Buffett says stocks 'more attractive' than last year

WASHINGTON: Star investment manager Warren Buffett, the world's richest man, said in an interview on Friday that stocks are "more attractive" than a year ago, with a number of good values to be found. "I see values in all arenas," Buffett said in an interview on business channel. "We try to look for the best ones, but there's no magic to any given market and things are cheaper than they were a year ago in markets here and in markets around the world," he said. "So everything is more attractive, generally speaking, both here and in Germany and the UK and Korea and you name it. And I just try to look for the things I understand the best and that also are selling for less than I think they're worth." Buffett, who heads the Berkshire Hathaway investment fund, this year overtook Bill Gates as the world's richest man, according to Forbes annual billionaire's list. The 77-year-old chief of the Berkshire Hathaway holding company saw his wealth jump from $52 billion last year to 62 billion. Buffett, who in the past had voiced concern about the US dollar, said he had no positions against the greenback at the moment, but said the currency could weaken if the United States fails to narrow its massive trade deficit. "People who think that America is not in the game are totally wrong," he said. "But we have been importing like 17 per cent of GDP (gross domestic product). If we have that gap and it continues, the dollar over time will get weaker. Not necessarily next week or next month or next year, but it will get weaker over time." Buffett commented however that the US economic crisis stemming from a housing slump and credit squeeze is not over. "I think it is going to be longer and deeper, but no one knows when -- what you do know is that it will turn around," he said. "I mean, the country will be doing far better five years from now than it is now, but it won't be, in my judgment, it probably won't be doing better five months from now." Questioned about his recent stock buys, Buffett said he had purchased more shares in one financial company but declined to name it. Asked whether he had bought more of Wells Fargo or American Express, he said "I bought more of one of those in recent months" but did not say which one. -ET