Billionaire investor, Mr Warren Buffett, believes the recent wild stock market swings have created very few buying opportunities, and predicts diminished stock market returns over the next decade or so. He has also reiterated his aversion to investing in technology and Internet-related stocks because he is unable to put a long-term valuation on them.

Addressing investors at the annual Berkshire Hathaway shareholders' meeting last weekend, Mr Buffett said the investment company had mildly reduced the level of equities it held and predicted that the general ownership of equities will be very exciting over the next 10 or 15 years.

The chairman of Berkshire, the investment firm, was greeted by a forgiving crowd of more than 10,000 shareholders after the company posted a 45 per cent drop in earnings in 1999. Dubbed the "Oracle of Omaha" for his stock-picking prowess, Buffett has come under pressure this year from some shareholders disappointed with Berkshire's lacklustre earnings.