Buffett Would Buy Back into PetroChina - For the Right Price

Warren Buffett said he bought PetroChina (PTR) after reading the annual report. He concluded it was worth more than $100-billion, and it was selling for approximately $35-billion.

He said:

I didn’t need to know that it was $97-billion or $103-billion. They don’t take things out to three decimal points. If someone walked through the door and looked around 303 pounds or 310 pounds – didn’t matter – they were fat.

Mr. Buffett said Berkshire is looking for companies that are fat with earnings. He only needed to know he could buy it at a huge discount to its intrinsic value. He also said he would consider buying back into PetroChina if the price was ever attractive again.

[Jeff Hull, a financial and investment advisor with Berkshire Securities Inc. (a subsidiary of Manulife Financial) is the Financial Post’s insider to Warren Buffett and his company’s AGM.]

Comments

[Healthy:]

What a pointless short article.

2008 May 07 09:15 AM

[davek:]

pointless! yea it is. would buy if the price was ever attractive again. what is attractive?

2008 May 08 08:07 AM