Billionaire investor Warren Buffett said he was close to making a big acquisition in the fourth-quarter of last year, but it fell apart.
Becky Quick on Monday. “I liked stocks in the fourth quarter but I would like buying a business even better.”
Buffett added that he didn’t think the deal was on the table any longer but did not say why not. When pressed for further details on the mystery deal, Buffett said, “I’ll give you a hint. It’s on this planet.”
The chairman and CEO of Berkshire Hathaway, 88, spoke from Omaha, Nebraska after the release of the conglomerate’s annual shareholder letter. In the widely-shared letter, Buffett said he wants to buy, but prices “are sky-high for businesses possessing decent long-term prospects.”
“That disappointing reality means that 2019 will likely see us again expanding our holdings of marketable equities. We continue, nevertheless, to hope for an elephant-sized acquisition,” he said.
On Saturday, Berkshire posted a rare share loss during the fourth quarter of last year, taking a massive $3 billion writedown.
This is a developing story. Please check back for updates.
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