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Kraft Foods: Buffett's Commodity Prediction

First question - Does buffett ever try to predict commodity price?

From his speech - I never hear him mention anything about this sort of prediction.

Benjamin Graham theory - Like Benjamin, Buffet looks at the average earning over a period of 7-10years and disregard one year of disappointing earning. This is a season factor, not permanent. Kraft fit this profile. If and when the earning returns to its average then share price will rise, if not he has his safety margin.

PetroChina ?
Even after Buffet sold and made profits from PTR. He never mentioned that he had predicted the oil price surge. He says that the company was value at 100billion at the time it was traded at 38billion.