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Warren Buffett's Berkshire Hathaway named most respected company

Associated Press - September 16, 2007 10:05 AM ET

OMAHA, Neb. (AP) - Barron's magazine has named Warren Buffett's company the most respected company in the world this year.

Berkshire Hathaway moved up to the top spot from fifth place last year. The rankings are based on a survey of American money managers about the 100 largest companies in the world.

The investors in the survey piled compliments on Buffett who is considered by many the world's greatest investor.

Buffett took the struggling textile firm Berkshire Hathaway and over time converted it into his investment vehicle.

Berkshire grew from investments in businesses to outright ownership of more than 60 companies with total assets of around $248 billion. It is a major player in the insurance field.

Plus Buffett has pledged to give nearly all of his fortune to charity after his death.

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