FILE - In this May 7, 2018 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview in Omaha, Neb. Buffett’s company has hired Lee Enterprises to manage the mostly smaller newspapers it has acquired since 2011 in 30 different markets. (AP Photo/Nati Harnik, File)

Buffett’s appetite for big deal soured by ‘sky-high’ prices

Billionaire investor Warren Buffett says ‘prices are sky-high.’

Billionaire investor Warren Buffett says he hungers for an “elephant-sized acquisition,” but the most tempting targets are too expensive for his tastes.

That recipe means Berkshire Hathaway, the conglomerate that Buffett runs, will likely focus on buying stakes in a variety of companies instead of trying to pull off an outright takeover.

Buffett delivered that news Saturday in his annual letter to Berkshire shareholders. His communique is closely scrutinized by investors because of Buffett’s success in the stock market, where he has built a fortune that Forbes currently pegs at $83 billion.

Berkshire could afford a big deal because it currently holds $112 billion in cash. But Buffett doesn’t expect to open his wallet this year because “prices are sky-high for businesses possessing decent long-term prospects.”

The Associated Press

Like us on Facebook and follow us on Twitter.

Just Posted

Archived stories and photos from past years hosted on this website

Red Deer Express closed its doors March 27 - current local news, sports, entertainment and community stories still available through the Red Deer Advocate daily newspaper

B.C. prepared if Alberta shuts off fuel supplies, David Eby says

If B.C. continues pipeline battle, ‘we’ll finish it,’ Alberta’s Jason Kenney vows

Most Read