Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > Other Topics > Business, Finance, and Investing

Reply
 
Thread Tools Display Modes
  #1  
Old 10-19-2007, 02:38 PM
DesertCat DesertCat is offline
Senior Member
 
Join Date: Aug 2004
Location: Pwned by A-Rod
Posts: 4,236
Default Buffett Interview

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

Interesting comments on Petrochina

[ QUOTE ]
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.”

[/ QUOTE ]
Reply With Quote
  #2  
Old 10-19-2007, 02:46 PM
SlowHabit SlowHabit is offline
Senior Member
 
Join Date: Apr 2006
Posts: 1,509
Default Re: Buffett Interview

I'm surprised he said "if it went down a lot I’d buy it back" because he's always been so hush hush about his position for obvious reasons.
Reply With Quote
  #3  
Old 10-19-2007, 02:52 PM
Tien Tien is offline
Senior Member
 
Join Date: Oct 2005
Posts: 795
Default Re: Buffett Interview

3.5 Billion dollars in a few years?

Ain't no thang.
Reply With Quote
  #4  
Old 10-19-2007, 02:57 PM
SlowHabit SlowHabit is offline
Senior Member
 
Join Date: Apr 2006
Posts: 1,509
Default Re: Buffett Interview

Man, I love buffett.
Reply With Quote
  #5  
Old 10-19-2007, 02:57 PM
ahnuld ahnuld is offline
Senior Member
 
Join Date: May 2005
Posts: 10,945
Default Re: Buffett Interview

"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.”

I love this quote and need to get it on the wall enxt to my computer.
Reply With Quote
  #6  
Old 10-19-2007, 03:41 PM
DesertCat DesertCat is offline
Senior Member
 
Join Date: Aug 2004
Location: Pwned by A-Rod
Posts: 4,236
Default Re: Buffett Interview

[ QUOTE ]
I'm surprised he said "if it went down a lot I’d buy it back" because he's always been so hush hush about his position for obvious reasons.

[/ QUOTE ]

Petrochina activists have been trying to get him to sell for years, and it culminated in a vote at this years shareholder meeting, a vote Buffett authorized and the activists lost in a landslide. They also put a billboard in Omaha urging him to sell. They are now claiming responsibility for Buffett selling. This is his response to that, and his point about buying it back is to show the activists had no affect on his decision. I believe him, not only did he buy it when very cheap and is selling when it is more fully valued, but Buffett admits his mistakes. If he suddenly realised the activists were right he"d offer his support publicly.

His comment about not looking at the stock price before reading the report shows how aware he is of unconscious biases and strives to limit them. We all have them, and should do the same. A petrochina activist would say I am biased to believe Buffett because of my personal admiration for him, and they would be right that I am biased, but wrong in that I have rational reasons to believe him. When I was a boy I believed Nixon because of my bias, not because he had a great track record of honesty.
Reply With Quote
  #7  
Old 10-20-2007, 12:27 AM
jumbojacks jumbojacks is offline
Senior Member
 
Join Date: Jun 2006
Posts: 853
Default Re: Buffett Interview

http://www.savedarfur.org/newsroom/relea...ina_divestment/

[ QUOTE ]
"Mr. Buffett attributed his complete divestment of PetroChina holdings to reasons ‘based on price,'" said Allyn Brooks-LaSure, coalition spokesman. "The Save Darfur Coalition hopes that ‘based on price' is financial jargon for ‘ominous links to genocide and tragic crimes against humanity.' If so, we applaud Mr. Buffett's actions and encourage other U.S. firms with significant PetroChina holdings to divest their shares ‘based on price,' too."

[/ QUOTE ]

HAHAHAHAHA
Reply With Quote
  #8  
Old 10-20-2007, 04:16 AM
Guest
 
Posts: n/a
Default Post deleted by Mat Sklansky

Reply With Quote
  #9  
Old 10-20-2007, 06:41 PM
DesertCat DesertCat is offline
Senior Member
 
Join Date: Aug 2004
Location: Pwned by A-Rod
Posts: 4,236
Default Re: Buffett Interview

[ QUOTE ]
[ QUOTE ]

On how much money he spent buying stocks yesterday:

A little over $200m. About four different companies.


[/ QUOTE ]

I found this odd. I didn't think he was an active trader and instead put substantial amounts of money into just a few projects.

[/ QUOTE ]

It's impossible to buy a billion dollars of any stock in a day without affecting price. His portfolio is so large it probably takes months for him to build a position. Occasionally he's given opportunities to buy a large block from a big shareholder, but otherwise he's probably stuck just going bit by bit in the market.
Reply With Quote
  #10  
Old 10-20-2007, 07:21 PM
Shoe Shoe is offline
Senior Member
 
Join Date: Jul 2004
Location: Follow me to riches!
Posts: 3,379
Default Re: Buffett Interview

Thanks for posting this. Great info!
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 03:38 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.