NEW YORK (MarketWatch) -- Berkshire Hathaway (BRK.A:
BRK.A, , )
CEO and legendary investor Warren Buffett said Wednesday his firm's investment of up to $10 billion in Goldman Sachs ( GS, , ) this week is "a bet on brains." Buffett, known for his savvy investments in beaten-down companies at the right time, said that for the Goldman deal, "the price was right, the terms were right and the people were right." He said Berkshire has had a lot of cash on hand lately but had not found a lot of sensible ways to use that cash. "This (Goldman Sachs deal) gives us a chance to use our cash sensibly," he said.
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