Warren Buffet, the billionaire investor who heads Berkshire Hathaway Inc believes the U.S. dollar will continue to be weaker versus other currencies and was happy to invest in firms which didn't earn income in dollars.
We are happy to invest in businesses that earn their money in euros in France or Italy or sterling in the UK, because I don't have a feeling that those currencies are likely to depreciate against the dollar, Buffett told investors during a question and answer session at Berkshire's annual meeting, according to CNN.
He also through money policies in the U.S. would result in a weaker dollar.
Overall I think that the U.S. continues to follow policies that will make the dollar weaken against other major currencies, he said.
I feel no need to hedge purchases of companies that earn profits in other currencies.
He said that companies such as Coca-Cola are a natural hedge against the dollar since they earn most of their profit offshore, saying that will be a net plus over time.