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May 2, 2013 10:37 am

Billionaire Buffett: ‘There is No Other Place in the World’ Like Israel

avatar by Zach Pontz

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Warren Buffett meets with U.S. President Barack Obama at the White House. Photo: Wikipedia..

Super investor Warren Buffett, recently named to The Algemeiner’s Jewish 1oo list for his strong support of Israeli innovation, completed his acquisition of Israeli company Iscar Wednesday. Buffett’s Berkshire Hathaway Inc., antied up the $2 billion it needed to acquire a full stake after investing $4 billion for 80% of the company in 2006.

“I spoke with Eitan (Wertheimer, Chairman of Iscar) in January in Washington, and we decided that this was the time for us and the family to make the deal. I am very pleased,” Buffett said, when asked why he waited seven years to acquire full ownership of the company.

In an interview with Israel Hayom after the transaction, Buffett heaped praise on Israel.

“Israel is a great place to invest because of its people. There is no other place in the world where you find people with these qualities, as well as with the motivation and the ability to focus that you see at Iscar,” he told the Israeli newspaper.

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With Buffett being the investor that he is, there was the inevitable financial advice query, to which Buffett responded: “I haven’t been to Israel recently so its hard for me to give advice, but I form my impressions from Iscar, and the company makes me believe that Israel has a bright future. Iscar will never stop, even if there is a slowdown in world markets. Iscar never stops innovating with new products and never stops satisfying its customers. With the excellent management at Iscar, I just sit in the back seat and let the car drive itself. I don’t have to do anything but rely on the management.”

Buffett, one of the richest men alive, does, however, have advice for Israel as a whole. “Israel should continue to do what it’s doing. You are a nation of entrepreneurs with amazing abilities. Israel must continue to provide them with the best and most comfortable work climate. That is the government’s responsibility: to create a comfortable climate for entrepreneurs.”

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  • E.S.Lombard

    Iscar operations are not limited to Israel now. If something isn’t done about Israeli education SOON, we’re going to lose that competitive edge. The observation that we are second only to Canada in higher education completion is fine, but even HE has slipped in many fields in the last three generations everywhere. I’ve taught HE students in Israel and US; not that impressed.

  • Yak Fatzko

    It’s “anted” or “anteed”, not “antied”.

    • Charles

      You are confusing diferent words. Anted or Anteed is to risk a sum of money in a GAME OF CHANCE. Antied is to disburse (it cames from tha fact taht in old times you had to loose the strings of your bag to take the money out)

  • Chay Wai Chuen

    It may do well for your edition to have relevant hyper link to the topics under the news. For example , a link to Iscar would be very useful for foreign readers, not so familiar with the Israel but interested to learn about Israel and Jewish knowledge and culture, to click conveniently to find out more.
    Just a humble suggestion.

    • Talia

      Hi, I read your comment. You are absolutely right, it should have done the way you had mentioned. It’s very difficult to find information about Iscar in English, I’ve tried to find it. If you are still interested in finding more information, I’ll be glad to provide you with information,just reply here, and I’ll gladly do so (I don’t do it for a living, just trying to help here).

    • BlueShadowII

      I agree that Algemeiner should provide a link in a case like this, but a Bing search for “iscar” immediately returned more information than I wanted. Start with the company web site at iscar.com.

  • Elliott

    You go, Warren!!

  • Isaac

    God Bless Warren Buffett.

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