‘Unexplored’: What Warren Buffett said on India at Berkshire Hathaway meeting

The Indian market offers “loads of opportunities”, but it is currently “unexplored”, said billionaire investor Warren Buffett while responding to queries at the annual meeting of his investment conduit Berkshire Hathaway.

The 93-year-old Buffett, who is considered as an investment wizard, was asked about India by a participant at the annual meeting held in the United States’ Omaha over the weekend. Buffett hailed the question, and noted that India is one region that he would likely explore “in the future” from an investment point of view.

Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund that invests in Indian equities, had asked him about the possibility of Berkshire exploring in India, the world's fifth-largest economy. “It is a very good question. I am sure there are loads of opportunities in countries like India," he said.

“The question, however, is whether we have any advantage or insights into those businesses in India or any contacts that will make possible transactions that Berkshire would like to participate in. That is something a more energetic management at Berkshire could pursue,” the co-founder, chairman and CEO of Berkshire Hathaway said.

"There may be an unexplored or an unattended opportunity...but that may be something in the future," he said about India.

Buffett said the question is if Berkshire has some kind of advantage in pursuing those unattended opportunities, particularly against people who are managing other people’s money and getting paid based on assets.

Apple stake

During the question and answer session at the Berkshire meeting, the decidedly reducing stake in Apple was one of the key topics. Buffett clarified that it had nothing to do with the long-term view on the stock and Apple will probably remain one of their largest holdings despite the recent slowdown.

He also told shareholders that Vice Chairmen Greg Abel and Ajit Jain have proven themselves the right people to lead Berkshire after he departs.

The value of Berkshire’s stake in Apple declined to $135.4 billion at the end of March 2024 quarter, down 22% from $174.3 billion at the end of December 2023. In the same period, Apple’s stock declined by 11%.