The resilience of capitalism, epitiomised by its different variants in India, China and the U.S., has enabled it to “a way of unleashing human potential,' said Warren E. Buffet, Chairman and CEO, Berkshire Hathaway, here on Thursday. He was addressing an interactive session with businesspersons, organised by the Confederation of Indian Industry (CII).
Pointing out that India is “a huge country on the move,” Mr. Buffett said, “There are many investment opportunities here.”
Responding to a question raised by S. Gopalakrishnan, CEO and Managing Director, Infosys Technologies, about the implications of the “disparities in income” in the three countries, Mr. Buffett said capitalism's success lay in its ability “to establish the rule of law, a functioning market system and the provision of equality of opportunities.” “I wish I was born today. The next century is going to be so much more exciting,” he said.
Asked how much luck has contributed to his success as an investor, Mr. Buffett said, “I have been very lucky to have been exposed to some extraordinary human beings during my lifetime.” “I was lucky to have born a male white 80 years ago,” he remarked. “If I had been born black I would not remotely have had the same opportunities I had,” he said. “My sisters did not have the same opportunities I had,” he added.
Asked about his reading habits, Mr. Buffett said, “I love to read biographies and about politics, but not much of fiction.” He said he had also read several books on the financial crisis. “I read a great many newspapers,” Mr. Buffett said. Asked if corporations are distrusted more after the global meltdown, Mr. Buffett said, “I do not think so. Maybe that is true of some of the leaders of the financial corporations.” “People are upset that those in the financial sector who contributed to the crisis, escaped jail,” he remarked. “Although many Americans have lost their money their jobs they have not turned against the corporations or capitalism,” Mr. Buffett said.