BUFFETT SAYS MARKET WOES DON'T FAZE HIM.Byline: Joe Ruff Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Billionaire investor Warren Buffett Warren Buffett Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making says he's not shaken by global financial market turmoil. ``It isn't the end of the world at all,'' Buffett said Wednesday at a meeting of shareholders of his company, Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Inc. ``I'm used to things bobbing around,'' said Buffett, who is known for buying stock for the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. . ``It doesn't change my outlook on value at all.'' His comments came at a special shareholders meeting, which approved Berkshire's $22 billion acquisition of General Re of Stamford, Conn., the nation's largest insurer of insurance companies. General Re's stockholders are set to vote Friday, but Buffett said more than half the proxy votes are in and that they overwhelmingly approve the deal. Still pending is the approval of federal regulators, but the companies expect the merger to be completed before the end of this year. Berkshire's portfolio already includes investments in Coca-Cola, Gillette, American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. and Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney . Much of General Re's $24 billion investment portfolio is in bonds, which historically have earned lower long-term returns than stocks. Buffett said he won't immediately change the insurer's investments. ``I don't have any desire to convert General Re's portfolio to a 100 percent stock portfolio, because I don't see anything to do with it,'' Buffett said. ``But it will happen, and when it happens it will be a tremendous advantage compared with other insurance companies.'' Buffett spoke to about 1,000 shareholders gathered at the ornate Orpheum Theater in downtown Omaha. He addressed several topics, especially world market turmoil. CAPTION(S): Photo PHOTO (Color) ``It isn't the end of the world at all . . . I'm used to things bobbing around. It doesn't change my outlook on value at all.'' --- Billionaire investor Warren Buffett |
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