FX comment: Find me at the Buffett
Warren Buffett’s appearance on CNBC on Monday got plenty of people talking this week.
Joe Weisenthal wrote on Business Insider that Buffett “sounds really sexy when he talks forex.”
Sounds like Weisenthal has forgotten what sexy means, but one of the most exciting parts of the interview was when Buffet said that if he had to divest himself of USD, he would probably buy Swiss Francs. Not exactly a surprise and, no doubt, not exactly music to the ears of the SNB either.
Other choice musings included:
On EUR versus USD: “Both of those currencies, in terms of purchasing power, will decline over time.”
On European countries and the US: “They are all following policies that will cause their currencies to lose value.”
Buffett went on to divulge that his Berkshire Hathaway sold insurance that will require his company to pay out if France wins the World Cup this year. “I think we’re going to lose 30 million bucks or something like that if France wins the soccer tournament.”
Given his track record, perhaps we all ought to pile in.