Women should have a higher profile in investing, says Warren Buffet

Billionaire investor Warren Buffett said women ought to have a higher profile in investing.

On the sidelines of the annual shareholders meeting of his Berkshire Hathaway empire in Omaha, Buffett made a surprise appearance at a gathering called Variant Perspectives, organised by a group of women financial professionals aiming to end the imbalance.

"It's long overdue," Buffet said of the goal.

"When someone calls me from the outside with an investment idea, I'm not going to ask what their sex is; it wouldn't make a difference...the stock doesn't know who owns it," Buffett said.

Only three percent of investment funds in the United States are owned by women, according to Variant Perspectives.

Laura Rittenhouse, who started her own firm, said it's shocking that, with 60 percent of wealth in the United States in women's hands, they typically could not find a woman to handle their investment funds.

For Danielle Town, investor and founder of the Invested Practice, a bi-weekly letter, women are often known to be less reactive and more successful financial managers.

"It's much more difficult to be a professional female investor than a man; but we also know that women's returns are better and yet they are not getting assets management positions," she said. 

On Saturday, Buffett, at his company's annual shareholder meeting, also gave a clue on who might succeed him to run his Berkshire Hathaway empire, but did not completely reveal his hand.

Without answering directly, Buffett said Gregory Able, 57, and Ajit Jain, 67 -- both promoted last year to the board of directors -- would in the near future join him and long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions.

"You could not have two better operating managers than Greg and Ajit. It's just fantastic what they've accomplished," said Buffett, who is known as the "Oracle of Omaha."

For decades, Buffett and Munger have been the two stars of Berkshire Hathaway, but on Saturday, Jain answered a shareholder question, though he did so from the floor.

(Via Agence France Presse)

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