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 wanted to make an acquisition, 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.Even at our ages of 88 and 95 – I’m the young one – that prospect is what causes my heart and Charlie’s to beat faster,” he said.
Berkshire had $112 billion in cash at the end of 2018, Buffett said Saturday, and investors were eager to find out what the plans were for the massive cash pile.
On Saturday, Berkshire posted a rare share loss during the fourth quarter of last year, taking a massive $3 billion writedown.
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