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Renowned investor Warren Buffett warned that the euro zone cannot function in its present form, and expressed his confidence in the prospects for the U.S. economy, said Dow Jones, said on CNBC.
“They can not have a common currency but no common fiscal policy or culture,” Buffett said in a speech to the Economic Club of Washington. “It is not possible to be half slave and half free,” he added.
Buffett believes that the chances of entering the U.S. economy into recession are small in the short term. He said he supports U.S. President Barack Obama, but not a member of the Democratic Party.
Investors urged both political parties to reach a compromise by Democratic retreat cost, and Republican – for raising taxes.
Meanwhile, CNBC reported that Buffett’s company Berkshire Hathaway bought 1.6 million shares of Lee Enterprises, which represents 3.2% of its shares outstanding, as is investment wished not to be disclosed. Upon submission of the documents on May 15 from Berkshire Hathaway announced that some information is kept confidential.
Information has become available from the documents on the purchase of shares of Berkshire Hathaway for the first quarter brought before the U.S. Commission on Securities and Exchange Commission, and show what the company owns to 31 March.
At that date, purchased shares in Lee Enterprises have cost 2.1 million dollars in total market capitalization of the company of approximately $ 60 million, it is dicker standards of Berkshire Hathaway.
The value of the shares of Lee Enterprises, however, jumped more than 25% following publication of the notice to 1.44 dollars per share.
Typically, the committee met the company’s request for privacy, but this time they did. In a document of that night stated that the request to keep secret the purchase was rejected on 25 May.
This follows the strategy of Buffett’s purchases in local newspapers. Lee Enterprises owns 49 dailies and 300 weeklies.
In November, Berkshire Hathaway acquired the newspaper in his hometown of Buffett’s Omaha World-Herald. Recently the company purchased 63 Media General newspaper for 142 million dollars.
Buffett has said that the newspaper business has problems, but he is optimistic for small and medium newspapers that provide local news and information not available anywhere else.
In a letter dated for less than 2 months to all newspapers owned by Berkshire Hathaway, he says he wants to buy more books. “We will give preference to cities with a strong sense of community to the other 26 are already acting,” says the investor.
He has promised not to interfere in editorial policy owned by Berkshire Hathaway newspapers.