The Globe and MailPublished Thursday, Aug. 15 2013Warren Buffett has finally deployed a sliver of his immense wealth into Canada, registering a vote of confidence in the future of the resource sector.
The head of Berkshire Hathaway Inc. and one of the world’s foremost investors, Mr. Buffett revealed in a U.S. regulatory filing that he has accumulated a stake of 17.8-million shares in Suncor Energy Inc., Canada’s biggest oil and gas producer. His investment is worth $620-million at the current share price
“It demonstrates some faith in the future of the oil sands in the American mind,” says Michael Smedley, chief investment officer at Morgan Meighen & Associates in Toronto.
Buffett watchers could not recall the Oracle of Omaha having ever invested in a Canadian corporation before. “If it’s not the first time, it’s definitely the largest stake he’s ever taken in a Canadian company,” said Barry Schwartz, a vice-president at Baskin Financial Services.