Famed investor Warren E. Buffett reiterated his confidence in Salomon Brothers Inc. Monday at Berkshire Hathaway Inc.'s annual meeting here.

Addressing nearly 8,000 people in a sports arena, Mr. Buffett, chairman of Berkshire Hathaway, his publicly traded investment company, said there is a good chance he will convert his sizable bloc of preferred shares into Salomon Brothers stock by Oct. 31.

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