Ugandan President Museveni has challenged the wealthy Warren Buffett family to consider investing in livestock farming.
Warren, who is known for his multi-billion dollar investments in information technology, financials and consumer staples, recently sold his entire position in major US airlines.
This was after the COVID-19 pandemic triggered worldwide travel shutdowns, upending air travel.
In his State of the Nation Address on Thursday, Museveni said he was surprised when the son of Warren, Howard Graham Buffett, told him that his father never owned cows.
“The son of Mr. Warren Buffet, whom they claim to be the 2nd richest man in the World, came to visit me at Kisozi. I asked him how many cattle his father had,” recalled Museveni.
“He (Howard) told me that he did not own any cattle, but owned railways, etc!! I had never seen a rich man without cattle and land and I told him so,” exclaimed Museveni, a rancher.
“Recently, I saw some people trying to get rid of shares in the Airline companies as hot potatoes because of the corona-virus pandemic. My farm-based wealth, land on which the farming takes place, are going nowhere. They were here yesterday, today and tomorrow,” he emphasized.
Howard, who is the eldest son of the American billionaire, visited Museveni’s ranch in Kisozi in 2013.
The duo reportedly discussed modern farming methods.
Howard was reportedly impressed by the president’s large herd of the long-horned Ankole cattle.
While Warren, 87, surprised the world by the sudden decision to sell his position in major airlines, he retains a stock portfolio in American Express (AXP), Apple (AAPL), Bank of America (BAC) and Coco Cola.
For example, while Apple is the fifth-largest Buffett stock by number of shares, it’s number one by market value.
In 2020, Warren Buffett’s net worth is estimated at just over $81 billion, more than double the size of Uganda’s economy ($33bn) and remains in the top 5 richest men in the world.