Famed investor Warren Buffet described the destructive earthquake and resulting tsunami in Japan as a black swan event that ultimately represents a “buying opportunity†for investors. The billionaire financier was touring a South Korean factory when he made the comment regarding the future of the world’s third largest economy.
“It will take some time to rebuild, but it will not change the economic future of Japan,†Buffett said on Monday. “If I owned Japanese stocks, I would certainly not be selling them.
“Frequently, something out of the blue like this, an extraordinary event, really creates a buying opportunity. I have seen that happen in the United States, I have seen that happen around the world. I don’t think Japan will be an exception.â€
A report earlier today suggest it could take upwards of $300 billion and five years to rebuild core infrastructure destroyed by the massive tsunami triggered by the recent earthquake that measured 8.9 on the Richter scale.
