December 11, 2007

CNBC interview with Buffet

You can watch the interview here, as well you can read the transcript.

Buffet comment on financials as :

What you'll see in the financials, I think you'll see an enormous divergence in the performance. I wouldn't want to be, I wouldn't think in terms of the group there, because some of them have done some very dumb things. John Stumpf (CEO) of Wells Fargo had the best quote. He said it's puzzling to him why bankers have come up with these new ways to lose money when the old ways were working so well. (Laughs.) But they have. And in some places it's really been brutal. Other places, it doesn't make much difference. So I think if the group gets knocked down and you can pick out the better companies, the ones that really haven't gone crazy in recent years, particularly in the real-estate field, it would be a very good place to look.
It amazes me the consistency and the depth of his investment process throughout the year.

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