Buffett Interview

[DesertCat]

A nice summary of his interview on Fox can be found here.

Interesting comments on Petrochina

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On PetroChina:

“We sold it [all stakes], but we sold it based on price [not politics]. At the time of the annual meeting it was around $100 and since then it has more than doubled so, unfortunately, I sold it a little too soon. It was a decision based 100% on valuation.”

“If it went down a lot I’d buy it back.”

“We made about $3.5bn on a $500m investment but we still sold it too soon. I left a lot of money on the table.”

On how he found PetroChina:

“I sit there in my office and read an annual report, which fortunately, was in English, and it described a very good company. It told about the oil reserves, the refineries and everything else and I sat there and read it and said to myself this company’s worth about $100bn. I don’t look at the price first. I look at the business first and try to figure out what it’s worth because if I look at the price first I’ll get influenced by that.”

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