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Buffett CNBC interview

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When the Master speaks, we all listen. Here is what he said on CNBC “squawk on the street” Aug 22. Note I don’t pay attention to CNBC and “Squawk on the Street”, unless it’s someone like Buffett or Gross (Pimco) speaking. Here are the transcripts at CNBC. I read it from trader1688 first. Some interesting quotes:

What Chinese company got Buffett interested?
6:22 AM: Buffett reveals that Berkshire made a half-billion dollar bid on a Chinese stock that wasn’t accepted. He wouldn’t say what stock or what industry. He did say that under the right circumstances he could have a lot of money in China, but noted that there are government restrictions on foreign ownership that must be overcome.

Buffett left some money on the table
7:05 AM: Buffett confirms that he sold 60 percent of his Anheuser-Busch [BUD 67.79 0.03 (+0.04%) ] shares at prices around $61-$62 before the company agreed to a friendly merger with InBev at a sweetened price of $70. Buffett says at the time he wasn’t sure the deal would go through given Anheuser’s strong resistance to InBev’s original bid. “In retrospect, I was wrong,” but he says that often happens.

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Can We See $2 Gas Coming?

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It looks like it. The unusually warm Winter in the US. The continuing cut of OPEC’s crude production. The change of hands in US congress (oil companies’ friends are no longer in charge). The emerging of alternative energy: solar is reality now, just by looking at the solar Panel manufacturers’ IPOs on the Nasdaq lately. Not surprisingly, some of those are from China.

I am not going to speculating on the oil price for the near term or long term. That’s not my specialty. But on a related issue, I am going to predict consumers are continuing to spend, whether in US or China. They will continue to buy cars, dresses, electronics, music, shoes, and going out for movies, latte and dinners. My problem is trying to figure out which company will get sustainable growth/profit out of this 🙂