This induced Buffett to enter the foreign currency market for the first time in 2002. However, he substantially reduced his stake in 2005 as changing interest rates increased the costs of holding currency contracts.
Buffett continues to be bearish on the dollar, and says he is looking to make acquisitions of companies which derive a substantial portion of their revenues from outside the United States.
Buffett invests in PetroChina Company Limited and in a rare move, posted a commentary[9] on Berkshire Hathaway's website why he will not divest from the company despite calls from some activists to do so."
You’re reading old information. Here’s a news piece from late in December:
Buffet buying majority stake in industrial firm
AFP ^ | 12/25/07 | AFP
Posted on 12/25/2007 4:18:13 PM PST by mdittmar
- US billionaire investor Warren Buffet is reportedly paying 4.5 billion dollars for a majority stake in Marmon Holdings Inc., an industrial conglomerate owned by one of America’s richest families.
Buffet’s Berkshire Hathaway Inc. is acquiring 60 percent of the industrial firm from Chicago’s Pritzker family, which has owned Marmon for more than 50 years, The Wall Street Journal reported online.
Marmon, whose businesses range from plumbing products to electrical wire and cable, boasts seven billion dollars in annual revenue and more than 125 operating units, the daily said. Its biggest unit is the railroad tank car maker Union Tank Car.
Berkshire will buy the rest of the company in stages by 2014, it said, adding that the final price tag will depend on Marmon’s future performance.
It is Berkshire’s biggest acquisition outside of the insurance industry, the Journal said.
The deal is part of a series of asset sales by the Pritzkers, who are restructuring their holdings to settle an internal family dispute over control, the daily reported.
Marmon chairman Tom Pritzker said Buffet’s reputation for being a hands-off owner made him the ideal partner for the company.
“His philosophy is very consistent with our goals,” Pritzker was quoted as saying.
Buffet told the Journal he plans to keep Marmon’s chief executive, Frank Ptak, at the helm, and plans to add some “bolt-on acquisitions.”
I thought Warren sold off his entire position in PetroChina months ago...?