The Wall Street Journal had an article that Buffet is buying foreign companies now. Berkshire recently bought Israeli car manufacturer Iscar and it looks like that just the beginning.

The continuing weakness of the dollar despite higher rates strengthened his view that Berkshire needed to invest in companies and securities overseas to protect itself from a possible sharp fall in the greenback.

Mr. Buffett blamed, as he has in the past, the growing current-account deficit in the U.S. and the country’s trade imbalances with other nations, such as China, which could cause a painful correction in the dollar and lead to “significantly” higher inflation. “The more you owe, the more it becomes attractive to devalue the currency” in which your debts are denominated, he said.

Buffet also thinks that speculators are now driving up the price of commodities and that “at midnight its all going to turn into pumpkins and mice”.