The goal of Berkshire Hathaway Inc., led by Warren Buffett, is to make a significant new investment in Canada. The 93-year-old millionaire is the corporation’s largest stakeholder. The U.S. conglomerate holding company held its annual meeting via live streaming from a full arena in Omaha, Nebraska.
As Vice Chair of Hathaway’s non-insurance division, Greg Abel is a Canadian who is commonly considered Mr. Buffett’s heir apparent in the executive chair role. The executives of Berkshire are currently considering their alternatives for a fresh entry into the Canadian market.
“When we see anything that’s suggesting an idea that’s of a size with interest here and meets other requirements, they don’t have any hesitancy about putting big money in Canada,” Mr. Buffett said.
“There are things we actually can do fairly well, where Canada could benefit from Berkshire’s participation.”
Further, he added, regarding that nation, we don’t have any mental hurdles. Naturally, there are many nations that we have no knowledge of at all. Canada’s economy is fantastic; it’s not as big as the US economy, but it’s still big enough that you can operate there with complete confidence.
In addition, Mr. Abel is the chair of Berkshire Hathaway Energy, which consists of current Canadian holdings. Among the assets located north of the border are those of Berkshire Hathaway Energy Canada, a Calgary-based company that uses AltaLink to manage 300 substations and 13,000 km of transmission lines across Alberta.
Berkshire’s earnings attributable to shareholders for the first quarter of FY were US$12.7 billion as opposed to US$35.5 billion for the same period last year. Generally, Buffett cautions investors not to place too much weight on the company’s net income statistics since they don’t accurately reflect the performance of its wide range of operations and contain fluctuations in the value of the company’s stock portfolio.
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