Berkshire Hathaway Annual Letter to Shareholders 2008 - Read the latest Berkshire Letter
Feb. 28 (Bloomberg) -- Warren Buffett�s Berkshire Hathaway Inc. increased its stake in Posco, Asia�s third-largest steelmaker, to 5.2 percent as the Korean company�s stock had its worst year since 2002.
Buffett�s firm owned 3.95 million shares of the Pohang, South Korea-based company at yearend, Berkshire said today in its annual statement. That�s 13 percent more than the 3.49 million shares that Omaha, Nebraska-based Berkshire owned on Dec. 31, 2007.
Posco posted its first annual decline in Seoul trading in six years in 2008 amid slumping demand from automakers and builders as Buffett, renowned as one of the world�s best investors, added to Berkshire�s stake. The Posco investment, disclosed by Berkshire in 2007, has been profitable, according to the statement. It cost Buffett $768 million to build and had a market value of $1.19 billion at the end of the year.
�I like buying quality merchandise when it is marked down,� Buffett said in the statement. He and partner Charlie Munger �enjoy� falling stock prices when they have the funds to add to holdings of their favorite companies, he said.
Berkshire discloses its largest U.S. shareholdings, which comprise most of the firm�s portfolio, in quarterly filings with the Securities and Exchange Commission. The disclosure of the Posco stake came in a list of Berkshire�s major investments today.
Posco �was quite happy that Buffett increased his stake,� spokeswoman Ko Min Jin said in an interview. Posco has slipped 17 percent in Seoul trading this year, after declining 34 percent in 2008. The company gained 86 percent in 2007.
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