Mandeep

Guys, get ready to buy, buy, buy. I'm excited and ready to pull the trigger this time. USB, WFC under 11 are mine! muhaha maybe I will pick up some BAC too.

hmm safari doesn't work with it?

Good point. Well my grandparents are 89 and 95, both can stand straight and talk clearly. But you're right, they are not heads of public corps.

Wow, never listened to munger before. he has a very slow voice... I know he's super smart but I couldn't bring myself to sit through the entire interview. Has he always been like this?

GSK. http://www.gsk.com/about/bio-maughan.htm Do you think Buffett bought the stock because of his "savior" Deryck from Solomon?

Hey guys, I'm always searching for "why" buffett does stuff. Found an interesting video on SNY, GSK. I don't think was from his recent CNBC interview though (i.e. not the one from last march). http://www.youtube.com/watch?v=lMUlDAy_tKQ&feature=channel_page Let me know what you guys think! Next mission: Find out why he bought into Eaton.

What is in your circle of competence?

Ya lol. I wish I bought at 7.50...I was watching it all day. I only have 100 shares of USB at 8.62 and a 100 GE at 9.90. I wish I bought more. :( I'm busy saving up now. When USB, WFC hit 11, I'm going to buy, buy, buy!

Great meeting: Bottom line: -Stocks are cheap, not as cheap at 1974, but pretty darn cheap. -It's time to buy WFC under 10 and USB What did you guys think? I wish he had said more about Swiss Re/GE. I'm accumulating cash to buy these guys. Just waiting for a dip...

Yes. I agree. If I didn't see the insights from the twitter pages about WFC and USB, I would be at loss. BRK would buy all of those two if they could. Buffett would want to put all of his net worth at WFC if it goes to 9 again. Those are great insights!

Ya. I agree with you 100%.

See he started buying it long before '08. But why not exxon, hess, chevron, there's a million ways to play oil. that's my question. See AXP: "they have the cream of the cream credit card holders" WFC over other banks: "they try to get their money cheaper and treat banking like retail"- like last article we saw.

TariqAli, I DO take offense to your comment. By the way, your page number (orig response) was no help whatsoever. I don't care that he made a mistake. I wanted to know WHY he invested in the first place (i.e. back in '06- ie good management, good reserved, undervalued stock, etc). However, this article is right on the money: http://www.dailywealth.com/archive/2006/aug/2006_aug_25.asp Spoon-fed? What is this forum for? I want to know why smart individuals like yourself think he invested in COP. Stop assuming stuff... That's the reason I'm here. If you think that I want to be "spoon-fed," feel free NOT to spoon feed me on my next post. Either way, I could care less. Thanks anyway for the interesting article. -M

You mean this: "I told you in an earlier part of this report that last year I made a major mistake of commission (and maybe more; this one sticks out). Without urging from Charlie or anyone else, I bought a large amount of ConocoPhillips stock when oil and gas prices were near their peak. I in no way anticipated the dramatic fall in energy prices that occurred in the last half of the year. I still believe the odds are good that oil sells far higher in the future than the current $40-$50 price. But so far I have been dead wrong. Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars." This was on Page 15, don't see anything on 16. That still doesn't really answer the question. I mean why Conoco? Why not Chevron, Exxon, etc. What is special about Conoco?

Now that we know why Buffett likes WFC and AXP, does anyone know why he likes COP? I mean isn't XOM more conservative, has more cash, is the leader of the industry, etc? Why did Buffett buy into COP? I have been trying to find articles on this and I just can't. I think he began adding in '06? Let me know, M

What is a "fortress" balance sheet? I'm assuming one that's protected against any losses. Don't you think JPM is a lot of marketing hype? It's all I see on CNBC. I mean don't you think they had more than just a few problems with Bear Strens and Wamu. Come on now, guys. Where are those losses? In my mind, they should be in the same boat as Bank of America, but for some reason the media loves them. This article solved Buffett's mystery of of the BofA shares as well. It was a Lou Simpson purchase.

Wow soo many responses for one day. I feel popular. :) This was pure gambling guys. I bought it b/c it was cheap. I still own it by the way. I feel like warren when he bought Berkshire/Solomon and then called it useless. This sucks!

I guess that makes me a communist now. haha. Wish me luck! I wish this market would go down already. I'm waiting to pounce all in...

Why is buffett in COP in general? I mean don't they have cash/debt problems. There's no moat/brand in terms of gas. I don't understand other than COP moves more than cash-rich XOM. But then again buffett has WMT and JNJ which don't really move.

I don't think so... I typed it in. http://www.gurufocus.com/fair_value_dcf.php WFC, Next 100 years, negative -1% growth rate. Fair value = 21.05. Did you enter in correctly or did I miss something?

I never said C is better than LUK. USB/WFC IS better IMO. Fair value of C is like -152 or something. This is a pure speculation play.

Why LUK? Doesn't seem like much of an upside- Fair value = -4.53, ICO fair value = 2 bucks. http://www.gurufocus.com/fair_value_dcf.php I think we should be loading up on USB like crazy and WFC. If you guys want to take more risk - C and BAC look cool too. I heard they are buying MORE toxic assets like crazy at 35 cents to sell it at 85 cents with gov't support. Can you believe that? It might be the big plan and the gov't doesn't care because they are going to convert their shares to common. Imagine what will happen when C and Bac report 10 of billions of profit. Their stocks will go to at least 20 bucks. At that point the gov't is out with massive returns. Taxpayer paid, they lose the toxic BS, win-win, expect for the people who buy them from C and BAC.

Guys, I can't believe GS got above the warrants that WEB bought them for. WOW. I'm sitting here waiting for this "bear market rally" to pull back. I'm missing the action! Thoughts? What are you guys doing with your money right now? Holding, shorting, or buying? Also what do you think of this discounted cash flow calc- http://www.gurufocus.com/fair_value_dcf.php I read somewhere that this kind of calc is what BRK uses to evaluate businesses, although I'm sure he doesn't use this site. Check it out! Lata, m

Ya...missed my triple on Wells and USB though. Darnit! I will buy when market dips a little lower. Next buy- GE and Swiss Re (hopefully not getting into a mess here cuz I think they service AIG).

What do you guys think? I'm sad now. I should have bought a lot more on March 6th. I missed a huge opportunity.