Buffett off to Israel to view first big overseas company he has bought

In May, stock market guru Warren Buffett patron saint of the Arizona retirement community and man who President rushed to see on 9/11, announced his Berkshire Hathaway fund he had purchased 80 percent of the Israeli tool company Iscar Metalworks.This is said to reflect his view that on the dollar's weaknes it makes sense to invest overseas.

This mega-deal hit the headlines for 3 reasons ;

1. It was the biggest foreign investment agreement ever involving an Israeli tech company
2. The third-largest deal ever for Berkshire Hathaway
3. Their first acquisition of a company based outside the United States.

When asked about it in an interview with PBS “Nightly Business Report,” Buffett said, “Iscar operates in 61 countries … but it’s very definitely Israel-based. That’s a very talented management there. And they’re thinking about every country in the world.”

Warren Buffett is not a Jew, he describes himself as an agnostic.

Two days later, Berkshire Hathaway via subsidiary CTB International acquired 60 percent of a second, smaller Israeli firm, Agrologic who make and develop computer controlled climate, feeding and weighing systems for modern poultry and pig raising.

This was followed by Microsoft purchasing Israeli tech company Whale Communications who specialize in secure remote access for networks in a US£80Mn. deal.This is said to be to develop their Israel office into a research and development center.

Warren Buffett is due to visit Israel and will arrive on Sunday for a three-day visit.