Thursday, August 28, 2003

Buffet bets on oil—Chinese oil 

William Pesek of Bloomberg via the Herald Trib writes:

Warren Buffett, the Nebraska-based financier, is known among investors as the "The Sage of Omaha." But it may be time to add another monicker: The Sage of China.

The world's second-richest man has made a big - and, so far, very profitable - bet on China.

It all began in March, when Buffett told shareholders of Berkshire Hathaway, the holding company he chairs, that American stocks were too expensive. The search for better value brought a man not known for risky international plays to a surprising place: China. In April, he began acquiring shares in PetroChina, the country's biggest oil producer.


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