FILE - In this May 7, 2018 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview in Omaha, Neb. Buffett’s company has hired Lee Enterprises to manage the mostly smaller newspapers it has acquired since 2011 in 30 different markets. (AP Photo/Nati Harnik, File)

FILE - In this May 7, 2018 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview in Omaha, Neb. Buffett’s company has hired Lee Enterprises to manage the mostly smaller newspapers it has acquired since 2011 in 30 different markets. (AP Photo/Nati Harnik, File)

Buffett’s appetite for big deal soured by ‘sky-high’ prices

Billionaire investor Warren Buffett says ‘prices are sky-high.’

Billionaire investor Warren Buffett says he hungers for an “elephant-sized acquisition,” but the most tempting targets are too expensive for his tastes.

That recipe means Berkshire Hathaway, the conglomerate that Buffett runs, will likely focus on buying stakes in a variety of companies instead of trying to pull off an outright takeover.

Buffett delivered that news Saturday in his annual letter to Berkshire shareholders. His communique is closely scrutinized by investors because of Buffett’s success in the stock market, where he has built a fortune that Forbes currently pegs at $83 billion.

Berkshire could afford a big deal because it currently holds $112 billion in cash. But Buffett doesn’t expect to open his wallet this year because “prices are sky-high for businesses possessing decent long-term prospects.”

The Associated Press

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