Billionaire investor Warren Buffett, stung by $955 million in losses from foreign-currency investments in 2005, slashed his bet against the U.S. dollar this year, just before its steepest decline in 18 months.
Berkshire Hathaway Inc., his Omaha, Nebraska-based insurance and investment firm, had $5.4 billion in foreign- currency forward contracts at the end of March, down from as much as $21.8 billion in 2005, according to the company's earnings statements. The U.S. Dollar Index, used to measure its value against six major currencies, fell 5.1 percent in the second quarter.
Btw, for better insights into the world of investment there's no better reading material than WB's annual "Letter to shareholders". They can be found here.