The next question we always ask in a turnaround situations is: 'does the world want this company,' |
The people who own Internet stocks are taking on a very high level of risk. Myself and most of the other managers at the conference are concerned about people who own and trade those stocks not understanding the risks they're taking. |
The portfolio I inherited last week is a great portfolio. The values relative to the market are really incredible. |
The risk is you look to see who the potential hot manager is in the last month, ... It encourages a backward-looking, rather than a forward-looking, mentality. |
To speak of day traders in any investment context is silly. These people are fulfilling a need for entertainment and are using the stock market for that. |
Warren is obviously a very long-term thinker. The economy recovery, whether it's first-quarter, second-quarter, or second half of the year, doesn't influence his thoughts on valuations. |
We believe the burden is on management to come up with a business plan. They have not even come close to doing that. |
We have not been willing to believe that the spike we'd seen in commodity prices was permanent. |
We were buying EDS in 1998 in the 30s. We presently think it's worth $80 a share. We didn't believe that when we started buying it, |
We were puzzled and frustrated by that, ... We were displeased with (management's) lack of urgency. |
We're (exposed to the sector) in a chicken way ... I would never pay the price for that division if it were a separate company. |
We've been talking to energy companies who are unwilling to make investments that require current oil prices to support them. They don't think prices will remain at this level. |
With a stock trading at seven-and-a-half times earnings on almost any range of reasonable outcomes, I think that company is dramatically undervalued. |