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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

PHOTOS: Dozens show up to rebuild vandalized Victoria people-less protest

Chalk messages of support surround the fountain in Centennial Square

Playgrounds back in the swing of things on the West Shore

Langford, View Royal, Colwood reopen parks, playgrounds

Sooke fitness facilities reopen to the public

Extra measures set in place to ensure user safety

Beefs & Bouquets, June 4

To submit a beef or a bouquet, email publisher@goldstreamgazette.com

Vancouver Island’s current COVID-19 case count officially hits zero

Of the 130 recorded Island Health cases, five people have died, 125 recovered

MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases

B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province

POLL: Are you sending your children back to school this month?

Classrooms looked decidedly different when students headed back to school for the… Continue reading

Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park at large

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

No charges to be laid against 22 northern B.C. pipeline protesters

Twenty-two people were arrested in February, but Crown has decided not to pursue charges

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

Plan in place for BC Ferries to start increasing service levels

Ferry corporation reaches temporary service level agreement with province

B.C. starts to see employment return under COVID-19 rules

Jobless rate for young people still over 20% in May

Alert Bay resident carves tribute to his community kicking COVID-19’s butt

‘Our little village crushed the curve with love and commitment’

End of an Era: Tofino hair studio closes shop

“We were getting excited to start ramping up and then all of sudden we had to close our doors.”

Most Read