Buffett in India: Heart of giving, art of investing
Bangalore: Invest in what you understand, says world's legendary investor and philanthropist Warren Buffett in his maiden visit to India.
At 80 plus it is bit too late a visit to a country which now boasts of Asia's third largest economy, but Buffett, who is also the most talked about philanthropist of the world, while admitting that it is "little bit of a retard to have come to India so late", says he will make "one big investment a year in India" through his company Berkshire Hathaway (BH).
While his charity made him an iconic businessman with a heart, his investment tips are often simple.
Addressing media in Bangalore on Tuesday, he said: "Invest in what you understand. Don't get outside your circle of confidence."
"Dont try and buy and sell actively, I don't know how to do it," he says, urging the people to buy in the businesses where they feel some kind of suitable economic sustenance over a time.
The man who is said to have given away $ 37 bn in charity said the money he gave meant nothing to him, because it could not buy him any more comfort or happiness.
He said he never compromised on going to a movie or denied a vacation to family, so he could give the "yet lot left over" to people who need it.
"I am giving up something which has no value to me," he told media, perhaps sending a cue to the Indian corporates who have often been criticized for not giving enough in charity.
Besides meeting Indian corporates along with another living legend who is now in India, Bill Gates, to convince them to join philanthropy, Buffett will meet Prime Minister Manmohan Singh.
He said what he speaks to the PM will remain private and will talk on what the PM wants to talk about.
"India has done well without my advice," he said.
Buffett wants to see a hike in the insurance FDI in India from the existing 26% limit to attract investments.
He also made known his views on outsourcing, a prickly issue in USA, saying he is all for free trade.
While there is a speculation that India-born Ajit Jain, who currently heads several reinsurance businesses for Berkshire Hathaway, might take over the reins from Buffett, the man himself remained evasive on the question of his successor.
"He's better than I am.Enormously thankful for India for having given him to us. He has made more money for BH than I," was the rely of Buffett on Jain.
The 1930-born American's India visit was eagerly awaited.
Warren Buffett is the primary shareholder, chairman and CEO of Berkshire Hathaway and has been consistently ranked among the world's wealthiest people.
He was ranked as the world's wealthiest person in 2008 and is the third wealthiest person in the world as of 2011.
Buffett is called the "Oracle of Omaha" or the "Sage of Omaha" (Omaha is in USA) and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.
Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation.
Bangalore: Invest in what you understand, says world's legendary investor and philanthropist Warren Buffett in his maiden visit to India. At 80 plus it is bit too late a visit to a country which now boasts of Asia's third largest economy, but Buffett, who is also the most talked about...
Bangalore: Invest in what you understand, says world's legendary investor and philanthropist Warren Buffett in his maiden visit to India.
At 80 plus it is bit too late a visit to a country which now boasts of Asia's third largest economy, but Buffett, who is also the most talked about philanthropist of the world, while admitting that it is "little bit of a retard to have come to India so late", says he will make "one big investment a year in India" through his company Berkshire Hathaway (BH).
While his charity made him an iconic businessman with a heart, his investment tips are often simple.
Addressing media in Bangalore on Tuesday, he said: "Invest in what you understand. Don't get outside your circle of confidence."
"Dont try and buy and sell actively, I don't know how to do it," he says, urging the people to buy in the businesses where they feel some kind of suitable economic sustenance over a time.
The man who is said to have given away $ 37 bn in charity said the money he gave meant nothing to him, because it could not buy him any more comfort or happiness.
He said he never compromised on going to a movie or denied a vacation to family, so he could give the "yet lot left over" to people who need it.
"I am giving up something which has no value to me," he told media, perhaps sending a cue to the Indian corporates who have often been criticized for not giving enough in charity.
Besides meeting Indian corporates along with another living legend who is now in India, Bill Gates, to convince them to join philanthropy, Buffett will meet Prime Minister Manmohan Singh.
He said what he speaks to the PM will remain private and will talk on what the PM wants to talk about.
"India has done well without my advice," he said.
Buffett wants to see a hike in the insurance FDI in India from the existing 26% limit to attract investments.
He also made known his views on outsourcing, a prickly issue in USA, saying he is all for free trade.
While there is a speculation that India-born Ajit Jain, who currently heads several reinsurance businesses for Berkshire Hathaway, might take over the reins from Buffett, the man himself remained evasive on the question of his successor.
"He's better than I am.Enormously thankful for India for having given him to us. He has made more money for BH than I," was the rely of Buffett on Jain.
The 1930-born American's India visit was eagerly awaited.
Warren Buffett is the primary shareholder, chairman and CEO of Berkshire Hathaway and has been consistently ranked among the world's wealthiest people.
He was ranked as the world's wealthiest person in 2008 and is the third wealthiest person in the world as of 2011.
Buffett is called the "Oracle of Omaha" or the "Sage of Omaha" (Omaha is in USA) and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.
Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation.
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