Message Font: Serif | Sans-Serif
 
No. of Recommendations: 4
"It (BYD) seemed to have his stamp of approval."

I am replying to this post, because I also have invested in BYD, following BRK's 10% investment. My (miniscule) move came while the stock languished around 3 about a year ago.

When BRK first invested through Midamerica, in this stock, Buff and Charlie talked about it at the annual meeting. Buff made a comment that I have not seen picked up anywhere. After Charlie gave a glowing summary of BYD's business, its management, and Munger's opinion that BYD's founder was a cross between Thomas Edison and Jack Welch(or something like this), Buff stated: "well, that's one of us." I have not seen a reference to what was obviously a dubious comment on the investment by Buff.

Consequently, I don't think that the investment did have Buff's stamp of approval. Still, if he positively disagreed, I think he would have told Munger and Sokol as much. I had the impression, that it was an investment that Buffett approved of, but on the strength of Munger's and Sokol's recommendation, and not upon his own evaluation.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement