By William Patalon III
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,
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About the Author
Before he moved into the investment-research business in 2005, William (Bill) Patalon III spent 22 years as an award-winning financial reporter, columnist, and editor. Today he is the Executive Editor and Senior Research Analyst for Money Morning. With his latest project, Private Briefing, Bill takes you "behind the scenes" of his established investment news website for a closer look at the action. Members get all the expert analysis and exclusive scoops he can't publish... and some of the most valuable picks that turn up in Bill's closed-door sessions with editors and experts.