Liz Claman Interviews Warren Buffett on Fox Businessposted by MR WAVETHEORY at 10/19/2007 11:55:00 PM
On the Economy - Warren Buffet says there is a slowdown in retail and also really substantially in housing. Nothing suprising here. The economy could be headed for a recession. Watch Video.
On Succession - Buffett has four managers picked out to be Chief Investment Officer who would be able to take over. These managers are working for someone else right now, but would join immediately if something happened. Warren Buffett Talks about succession in the video.
On Petrochina (NYSE PTR) - He bought his stake when the entire company was worth $30 billion and sold it when it was worth $180 billion. Today, Petrochina is worth $410 billion. Buffett or Liz says it is the second highest valued company in the world after Exxon Mobile (NYSE XOM). They made $3 billion on PetroChina from an investment of $500 million. The maximum sale price was $110. The stock is around $220 now. Buffett admits he sold too soon and he sold too soon. Wow!?! Watch Warren Buffet Video on PetroChina.
On Bear Stearns (NYSE BSC) - "Hotter than Lindsay Lohan on rumors." Warren says he knows people at Bear Stearns and he never talked to them about investing in them and that the New York Times article about a Berkshire Hathaway investment in Bear was totally false. Watch Warren Buffett Video on Bear Stearns.
On Countrywide (NYSE CFC) - Buffett spoke to Angelo Mozillo about Countrywide and never got close to a deal because they would have needed an entire package to redo the company. Bank of America came along and did it. Warren seemed cool about Countrywide and kind of smirked like he dodged a bullet on CFC. Video.
On Best Investment Ever - Berkshire Hathaway $7 3/8. Today around $90,000. Probably Geico. Watch Warren Buffett's Best Investment Ever video.
On Alex Rodriguez - AROD?! Video.