NEW YORK: In the midst of people selling their stocks as market values touch the nadir, legendary investors-- Warren Buffett and George Soros-- seem to be swimming against the tide and shopping for stakes in companies worldwide. With the economic crisis ravaging global markets, the two billionaires are making investments in firms from America to Australia, which are expected to yield long term benefits. As Buffett wrote recently in a newspaper column, a simple rule dictates his buying, "Be fearful when others are greedy, and be greedy when others are fearful." Recently, Buffett pumped in about eight billion dollars in two American corporates. The legendary investor had pumped in five billion dollars to battered Wall Street giant Goldman Sachs and another three billion dollars into diversified conglomerate General Electric. According to reports, Soros snapped up a five per cent stake in Australian firm Sphere Investments. The company is reportedly looking to develop a multi-billion dollar iron ore mine in Mauritania.
Read more at The Economic Times
