As the euro hits record highs against the US dollar legendary investor Warren Buffet is looking to put some of his $40 billion into euro-based assets.

According to Bloomberg, “Buffett, who will embark on a four-city European trip next month to meet with owners of family businesses, has for years been laying the groundwork for an acquisition in Europe.”

“It could well get worse for the dollar,” says Kathy Lien, chief strategist at Forex Capital Markets over at Casey Research.