Buffett plans billions more of energy investments

|By:, SA News Editor

“We’ve poured billions and billions and billions of dollars in retained earnings, and several billion of additional equity,” into the energy business, says Warren Buffett, speaking at the Edison Electric Institute convention in Las Vegas. “And we’re going to keep doing that as far as the eye can see.”

Reducing Berkshire Hathaway's (BRK.A, BRK.B) reliance on things like insurance and stock-picking, Buffett has moved toward capital-intensive industries like energy and transportation over the past decade-plus, and Berkshire Hathaway Energy has $70B in assets today. "So far we've stayed rich," he says.