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World economy on crossroads: Warren Buffet sitting on huge cash

World economy on crossroads: Warren Buffet sitting on huge cash
AFP

Washington: It seems that the world economy is on the crossroads or heading in the direction which is unfavorable for the investors who is looking for good returns.

According to the report published in INC, world’s third-wealthiest person, Mr. Warren Buffett’s company, Berkshire Hathaway is sitting on the record stockpile of cash.

The person who had earlier said that sitting on cash is a big problem is reluctant to invest money in the market and holding cash of $122 billion. In the first half of the year, he has sold more than making an investment.

It may be mentioned that apart from Buffett’s company, Google and Apple is holding cash of $100 billion each.

Investors are confused about the world economy and it is evident from the fact that they are finding Gold as a safe haven for their wealth.

Recently, Gold has crossed the mark of Rs. 40000 per 10 gram.  

Who is Warren Buffett?

Warren Buffett is an American businessman. Buffett who is the third wealthiest person of the world is the Chairman and CEO of Berkshire Hathaway.

He is a notable philanthropist too. He pledged to give away 99% of his fortune for philanthropic causes mainly via the “Bill & Melinda Gates Foundation”.

He had founded ‘The Giving Pledge’ in 2009.

2016 US Presidential Elections

In 2016, Buffett extended support to Hillary Clinton for US Presidential elections.

Turning point

He became a billionaire when Berkshire Hathaway started selling class A shares on 29th May 1990 at $7,175 a share.

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