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Buffett and Munger (BRK.B) on Europe: Buffett would happily buy a big business there "tomorrow"...

Buffett and Munger (BRK.B) on Europe: Buffett would happily buy a big business there "tomorrow" because "Europe is not going away" and in his opinion they will fix the flaws in their monetary system. "They have to find a structure that will work and eventually they will," Buffett says. Munger: "Letting Greece into the EU was like using rat poison for whipping cream: an exceptionally stupid idea." (WSJ)
Comments (11)
  • dividend_growth
    , contributor
    Comments (2878) | Send Message
     
    Greece was the ultimate Trojan Horse, built by Goldman Sachs to destroy the Fourth Reich from within.
    4 May 2013, 08:07 PM Reply Like
  • Seth Walters
    , contributor
    Comments (675) | Send Message
     
    too funny lol
    4 May 2013, 09:15 PM Reply Like
  • New Low Observer
    , contributor
    Comments (2030) | Send Message
     
    "Buffett and Munger (http://bit.ly/KeI7Wd) on Europe: Buffett would happily buy a big business there..."

     

    Many times at the meeting, Buffett and Munger were questioned on investing overseas. Many times, Buffett and Munger said that investing overseas "...is not our specialty." How anyone arrived at the conclusion that Buffett said that BRK.A would "happily buy" a big business in Europe is beyond me.

     

    The above quote is very much out of context from what was said throughout the meeting today.
    4 May 2013, 10:45 PM Reply Like
  • Lucas Krupinski
    , contributor
    Comments (596) | Send Message
     
    It's not his specialty, but it's something he does from time to time (that chinese company springs to mind, what was it? batteries or electric cars?). I would be that Europe is going to start coughing up some incredible bargains soon, just as our own stock market did in 2009.
    5 May 2013, 09:13 AM Reply Like
  • New Low Observer
    , contributor
    Comments (2030) | Send Message
     
    Greetings LK,

     

    In the meeting they were discussing the possibility of a $15-$20 billion investment. BYD was a $230 million investment. Anyone can drop 1.5% of $15 billion and call themselves a foreign investor.

     

    PetroChina (PTR) was clearly a bet and not a part of the philosophy of buy and hold since they sold the stock after holding for 5 years.

     

    Again the question was, are you going to bring your elephant gun to Europe. Their response was, "...it is not our specialty." By specialty, I'm looking for stocks that Berkshire is willing to make a substantial commitment to by buying out a company completely, not trade in and out of or buy marginal amounts.

     

    Repeatedly, Buffett and Munger indicated that the United States was the place to invest (even if it lost reserve currency status).

     

    Regards.
    5 May 2013, 10:09 AM Reply Like
  • Deja Vu
    , contributor
    Comments (1153) | Send Message
     
    The old man is cunning and dishonest while radiating piety. Starting with oft repeated lie about his secretary's higher tax rate to turning a blind eye to ethical lapses among his confidantes to being the especial benificiary of crony capitalism via the fed, the man disgusts me to the core.
    5 May 2013, 12:34 AM Reply Like
  • baronet
    , contributor
    Comment (1) | Send Message
     
    There is a lot that does not quite add up to my mind.
    His investment in Salomon Bros in the last century was both ethical & exemplary: His investment in Goldman was not; am still deeply troubled by it & his relationship with them. To me it was tantamount to bailing out a bunch of crooks.

     

    Derivatives = Weapons of Mass Financial Destruction:
    I do wish he would tell us what is a good derivative, how & when he uses them, & what practice within them would he like to see outlawed ?
    6 May 2013, 08:29 AM Reply Like
  • soccerref
    , contributor
    Comments (25) | Send Message
     
    Then sell your stock and be gone Satan.
    6 May 2013, 09:38 AM Reply Like
  • wili
    , contributor
    Comment (1) | Send Message
     
    I just LOVE Charlie Munger!
    5 May 2013, 09:17 AM Reply Like
  • Jalb
    , contributor
    Comments (77) | Send Message
     
    I hope Charlie Munger meant the Eurozone, not the EU
    5 May 2013, 11:37 AM Reply Like
  • Michael Bryant
    , contributor
    Comments (5366) | Send Message
     
    Europe will pullout of it. You bet. Last resort, Greece defaults. What would that do to the Euro? My thinking: not much.
    6 May 2013, 04:25 PM Reply Like
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