Warren Buffett tells Bloomberg that the odds are his Berkshire Hathaway — still on a buying binge — is more likely to make its next acquisitions in the U.S. rather than abroad.

“The statement is a reversal for Buffett, who spent four days at press conferences and meetings in Switzerland, Germany, Spain and Italy last May to drum up potential buyouts when U.S. opportunities were scarce,” notes Bloomberg. “With rival bidders cut off from funds by the credit crunch and benchmark stock indexes down more than 40 percent from a year ago, Buffett, 78, can use Berkshire’s $25.5 billion cash hoard to buy into companies almost uncontested at discount prices.”

Buffett says he could still make overseas deals if good opportunities arise, but, he says, “The way things are going, there’s a lot of things that may be happening in the United States.”

Buffett also said he won’t back off of making derivative deals, like the controversial ones that have scared some Berkshire investors away in recent months. “Oh, we’ll continue,” he said. “We do anything that I think I understand and where I think that the odds strongly favor making money, which doesn’t mean you make money every time.”

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