The U.S. elections are approaching fast. The election results can affect the entire world, depending on who becomes the next president of America. The election of Joe Biden could mean trouble for some companies like Toronto-Dominion Bank. However, we cannot know what will happen until we see the result of the elections.
Warren Buffett has had a fantastic investing career that has made him a billionaire over the decades. His opinion matters a lot to investors who want to emulate his success in the world of stock market investing. However, his knowledge and wisdom extend beyond the world of finance, as Biden spoke to him regarding the leadership position of America for the world.
Biden in conversation with the Oracle of Omaha
Warren Buffett is known as the Oracle of Omaha for his amazing ability to recognize potential value in companies. He has used value investments to fuel the growth of his wealth to become one of the most successful investors. The 90-year-old has plenty of wisdom to impart from all his experience, and Biden spoke to him to leverage his life experience.
Biden spoke to Buffett regarding America’s global leadership role. According to Biden, Buffett firmly believes that the U.S. is in the position to lead the world in a way that no other country can. Biden believes that there is no limit to America’s future.
Buffett expressed a lot of optimism regarding the company’s potential. Warren Buffett is famously known for investing primarily in U.S. companies. Buffett has bet on America throughout his career and says that he will continue betting on the U.S. for the rest of his life.
Warren Buffett has been a strong supporter of Democratic Party candidates in the past, but he has not explicitly supported Biden. It is no secret that Buffett is not a fan of Donald Trump, but he likely does not want Trump supporters boycotting Berkshire Hathaway’s business.
A Canadian exception
Despite primarily investing in American companies, Buffett has ventured outside its boundaries to find value investments elsewhere. One of his most prominent Canadian bets is in Suncor Energy (TSX: SU)(NYSE: SU). Suncor is a beaten-down energy sector operator suffering at the hands of the oil price crisis and the pandemic.
Suncor’s valuation is down 63.44% at writing, as it trades for $15.56 per share. Many investors are staying away from oil producers like Suncor between the one-two punch of the oil price crisis and pandemic. Still, Buffett has reiterated his belief in Suncor as a strong recovery bet for the post-pandemic period.
According to Berkshire Hathaway’s latest 13F filing, Warren Buffett increased his position in Suncor by purchasing additional shares. As of the latest filing, Buffett owns 19.94 million shares of the company compared to 14.94 million shares by the end of March 2020.
Foolish takeaway
The election results could play a major role in how the stock markets recover from the effects of the pandemic. Buffett believes that America will continue to play an important leadership role in the world moving forward.
If you want to follow the wisdom imparted by the Oracle of Omaha, you could consider adding Suncor stock to your investment for its recovery.
