CNBC's Becky Quick spoke by telephone with Warren Buffett this morning, asking him about today's Wall Street Journal article (the subject of my previous WBW post .. love that Buffett quote in which he compares himself to Imelda Marcos!) that offers a great deal of speculation about what he might be buying right now, including Countrywide Financial:
This is not going to be a surprise. Mr. Buffett tells Becky that all the speculation is just that, speculation.
Becky reports on her brief conversation with Buffett in this video clip from CNBC's "The Call" just before lunchtime. Her report is followed on the clip by some more speculation from Bill Mann, a senior analyst at , who speaks with "The Call" anchor Trish Regan.
Becky did another report on Power Lunch a little later. In this video clip of that appearance, Buffett-book author Andrew Kilpatrick tells us, "He would certainly be looking at the financials in this country, when he is standing on $47 billion in cash at a time of a credit crunch and a housing crisis. So his cash speaks .. if he has $47 billion in cash, it's probably worth quite a bit more because he can find something with that money where he's going to get it at a 20% discount. "
Here's more from Kilpatrick's off-air interview this morning with CNBC Producer Kelly Lin. Comments are paraphrased.
He has been buying banks. He did increase his stake in Wells Fargo. He's bought into Bank of America , USB . He seems to be all over the lot. Burlington Northern , you know about. So he seems to be adding wherever he can get that low stock price on a quality company. Now, he's not buying anything that's not just a top quality company. Wells Fargo, I believe, is the only AAA credit bank in the U.S. So it's not the same as buying another financial institution. And I think they have much more conservative lending standards. And I think he would look for that kind of financial.
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