Skip navigation
MOST POPULAR RELATED TAGS
  • TOPICS
  • SECTORS
  • COMPANIES

RSS FEED

» Help

Current DateTime: 08:25:58 21 Nov 2009
LinksList Documentid: 30078629
powered by digg

Warren Buffett Watch

Text Size
Aug.22
8:43 AM ET
Friday, 22 Aug 2008
Warren Buffett Says He's Been Buying More American Express or Wells Fargo

3 Hours with Warren Buffett - Live from Omaha - Executive Summary
Warren Buffett tells our Becky Quick that he has been adding recently to one of the two stakes Berkshire Hathaway already has in a pair of financial stocks: American Express [AXP  Loading...      ()   ] and Wells Fargo [WFC  Loading...      ()   ].

But, in keeping his custom of not revealing too much, he won't say which one.  Even so, investors are bidding up the price of both stocks this morning.

Buffett also sees better opportunities now in the stock market that he did a year ago.  That's really no surprise given the big decline in stock prices over that time.

LIVE BLOG ARCHIVE

TRANSCRIPT/VIDEO

Dave Grogan / CNBC

They are just two of the many comments Buffett made during a series of live appearances with CNBC's Becky Quick throughout this morning's three hours of Squawk Box following last night's premiere of an anti-deficit documentary that includes comments from Buffett. 

Among the highlights:

  • Berkshire has no direct currency plays right now, including no bets against the U.S. dollar
  • Repeats his belief the U.S. economic downturn will be longer and deeper than many people think
  • The economy won't be better five months from now, but will rebound within the next five years
  • Fed has a very tough job fighting inflation, which he expects will continue to rise
  • No immediate interest in making an investment in Canadian oil sands, although he did find his tour of northeastern Alberta this week very interesting
  • In retrospect, he made a mistake when he sold a large chunk of his Anheuser-Busch [BUD  Loading...      ()   ] stake before the brewer agreed to a friendly deal with InBev.  Buffett said he wasn't sure the deal would go through given Anheuser's initial resistance to InBev's offer
  • Made a $500 million bid for a Chinese asset that was rejected, but won't say what it was
  • Expects government action to bail out Fannie Mae [FNM  Loading...      ()   ] and Freddie Mac [FRE  Loading...      ()   ], although there's a "reasonable chance" shares of the two GSEs will eventually go to zero
  • Urges contributors to the John Edwards presidential campaign to file a class-action suit seeking the return of their money because Edwards "misled" them about his extra-marital affair

Current Berkshire stock prices:

Class A: [US;BRK.A  Loading...      ()   ]

Class B: [US;BRK.B  Loading...      ()   ]

Questions?  Comments?  Email me at

© 2009 CNBC, Inc. All Rights Reserved

Tools:
PrintEmailAdd This share icon
Next Post
  • digg share
ADD COMMENTS
Remaining characters


Current DateTime: 06:39:37 21 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:01:49 21 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:01:50 21 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:01:50 21 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters