Buffett watchers say investor Warren Buffett may cite opportunities overseas in his annual letter out Saturday. He's hot on Germany. Fred Katayama reports.
Warren Buffett called America "the mother lode of opportunity" last year, but this year, he could look for some of that lode in a foreign land. The billionaire investor's must-read annual shareholders letter comes out Saturday, and investors will comb through it for his folksy musings on investment and life. Some Buffett watchers think he'll point to opportunities abroad for a few reasons. One, the rally has pushed U.S. stock valuations well above their historical averages, making it harder for the bargain hunter to find big buys. Two, the dollar has strengthened about 20 percent against the euro since May. He's set to go on a shopping spree in Germany. Just last week, his company, Berkshire Hathaway, bought a motorcycle accessories retailer there. He said he likes Germany's people and its regulatory and legal systems, adding the weak euro was one factor. Berkshire shareholder Michael Yoshikami, CEO of Destination Wealth Management, said, "Warren Buffett recognizes that global investing is going to be an important part of the future." Earlier, Buffett found some stuff in Canada. He forked up $3 billion so Burger King could buy the doughnut chain, Tim Hortons, and he bought an energy transmission business there. He's got a fat wallet - $62 billion in cash. Investors will also see if Buffett outlines his vision for Berkshire's future. He's 84, and his deputy is 91.