This morning there was a rather long CNBC interview where Becky Quick got to interview Berkshire Hathaway's (NYSE: BRK-A) Warren Buffett live in Omaha. He noted specifically that the economic weakness was going to go out into 2009 with a further slowing down in housing, retail, and credit. Buffett talked about many issues from economics to specific stocks to politics. The good news for equity traders is that Buffett said equities are a better value now. We covered the equities angle first and then went over some of his other comments after. These are paraphrased comments for the most part, but the specific stocks he covered with opinions below were Wells Fargo (NYSE: WFC) and American Express (NYSE: AXP), Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), Anheuser-Busch (NYSE: BUD), and he commented on Canadian oil sands after his visit to Canadian Natural Resources Limited (NYSE: CNQ) and railroad Burlington Northern (NYSE: BNI). He didn't say which one it was, but out of Wells Fargo (NYSE: WFC) and American Express (NYSE: AXP) he said he has added to his position recently because of added weakness. We would predict that it was American Express as this one is down more, although looking at a 3-month chart shows that in mid-July (after his last filing dates) Wells Fargo was actually down more than American Express. Interestingly enough on the financial systems he said that it has turned out that Wall Street was a nudist beac ...
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This morning there was a rather long CNBC interview where Becky Quick got to interview Berkshire Hathaway's (NYSE: BRK-A) Warren Buffett live in Omaha. He noted specifically that the economic weakness was going to go out into 2009 with a further slowing down in housing, retail, and credit. Buffett talked about many issues from economics to specific stocks to politics. The good news for equity traders is that Buffett said equities are a better value now. We covered the equities angle first and then went over some of his other comments after. These are paraphrased comments for the most part, but the specific stocks he covered with opinions below were Wells Fargo (NYSE: WFC) and American Express (NYSE: AXP), Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), Anheuser-Busch (NYSE: BUD), and he commented on Canadian oil sands after his visit to Canadian Natural Resources Limited (NYSE: CNQ) and railroad Burlington Northern (NYSE: BNI). He didn't say which one it was, but out of Wells Fargo (NYSE: WFC) and American Express (NYSE: AXP) he said he has added to his position recently because of added weakness. We would predict that it was American Express as this one is down more, although looking at a 3-month chart shows that in mid-July (after his last filing dates) Wells Fargo was actually down more than American Express. Interestingly enough on the financial systems he said that it has turned out that Wall Street was a nudist beac ...