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Of these, Berkshire Hathaway chairman Warren Buffett is probably laughing the loudest.

With more than US$40 billion (Bt1.3 trillion) to spend, Buffett, who has used dozens of acquisitions to beat every major US stock index, is poised to extend his lead while the credit crunch stymies other bidders.

With the United States on the brink of recession, investors expect Buffett to deploy Berkshire's cash to scoop up bargains.

Berkshire rose 22 per cent in New York trading in the past 12 months as the worst housing slump in a quarter of a century slowed the economy, led to record losses for banks and securities firms, and caused the Standard & Poor's 500 Index to decline 6.8 per cent.

Berkshire shares gained at an annual rate of 19.5 per cent over the past two decades, outpacing the S&P 500's 11-per-cent advance.

"Buffett has got the liquidity that others are lacking," said Mohnish Pabrai, founder of Irvine, California-based Pabrai Investment Funds, who manages $600 million and holds Berkshire shares.

"The disruptions work in his favour. This is a perfect market for Berkshire."

The 77-year-old Buffett transformed Omaha, Nebraska-based Berkshire from a failing textile-maker in the 1960s into a $200-billion company by taking insurance premiums and investing them in stocks and companies.

He owns about 33 per cent of Berkshire, making him the world's richest person ahead of Microsoft co-founder Bill Gates, Forbes magazine reported in March.