Thursday, October 25, 2007

Warren Buffett : Updates

Warren Buffett and NBC's Tom Brokaw: The Complete Interview


Warren Buffett Sees "Fairly Significant" Chance U.S. Going Into Recession


Warren Buffett on Value Investing, Repackaging Toads, Google and Investing in North Korea


Bond Billionaire Backs Buffett


Warren Buffett and Jack Welch Live on Squawk Box.

The Video

Berkshire's Buffett says China is too hot to buy.


Warren Buffett's Daily Reading List:

Buffett generally reads five newspapers a day -- the Journal, the Financial Times, the New York Times, USA Today and the Omaha World-Herald. Make that six -- he reads the American Banker every day too.

Warren Buffett to CNBC: U.S. Dollar Not the "Best Currency in the World" to Own Right Now.


Warren Buffett Calls Korean Stocks "Still Attractive" Despite Gains.

3 bargain stocks

"We are cowards." That's how Marty Whitman, the octogenarian dean of deep-value investors, describes himself and his colleagues at the firm he founded, Third Avenue Management.

Why? Simple, Whitman explains: "We hate to lose money."

Driven by that fear, Whitman and his crew focus on finding stocks that are "safe and cheap." Sit down and talk to him about his investing philosophy - as Fortune did recently at the firm's midtown Manhattan headquarters - and those two words come up regularly. And always in that order: safe, then cheap.

Sunday, October 21, 2007

Fox Interview With Buffett

In a broadcast exclusive with FOX Business Network’s Liz Claman, Warren Buffett talks about the housing market, selling his stake in PetroChina, the mystery currency he never announced until now and his own investments.

On taking stakes in home builders:

“I didn’t buy a share. I look at them. I look at their debt, their equities. I look at everything. I’m waiting until they’re under priced. That’s what I look for with any security. And, I don’t think they’re undervalued. Starting 30 minutes, ending 18 months ago – that year – we probably had more home builders offer to Berkshire where the managements wanted to see the business that I’ve ever seen in any industry. A significant percentage of the publicly-owned home builders, when their stock was flying high and their management was talking bullishly, were trying to sell their companies. Apparently they knew what was going on or likely to go on. Though, I don’t think they saw it coming as extensively as it did.”

On the Treasury’s bailout fund:

“Well, right now, it’s a mystery fund. When they announced it Monday they said more details would come. I haven’t seen any details so I don’t really know what they’re talking about. I don’t see anyway that pooling a bunch of mortgages, changing ownership is going to change the viability of the mortgage instrument itself. I’m withholding judgment on it and a little skeptical until I see the details.”

Tiger's Robertson Sees 'Doozy of a Recession'

Hedge fund legend Julian Robertson said Friday he expects the U.S. economy is heading for a "doozy of a recession."


"I think we are going to have a doozy of a recession," Robertson told CNBC's Erin Burnett. "I think the credit situation is worse than anybody realizes, and...I think we're getting little inklings of that. I don't think any of the normal indicators you would look at in the economy are really very strong. As a matter of fact, they are weak, and not really getting any better."


Robertson, founder of the investment firm Tiger Management, also expressed some concerns about the devaluation of the dollar.

Professor Risk

In his office high above the Chicago River, Sam Zell, the real estate virtuoso and master investor, is talking about motorcycles. "I have had accidents over the years," he says, "but most of them while standing still. I'm actually a very very good driver." In case I look skeptical, he adds a sweetener, his wife's verdict: "Helen rides in the back with me and this is not Miss Bravery or something," he says. "But you know, she won't let me drive a car. I get distracted."

He's hoping I'll catch the broader point, which is about managing risk -- the subject we're actually here to talk about. In his three-plus decades in the business, Mr. Zell has built a fortune doing deals in industries and business cycles where few were keen to tread. He's come out with levels of success that left others wondering how they failed to see the opportunities that were there, plain as day.

Is Your Brain Costing You Money?

In late September, Motley Fool Hidden Gems and Global Gains advisor Bill Mann sat down with renowned financial journalist Jason Zweig. Zweig's new financial book, Your Money and Your Brain, tackles the fascinating topic of neurofinance, the ways that your brain can trick you and cost you money.

Friday, October 19, 2007

Tom Plate and Jeffrey Cole interview Lee Kuan Yew

Singapore's first prime minister talks about China, the United States, and international politics as well as the future of media in Asian countries like Singapore and around the world.

This is the complete transcript of Minister Mentor (as the founder of modern singapore is now known) Lee Kuan Yew's interview with syndicated columnist Tom Plate of the UCLA Media Center and new-media expert Jeffrey Cole of the USC Annenberg School Center for the Digital Future. It took place on Sept. 27, 2007 in the minister's private office at Istana, Singapore.

Full Article

Buffett Avoids Bear Stearns, Countrywide Financial

Billionaire Warren Buffett said his Berkshire Hathaway Inc. won't buy a stake in Bear Stearns Cos. and that he ``never came close'' to acquiring shares of mortgage lender Countrywide Financial Corp., which fell 61 percent this year.


Buffett also said Berkshire sold all its stock in PetroChina Co., a company that has been the target of a divestment campaign by human rights groups.


Buffett denied a New York Times report published last month that said he might buy as much as 20 percent of New York-based Bear Stearns, the fifth-largest U.S. securities firm, during an interview on News Corp.'s Fox Business Network.

Thursday, October 18, 2007

Pabrai's Annual Meeting at Chicago Sept 2007

My friend, David had attended Pabrai's 2007 Annual Meeting and he has a nice summary on his blog.


Interview with Warren Buffett

Last year you made your big announcement about giving away all your money. Is that decision sitting well with you or do you ever wake up in the night and think, "What have I done?"

No, I sleep like a baby. It's worked out perfectly for me. It's exactly what I wanted to do in terms of where the money goes, it's the people I want to have making the decisions, it fits well with what I want for Berkshire Hathaway, so I wouldn't change an item in it.

You gave the money to five foundations, the largest amount going to the Bill & Melinda Gates Foundation, but was there ever a Plan B? I heard you muse once that you could afford to hire 10,000 artists to paint your picture every day for the rest of your life. You were joking, of course, but was there ever something else you had in mind?

No. I originally thought that my wife would outlive me, she was younger than I was, and women live longer than men and all of that, so I thought that was likely, and in that case she actually would have made the decision. I mean, the money would have gone to what was then called the Buffett Foundation -- now called the Susan Buffett Foundation -- so she would really have been in charge of the disposition. But when she died first, I had to make the decision. She loved giving away money, and she was good at it, and she was wise about people, so I had no worries at all about how she would have carried it out, but instead I had to carry it out, so there was no Plan B once she died first.

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