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Warren Buffett looks to cars, oil and television reports

Mark Dampier MM blog

Berkshire Hathaway boss Warren Buffett has ploughed cash into cars, oil and satellite television while his deputies invested the most money in shares in two years, according to regulatory filings.

As reported in the Financial Times, Berkshire upped its investments in automotive giant General Motors, broadcaster Dish Network and Canadian oil firm Suncor Energy.

The billionaire ‘value’ investor has seen the value of Berkshire Hathaway portfolio of investments surge $97bn, around a third of its market capitalisation.

Buffett has also reportedly upped his investments in Bank of New York Mellon, US Bancorp and Wells Fargo but hs reduced his holdings in food and drinks company Mondelez International and in Cadbury owner Kraft Foods.

Earlier this year, in May, Buffett declared a very bullish outlook for markets, forecasting that despite US indices surging to new highs, there is still more to come.

Speaking to CNBC’s Squawk Box the Berkshire Hathaway boss said: “You willl see (stock) numbers a lot higher than this in your lifetime.”

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