Warren Buffet: I Don’t Have to be Smart About Everything

On his first trip to the country, he faced throngs of Indians at press conferences and business meetings, while he searched for companies to acquire, and attempted to convince wealthy Indians to contribute to philanthropy

Can you give us some sense of how soon we could see Berkshire Hathaway making a significant investment in India?
Just within the last 10 days or so, we began an insurance operation here in India. I do not know where the next opportunity is going to come from. It was almost five -and-a-half years ago that I received a letter from Eitan Wertheimer of Iscar Metalworking. I didn’t know I was going to get that letter, it just came in and we are ready to go.

The same thing will happen in India; I will hear from somebody — I will be meeting a lot of people in the next few days and maybe from the next week or a year from now, one of those people may contact me and that is the way.

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Berkshire Hathaway Shareholder Weekend Notes (2001-2010)

Posted to Shai Dardashti

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Warren Buffett: The U.S. is moving toward plutocracy

Capitalism is like Cinderella, the Berkshire billionaire says in an exclusive interview with TheMarker. ‘She knew at midnight that everything was going to turn into pumpkins and mice, but it was just so much damn fun, dancing there.’
By Guy Rolnik

DAEGU, South Korea – The United States is moving toward plutocracy – government of the rich, not by the people, says Warren Buffett, in an exclusive interview with TheMarker at Iscar’s TaeguTec plant in South Korea.

Buffett, 80, arrived in the town of Daegu on Sunday evening, a stop on his tour of the Far East, including South Korea and India. The original highlight of the trip was to be the inauguration of Iscar’s new plant in Japan. But as radiation levels rose as the Fukushima nuclear power plant collapsed after the earthquake and tsunami, that part of the trip was canceled.

May will mark five years since Buffett carried out his first deal outside the United States, buying 80% of blade-technology company Iscar for $4 billion, from the Wertheimer family. He paid in cash.

Since then his relations with Iscar Chairman Eitan Wertheimer, who calls himself “Buffett’s travel agent” and who often accompanies the Oracle of Omaha on his global travels, have grown close.

This was Buffett’s second visit to the plant in Daegu. The first was in October 2007, a year before the great financial crisis broke out. The plant has developed enormously since then, as have most of Iscar’s businesses. After a difficult year in 2009, for 2010 the company reported record sales that grew 40% year over year. Its business was driven mainly by the enormous emerging markets – China, India and Brazil.

Wertheimer is along on this trip too, with his wife Ariella. Also along is Iscar President Jacob Harpaz, Chief Financial Officer Danny Goldman, marketing manager Ilan Geri and TaeguTec manager Moshe Sharon.

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Warren Buffett visits India [Coverage]

Coverage from Indian Press

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Warren Buffett’s Meeting with University of Maryland MBA Students

(Notes Taken by Professors David Kass and Sarah Kroncke, Department of Finance, Robert H. Smith School of Business, University of Maryland)

Dr. David Kass with Warren Buffett

Warren Buffett (WB) met with 20 MBA students from each of eight universities, including the University of Maryland, on March 11, 2011.  He began his two-hour Q & A session by mentioning that he would answer questions on any topic except what Berkshire is planning to buy or sell.  He further stated that he tapes his mouth shut at night so he would not say what to buy or sell in his sleep.  The MBA students asked 21 questions in the following order:

(1) Do you believe that Africa will be the major driver of world growth in the years ahead?

WB: China will be a bigger driver of growth in the next 10-20 years. They are growing from a smaller base than that of the U.S.  The U.S. and the rest of the world will be growing rapidly as well.  The U.S. can’t grow as fast as China on a per capita basis.  People are becoming more productive, so output per capita will increase.  The question is how will this output get distributed.
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Transcript of Warren Buffett Interview With FCIC

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CNBC Warren Buffett Transcript, March 2, 2011

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