Warren Buffett goes on $24 billion shopping spree

According to regulatory filings, Warren Buffett went on a $24 billion buying spree in the third quarter of 2011.

LOS ANGELES, CA (Catholic Online) - The buying spree is the largest in 15 years for Buffet who is commonly followed by thousands of investors worldwide.

Among the investments was $5 billion in Bank of America which was announced last August. Buffett's firm, Berkshire Hathaway based in Omaha, Nebraska, also invested $9 billion in order to acquire the chemical company Lubrizol in September.

The information was originally released on Friday as part of Berkshire Hathaway's third-quarter earnings announcement. The net income for the corporation has fallen from $3 billion to $2.28 billion in the past year. Despite these losses, it's believed that his company has already recouped much of them over the past quarter.

Berkshire Hathaway's buying spree is widely attributed to the weak economy. The simple mechanics of buy low and sell high mean that now is as good a time as any to buy stocks in companies which are likely to do well as the economic recovery continues.

Buffet's investment philosophy is a long-term one, and he does not engage in speculative trading. Instead, he makes long-term investments in companies with strong fundamentals and potential for growth. It's a sound investment strategy for anyone with time on their side.

Berkshire Hathaway already owns 80 companies including Dairy Queen, Geico, and See's candy. The company also has substantial stakes in Coca-Cola and Wells Fargo.

Warren Buffett is the second richest man in America following Bill Gates. Buffett is worth $39 billion, and Gates $59 billion, according to Forbes' list of the richest people in America, which was published last September.

Warren Buffett has made news headlines several times this year. His bathtub decision to invest $5 billion in Bank of America made headlines in August, and his call in September for Congress to tax the wealthiest Americans has kept him in the media spotlight.

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