Famed investor Warren Buffet described the destructive earthquake and resulting tsunami in Japan as a black swan event that ultimately represents a Ã¢â‚¬Å“buying opportunityÃ¢â‚¬Â for investors. The billionaire financier was touring a South Korean factory when he made the comment regarding the future of the worldÃ¢â‚¬â„¢s third largest economy.
Ã¢â‚¬Å“It will take some time to rebuild, but it will not change the economic future of Japan,Ã¢â‚¬Â Buffett said on Monday. Ã¢â‚¬Å“If I owned Japanese stocks, I would certainly not be selling them.
Ã¢â‚¬Å“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.Ã¢â‚¬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.
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