Warren Buffett Cuts Berkshire’s Bet Against US dollar
Nov 8th, 2005 by Martin Lee
Just a short update on some news before I finish up my review on the seminar.
Buffett cut Berkshire’s foreign-currency forward contracts to US$16.5 billion in September from US$21.5 billion in June.
The company had US$926 million in pre-tax currency losses in the first half, but managed a profit of US$29 million in gains in the third quarter, even as the US dollar strengthened against the euro, yen and British pound. What currency could he have been holding?
For the record, he managed US$2.96 billion of foreign-exchange gains from 2002 to 2004.