Warren Buffett 'Suits Up' .. and a Chinese Stock Soars
Warren Buffett's enthusiastic praise of his Chinese business suits and the company that made them may have given the mensware manufacturer's stock a big boost.
In Shanghai trading, shares of Dalian Dayang Trands are up almost 19 percent over a few days to a high for the year, after China Dailyhighlighted Buffett's endorsement.
The state-run English-language newspaper says it has an average daily circulation of over 300,000 around the world.
The effusive September 10 article includes a photo of Buffett hugging Dayang Trands chairwoman Li Guilian, who was invited by Buffett to this year's Berkshire Hathaway shareholders meeting in Omaha .. where he wore only tailor-made suits from her company.
It describes a video tape made by Buffett to mark Dayang Trand's 30th anniversary, in which the billionaire says he has nine suits made in China that "fit perfectly" and has thrown everything else away. Buffett adds that his friend, Microsoft Chairman Bill Gates, is also wearing Trands suits, at Buffett's recommendation.
In the tape, Buffett describes his visit to Dayang Trands as a "highlight" of his stop in Dalian, part of a 2007 tour of China and South Korea.
While he doesn't say anything about buying a stake in the company, Buffett does joke in the tape that he and Gates might start a clothing store to sell Trands suits. "We will be great salesmen, because we love them so much."
Buffett's Berkshire has taken a 10 percent stake in BYD, a Chinese company producing an all-electric-car.
No word from Buffett on how he feels about Chinese-made tires.
Current Berkshire stock prices: