Billionaire Warren Buffett bowled over by Indian hospitality

The Chief Minister, attired in a formal suit, briefed Warren Buffett about the investment opportunities in Karnataka, the progressive policies of the state government, the close to 400 MOus signed at the Global Investors Meet and the speedy implementation of several of the projects.

"I invite you to invest in Karnataka in different sectors and assure you all the support and coordination from our government," Yeddyurappa told the legendary investor.

To a question as to what Karnataka needs to be doing to woo more investors, Buffett said, "You are doing the right thing."

Asked what his own assessment was on the impact of the Japanese crisis on the re-insurance sector, he said, "It is very early to assess that."

"Much of the loss is uninsured... It is a wild guess at this point, but I would say that it will be probably be between half a billion and a billion dollars.

To put that in perspective, Katrina (hurricane) cost us USD 3 billion and we are much larger. It is a significant amount of money, but it is not what I call a super catastrophe from the financial standpoint," he said, but added that it was a great tragedy from the human loss point of view.