Monday, October 22, 2007

Buffett Interview: PetroChina, Bear Stearns and USD.

Published on Bloomberg ( here )

On PetroChina

  • PetroChina Stake

    Buffett's decision to sell PetroChina was ``100 percent'' based on the share price, he told anchor Liz Claman. Human rights groups have been calling on him to sell the stake.

On Bear Sterns

  • ``That was an incorrect story,'' he said. ``We were not taking a stake. That one had no basis.''

On USD and Brazilian Real

  • Buffett identified the Brazilian real as the unnamed currency he said in May that he owned, noting it has doubled against the U.S. dollar in the past five years.
    ``During much of that time, the Brazilian government has in effect been supporting the U.S. dollar,'' Buffett said. ``They have been buying dollars in the market, they have been building up their own reserves. Their current account has turned into a good surplus,'' while the U.S. is behaving like ``the Brazilians or the Argentinians 10 or 20 years ago.''
    Buffett said he wasn't suggesting anyone buy reais. ``We may be cashing out. This is not a huge position. We'll make $100 million,'' he said.

This other fox link includes the video.