By William Patalon III Managing Editor
Berkshire Hathaway Inc. (BRK.A, BRK.B) Chairman Warren Buffett yesterday (Thursday) paid his first visit to South Korea, where the billionaire U.S. investor has invested in 20 companies, including a 4% stake in the country's Number One steelmaker, POSCO Ltd. (PKX), South Korea's Yonhap news agency said.
In an email interview with Seoul-based Maeil Business Newspaper Sunday, the billionaire said South Korean stocks are still attractive, despite some analysts' concerns that they may be overvalued.
"The Korean stock market a few years ago was by far the most undervalued market in the world," Buffett told the newspaper. "Since then, there has been a huge advance in the Korean market and the [Korean] won has appreciated against the dollar. Nevertheless, many Korean stocks still sell at more attractive prices than stocks in other major countries."
Buffett is the world's second-richest man, with assets of $52 billion, according to Forbes magazine. His last major investment foray involved U.S. railroad companies.
[Editor's Note: Warren Buffett may well have just wised up on South Korea's potential, but we detailed that promise months ago. If you'd like to read our 6,000-word research report, “The Three Best Investments in Asia Today,” which includes detailed insights on Korea and other key markets, please click here. The report is free of charge.] News and Related Story Links:
