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 Warren Buffett buys IBM stake with $10.7bn investment

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Join date : 2011-03-24

PostSubject: Warren Buffett buys IBM stake with $10.7bn investment   Tue Nov 15, 2011 5:38 am

Warren Buffett, chief executive of Berkshire Hathaway Warren Buffett said he did not tell IBM's boss about his investment before revealing it on US television
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Warren Buffett - one of the world's most closely watched investors - has disclosed building a 5.4% stake in IBM.

Mr Buffett's Berkshire Hathaway fund started buying shares in the firm in March, eventually spending around $10.7bn (£6.7bn).

The billionaire had steered away from technology firms in the past.

However, he said that he had been impressed by IBM's road map for how it planned to attract IT firms outside the US to sign up to its services.

"If you're in some country around the world and you're developing your IT department you're probably going to feel more comfortable with IBM than with many companies," he told the US television station CNBC.

He said he started buying the stock after he read IBM's 2010 annual report and spoke to technology professionals in the businesses his fund had already invested in.

He said he realised there was a lot of "continuity" in the US-headquartered business.

"It is a big deal for a big company to change auditors, change law firms, or change IT support," he said.

"There's a fair amount of presumption in many places that if you're with IBM, you stay with them."

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