Recomend Buy for ADRO

ecommendations Buy for ADRO profit jumped 1507% net, would borrow money worth 500 million dollars .. to acquisition BHP..
TP 1600-1750 Mid term
TP 2200-2300 Long tern 12 month..

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Panca kirawan

Shares for tomorrow

IDX Stocks

INDF{indofood Sukses makmur Tbk} BOW{ Buy on weeknes} 2550-2575 TP: 2700-2750.
during Lebaran, the possibility INDF will get a significant income, net income increased course .. but needs to remember INDF is expensive ..

BUMI { Bumi Resorce Tbk} HOLD TP 3200-3250..

Although the oil world has stabilized at 72 / Bareel
Bumi's stock price to buy into the saturated .. I recommend HOLD for this stock, but in terms of fundamentals I still recommend Buy TP 4000-4500

TRUB Truba alam Manunggal Tbk.. Buy TP 180-185 mid term
although revenues declined Truba, per kwartal. but Truba Prospect's core business is electricity in the future Clear Still .. I BUY Recomend For TP 180-185 TP 250-350 Long Tern ..

SMCB Semen Cibinong Tbk { HOLCIM} BOW 1200 TP 1300-1350..Mid term
low Price, Semen Stocks Industri..

AKRA, AKR Corporindo Tbk BOW 750-800.. TP Mid term 900-920
Very Good company at Chemical product.. but these stocks tend to Silence, no move activ.
I recommend, especially for long-term TP 1500-1700


as much for my first stock Review, later I will give another recommendation..

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Singh Opens Oil Field as India Moves to Cut Reliance on Imports

By Rakteem Katakey and Pratik Parija

Aug. 29 (Bloomberg) -- Cairn India Ltd. today started production at its biggest oil field in Rajasthan state, as Prime Minister Manmohan Singh inaugurated a project that will help cut the nation’s dependence on energy imports.

The Mangala field, operated by the unit of U.K.-based explorer Cairn Energy Plc, will have an estimated peak output of 175,000 barrels a day by 2011, equivalent to 20 percent of the country’s current oil production, and be the country’s second- biggest producer after Oil & Natural Gas Corp.’s Mumbai High.

India, Asia’s third-biggest energy consumer, will earn 460 billion rupees ($9.4 billion) in revenue from the field, Oil Minister Murli Deora said at the opening ceremony today.

“This will go a long way to meeting the country’s energy needs,” said Maitali Ramkumar, a New Delhi-based analyst with Asian Markets Securities Pvt. “We think crude prices will rise and that will only benefit Cairn.”

Output from Cairn’s field, as well as the beginning of gas production off India’s east coast by Reliance Industries Ltd. earlier this year, will help India cut imports that supply more than 75 percent of its total energy requirements.

Cairn will double investment in the Rajasthan oil field to 200 billion rupees, Deora said, and its output will cut the country’s oil import bill by 7 percent.

The Mangala field will dwarf Cairn’s current output, which averaged 12,801 barrels of oil equivalent a day last year, according to the company’s annual report. Cairn produces crude oil from two other fields in India, one each off the west coast and east coast.

Discount Sales

Oil from Mangala may be sold 10 percent to 15 percent cheaper than the average price Brent crude fetched during the six months ended June 30, Cairn India said July 29. It has completed negotiations on pricing and commercial terms of crude sales from the field with Mangalore Refinery & Petrochemicals Ltd. and Indian Oil Corp., the government’s nominated buyers of the crude, the company said.

The company can sell crude at market prices, unlike state- run Oil & Natural Gas Corp. which must give discounts to state refiners on the oil it produces.

Cairn planned to complete a pipeline to transport crude from Mangala to the west coast in Gujarat state within this year. The target for completing the pipeline looks “increasingly challenging,” Cairn India Chairman Bill Gammell said Aug. 25.

Any delay to the export pipeline, as well as a second processing train, will be a “matter of weeks, not months,” Gammell said on a conference call with reporters. The timetable could be revised by weather-related events such as monsoons, he said.

Cairn shares have advanced 51 percent this year compared with a 65 percent increase in the benchmark Sensitive Index of the Bombay Stock Exchange। Ramkumar of Asian Markets Securities maintains a “hold” recommendation on Cairn India’s stock

Singh Opens Oil Field as India Moves to Cut Reliance on Imports

By Rakteem Katakey and Pratik Parija

Aug. 29 (Bloomberg) -- Cairn India Ltd. today started production at its biggest oil field in Rajasthan state, as Prime Minister Manmohan Singh inaugurated a project that will help cut the nation’s dependence on energy imports.

The Mangala field, operated by the unit of U.K.-based explorer Cairn Energy Plc, will have an estimated peak output of 175,000 barrels a day by 2011, equivalent to 20 percent of the country’s current oil production, and be the country’s second- biggest producer after Oil & Natural Gas Corp.’s Mumbai High.

India, Asia’s third-biggest energy consumer, will earn 460 billion rupees ($9.4 billion) in revenue from the field, Oil Minister Murli Deora said at the opening ceremony today.

“This will go a long way to meeting the country’s energy needs,” said Maitali Ramkumar, a New Delhi-based analyst with Asian Markets Securities Pvt. “We think crude prices will rise and that will only benefit Cairn.”

Output from Cairn’s field, as well as the beginning of gas production off India’s east coast by Reliance Industries Ltd. earlier this year, will help India cut imports that supply more than 75 percent of its total energy requirements.

Cairn will double investment in the Rajasthan oil field to 200 billion rupees, Deora said, and its output will cut the country’s oil import bill by 7 percent.

The Mangala field will dwarf Cairn’s current output, which averaged 12,801 barrels of oil equivalent a day last year, according to the company’s annual report. Cairn produces crude oil from two other fields in India, one each off the west coast and east coast.

Discount Sales

Oil from Mangala may be sold 10 percent to 15 percent cheaper than the average price Brent crude fetched during the six months ended June 30, Cairn India said July 29. It has completed negotiations on pricing and commercial terms of crude sales from the field with Mangalore Refinery & Petrochemicals Ltd. and Indian Oil Corp., the government’s nominated buyers of the crude, the company said.

The company can sell crude at market prices, unlike state- run Oil & Natural Gas Corp. which must give discounts to state refiners on the oil it produces.

Cairn planned to complete a pipeline to transport crude from Mangala to the west coast in Gujarat state within this year. The target for completing the pipeline looks “increasingly challenging,” Cairn India Chairman Bill Gammell said Aug. 25.

Any delay to the export pipeline, as well as a second processing train, will be a “matter of weeks, not months,” Gammell said on a conference call with reporters. The timetable could be revised by weather-related events such as monsoons, he said.

Cairn shares have advanced 51 percent this year compared with a 65 percent increase in the benchmark Sensitive Index of the Bombay Stock Exchange। Ramkumar of Asian Markets Securities maintains a “hold” recommendation on Cairn India’s stock

PetroChina Profit Tops Analyst Estimates; Acquisitions Planned

Aug. 29 (Bloomberg) -- PetroChina Co., the world’s most valuable company, posted profit that beat analysts’ estimates on record earnings from oil refining after the government raised fuel prices and China’s economic recovery spurred demand.

Second-quarter net income rose 26 percent to 31.5 billion yuan ($4.6 billion), derived by subtracting earnings for January to March from first-half figures announced in Hong Kong yesterday. The Beijing-based oil producer and refiner joins China Petroleum & Chemical Corp., known as Sinopec, in reporting higher profit.

The gains contrast with earnings declines at Exxon Mobil Corp. and Royal Dutch Shell Plc after the global recession cut U.S. and European consumption. PetroChina, Sinopec and Cnooc Ltd., the nation’s biggest oil companies, this week pledged to step up acquisitions of energy reserves and refineries overseas to take advantage of lower valuations after oil prices slumped.

“The global crisis hasn’t bottomed out yet and there are still assets with attractive valuations,” Jiang Xinmin, a deputy director of energy market research at the National Development and Reform Commission, China’s top economic planner, said by telephone from Beijing yesterday. “Domestic fuel demand will likely rebound with the economic recovery, potentially boosting sales at the nation’s oil producers.”

China’s economic growth accelerated to 7.9 percent in the second quarter from a 6.1 percent pace in the first three months that was the slowest in almost a decade. The world’s second- largest energy user processed a record volume of crude oil in July as industrial production climbed almost 11 percent.

PetroChina Shares

Shares in PetroChina, which overtook Exxon as the world’s biggest company by market value in May, fell 0.2 percent to HK$8.81 in Hong Kong before the results announcement. The stock, which has climbed about 30 percent this year, lagged behind the 42 percent increase in Sinopec and Cnooc Ltd.’s 43 percent gain.

China has raised prices of fuels such as gasoline and diesel by as much as 25 percent this year under a new pricing system that tracks crude oil costs and ensures refiners a profit. The policy change helped Sinopec end four years of refining losses and prompted PetroChina to boost investments in oil processing.

PetroChina plans to ramp up output of crude oil and fuels and expects to acquire more overseas refineries after completing its purchase of Singapore Petroleum Co., President Zhou Jiping said today. The oil producer announced a takeover of Singapore Petroleum at an estimated cost of about $2.2 billion in May.

Record Refining

The Beijing-based company’s operating profit at its refining unit reached a record 17.2 billion yuan in the first six months, Zhou said. PetroChina expects second-half refining margins to maintain stable growth and wants to boost its share in the country’s refining capacity to more than 40 percent.

First-half profit fell 7.2 percent to 50.5 billion yuan, according to a statement to the Hong Kong stock exchange. The company restated its net income for the year-earlier period to 54.4 billion yuan. Mao Zefeng, the company’s spokesman, confirmed the second-quarter profit of 31.5 billion yuan calculated by subtracting January-to-March profit from six-month earnings reported today.

“In the second half, the result will be better than the first half,” Shi Yan, an analyst with UOB-Kay Hian Ltd., said by telephone yesterday. “Every time Beijing raises domestic prices in line with global benchmarks, it’s positive for PetroChina.”

Oil Prices

Oil futures in New York more than doubled to $72 a barrel from a low of $33.55 a barrel on Feb. 12 on speculation the global economy is recovering and fuel consumption may rise. They remain about 50 percent below the record $147.27 reached in July 2008.

Recovering oil prices helped Cnooc, China’s biggest offshore oil producer, post a higher first-half profit than analysts expected. Net income fell 55 percent to 12.4 billion yuan, beating estimates for a profit of 11.5 billion yuan. Sinopec’s first-half profit rose more than fourfold to 33.2 billion yuan. Profit at Exxon, based in Irving, Texas, tumbled 66 percent in the second quarter to $3.95 billion, while Shell’s net income slumped 67 percent to $3.8 billion.

Lower commodity prices have prompted Chinese energy companies led by PetroChina and its parent to acquire overseas assets.

Breakthroughs

PetroChina seeks “breakthroughs” in overseas acquisitions in the second half by taking advantage of “favorable opportunities,” according to a presentation at the earnings briefing in Hong Kong today. Cnooc said this week it will step up exploration and acquisitions to increase reserves and meet demand in the country.

China National Petroleum Corp., which has an 86.7 percent stake in PetroChina, proposed offering $13 billion to $14.5 billion for a controlling stake in Repsol YPF SA’s Argentine unit, three people familiar with the matter said last month.

On the potential bid for YPF stake, Zhou, who is also vice president at parent CNPC, said the company has “nothing to disclose at the moment.” CNPC will consider buying South American assets if “opportunities meet its needs,” he said.

Chinese companies have spent at least $13 billion acquiring oil assets overseas since December, including purchases in Singapore, Syria and Kazakhstan. The world’s second-biggest energy-consuming nation is securing supplies after crude prices fell and imports jumped fivefold in the last decade.

PetroChina will maintain double-digit growth in domestic natural-gas output in the coming years to meet China’s rising demand for the cleaner-burning fuel, the company said.

The oil producer will buy the contractual rights for a natural gas block in Turkmenistan from its parent company for $1.19 billion, the company said in a separate statement yesterday.

China Investment Investing Billions in Hedge Funds

Aug. 29 (Bloomberg) -- China Investment Corp., the country’s sovereign wealth fund, is continuing to shift its investments away from cash and is investing billions in hedge funds and private-equity funds, Chairman Lou Jiwei said.

China Investment has invested “many times” the $500 million that CIC was reported to have placed in hedge funds and private-equity firms in June, Lou said today in an interview in Beijing. He said China Investment was also investing in fund-of- funds.

Lou said Beijing-based CIC’s performance this year “has not been bad” following last year’s 2.1 percent decline in its global investments. He didn’t elaborate. China Investment Corp. had $297.5 billion in assets and had 87.4 percent of its global portfolio invested in cash and cash equivalents at the end of last year, the fund reported earlier this month.

In December, Lou said he didn’t “dare to invest in financial institutions” after losing money on investments in Blackstone Group LP and Morgan Stanley. CIC raised its stake in Morgan Stanley in June by buying an additional $1.2 billion of shares.

CIC aims to allocate $6 billion to hedge funds by the end of 2009, company adviser Felix Chee said in June. Chee, who is a special adviser to the chief investment officer of CIC, said he will initially run CIC’s hedge fund and proprietary trading effort.

Buying Shares

The fund has also been buying shares in the property and resources sectors in recent months. It plans to buy shares of Songbird Estates Plc, a London-listed company that controls the owner of more than half the buildings in the city’s Canary Wharf financial district, Songbird Chairman David Pritchard said on a conference call yesterday. Songbird, which is selling shares to institutions to repay 880 million pounds ($1.4 billion) of bank loans, said CIC will buy a significant stake.

CIC is interested in boosting its Canadian presence after buying a stake in Teck Resources Ltd. in July, the country’s Finance Minister Jim Flaherty said in an Aug. 11 interview.

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waren buffet

Early life

Benjamin Graham (1894–1976)		Phil Fisher (1907–2004)

Warren Buffett was born in Omaha, Nebraska, the only son of Howard Buffett and second of three children. He worked at his grandfather's grocery store. In 1943, Buffett filed his first income tax return, deducting his bicycle and watch as a work expense for $35 for his work as newspaper delivery boy.^[12] After his father was elected to Congress, Buffett was educated at Woodrow Wilson High School, Washington, D.C.^[13] In 1945, in his freshman year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in a barber shop. Within months, they owned three machines in different locations.

Buffett first enrolled at The Wharton School, University of Pennsylvania, (1947–49) where he joined the Alpha Sigma Phi Fraternity. His father and uncles were Alpha Sigma Phi brothers from the chapter in Nebraska. In 1950, he transferred to the University of Nebraska where he received a B.S. in Economics.^[14]

Buffett then enrolled at Columbia Business School after learning that Benjamin Graham, (the author of The Intelligent Investor), and David Dodd, two well-known securities analysts, taught there. He then received a M.S. in Economics from Columbia University in 1951.

Career

Buffett was employed from 1951–54 at Buffett-Falk & Co., Omaha as an Investment Salesman, from 1954–1956 at Graham-Newman Corp., New York as a Securities Analyst, from 1956–1969 at Buffett Partnership, Ltd., Omaha as a General Partner and from 1970–Present at Berkshire Hathaway Inc, Omaha as its Chairman, CEO.

In 1951, Buffett discovered Graham was on the board of GEICO insurance. Taking a train to Washington, D.C. on a Saturday, he knocked on the door of GEICO's headquarters until a janitor allowed him in. There he met Lorimer Davidson, Geico's Vice President, and the two discussed the insurance business for hours. Davidson would eventually become Buffett's life-long friend and a lasting influence ^[17] and later recall that he found Buffett to be an “extraordinary man” after only fifteen minutes. Buffett graduated from Columbia and wanted to work on Wall Street however both his father and Ben Graham urged him not to. He offered to work for Graham for free, but Graham refused.^[18]

Buffett returned to Omaha and worked as a stockbroker while taking a Dale Carnegie public speaking course.^{[citation needed]} Using what he learned, he felt confident enough to teach an "Investment Principles" night class at the University of Nebraska. The average age of his students was more than twice his own. During this time he also purchased a Sinclair Texaco gas station as a side investment however it did not turn out to be a successful business venture.

In 1952 Buffett married Susan Thompson and the next year they had their first child, Susan Alice Buffett. In 1954, Buffett accepted a job at Benjamin Graham's partnership. His starting salary was $12,000 a year (appr. $97,000 adj to yr to 2008). There he worked closely with Walter Schloss. Graham was a tough man to work for. He was adamant that stocks provide a wide margin of safety after weighting the trade-off between their price and their intrinsic value. The argument made sense to Buffett but he questioned whether the criteria were too stringent and caused the company to miss out on big winners that had more qualitative values.^[18] That same year the Buffetts had their second child, Howard Graham Buffett. In 1956, Benjamin Graham retired and closed his partnership. At this time Buffett's personal savings were over $174,000 and he started Buffett Partnership Ltd., an investment partnership in Omaha.

In 1957, Buffett had three partnerships operating the entire year. He purchased a five-bedroom stucco house in Omaha, where he still lives, for $31,500. In 1958 the Buffett's third child, Peter Andrew Buffett, was born. Buffett operated five partnerships the entire year. In 1959, the company grew to six partnerships operating the entire year and Buffett was introduced to Charlie Munger. By 1960, Buffett had seven partnerships operating: Buffett Associates, Buffett Fund, Dacee, Emdee, Glenoff, Mo-Buff and Underwood. He asked one of his partners, a doctor, to find ten other doctors willing to invest $10,000 each in his partnership. Eventually eleven agreed. In 1961, Buffett revealed that Sanborn Map Company accounted for 35% of the partnership's assets. He explained that in 1958 Sanborn stock sold at only $45 per share when the value of the Sanborn investment portfolio was $65 per share. This meant that buyers valued Sanborn stock at "minus $20" per share and were unwilling to pay more than 70 cents on the dollar for an investment portfolio with a map business thrown in for nothing. This earned him a spot on the board of Sanborn.

[edit] Path to wealth

In 1962, Buffett became a millionaire, because of his partnerships, which in January 1962 had an excess of $7,178,500, of which over $1,025,000 belonged to Buffett. Buffett merged all partnerships into one partnership. Buffett discovered a textile manufacturing firm, Berkshire Hathaway. Buffett's partnerships began purchasing shares at $7.60 per share. In 1965, when Buffett's partnerships aggressively began purchasing Berkshire, they paid $14.86 per share while the company had working capital of $19 per share. This did not include the value of fixed assets (factory and equipment). Buffett took control of Berkshire Hathaway at the board meeting and named a new president, Ken Chace, to run the company. In 1966, Buffett closed the partnership to new money. Buffett wrote in his letter:

unless it appears that circumstances have changed (under some conditions added capital would improve results) or unless new partners can bring some asset to the partnership other than simply capital, I intend to admit no additional partners to BPL.

In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store. In 1967, Berkshire paid out its first and only dividend of 10 cents. In 1969, following his most successful year, Buffett liquidated the partnership and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway. In 1970, as chairman of Berkshire Hathaway, Buffett began writing his now-famous annual letters to shareholders.

However, he lived solely on his salary of $50,000 per year, and his outside investment income. In 1979, Berkshire began the year trading at $775 per share, and ended at $1,310. Buffett's net worth reached $620 million, placing him on the Forbes 400 for the first time.

In 2006, Buffett announced in June that he gradually would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006. The largest contribution would go to the Bill and Melinda Gates Foundation.^[19]

In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business.^[20] Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill that role. However, Simpson is only six years younger than Buffett.

In 2008, Buffett became the richest man in the world dethroning Bill Gates, worth $62 billion according to Forbes,^[21] and $58 billion according to Yahoo.^[22] Bill Gates had been number one on the Forbes list for 13 consecutive years.^[23] March 11 2009, Bill Gates regained number one of the list according to Forbes magazine, with Buffet second. Their values have dropped to $40 billion and $37 billion respectively, which is likely a result of the 2008/2009 economic downturn. ^[24]

Business

[edit] Acquisitions

See also: List of assets owned by Berkshire Hathaway

In 1973, Berkshire began to acquire stock in the Washington Post Company. Buffett became close friends with Katharine Graham, who controlled the company and its flagship newspaper, and became a member of its board of directors.

In 1974, the SEC opened a formal investigation into Warren Buffett and Berkshire's acquisition of WESCO, due to possible conflict of interest. No charges were brought.

In 1977, Berkshire indirectly purchased the Buffalo Evening News for $32.5 million. Antitrust charges started, instigated by its rival, the Buffalo Courier-Express. Both papers lost money, until the Courier-Express folded in 1982.

In 1979, Berkshire began to acquire stock in ABC. Capital Cities' announced $3.5 billion purchase of ABC on March 18, 1985, surprising the media industry, as ABC was some four times bigger than Capital Cities was at the time. Berkshire Hathaway chairman Warren Buffett helped finance the deal in return for a 25 percent stake in the combined company.^[25] The newly merged company, known as Capital Cities/ABC (or CapCities/ABC), was forced to sell off some stations due to FCC ownership rules. Also, the two companies owned several radio stations in the same markets. ^[26]

In 1987, Berkshire Hathaway purchased 12% stake in Salomon Inc., making it the largest shareholder and Buffett the director. In 1990, a scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. A rogue trader, Paul Mozer, was submitting bids in excess of what was allowed by the Treasury rules. When this was discovered and brought to the attention of Gutfreund, he did not immediately suspend the rogue trader. Gutfreund left the company in August 1991.^[27] Buffett became CEO of Salomon until the crisis passed; on September 4 1991, he testified before Congress.^[28]

In 1988, Buffett began buying stock in Coca-Cola Company, eventually purchasing up to 7 percent of the company for $1.02 billion. It would turn out to be one of Berkshire's most lucrative investments, and one which it still holds. In 2002, Buffett entered in $11 billion worth of forward contracts to deliver U.S. dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion.

In 1998, he acquired General Re, (in a rare move, for stock). In 2002, Buffett became involved with Maurice R. Greenberg at AIG, with General Re providing reinsurance. On March 15, 2005, AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer, attorney general of the state of New York. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.^[29]

In 2009, Warren Buffett invested $2.6 billion as a part of Swiss Re's raising equity capital.^[30][31] Berkshire Hathaway already owns a 3% stake, with rights to own more than 20%.^[32]

[edit] Late 2000s recession

Buffett ran into criticism^[33] during the subprime crisis of 2007–2008, part of the late 2000s recession, that he has allocated capital too early resulting in suboptimal deals. “Buy American. I am.” To quote Warren Buffett’s opinion piece published recently in the New York Times. ^[34]

Buffett has called the 2007—present downturn in the financial sector "poetic justice".^[35]

Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his recent deals appear to be running into large mark-to-market losses.^[36]

Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs^[37]. Some of Buffett's Index put options (European exercise at expiry only) that he wrote (sold) are currently running around $6.73 billion mark-to-market losses.^[38] The scale of the potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts.^[38]

Buffett also helped Dow Chemical pay for its $18.8 billion takeover of Rohm & Haas. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the current crisis in debt and equity markets.^[39]

In October 2008, the media reported that Warren Buffett had agreed to buy General Electric (GE) preferred stock.^[40] The operation included extra special incentives: he received an option to buy 3 billion GE at $22.25 in the next five years, and also received a 10% dividend (callable within three years). In February 2009, Warren Buffett sold part of Procter & Gamble Co, and Johnson & Johnson shares from his portfolio.^[41]

In addition to suggestions of mistiming, questions have been raised as to the wisdom in keeping some of Berkshire's major holdings, including The Coca-Cola Company (NYSE:KO) which in 1998 peaked at $86. Buffett discussed the difficulties of knowing when to sell in the company's 2004 annual report: "That may seem easy to do when one looks through an always-clean, rear-view mirror. Unfortunately, however, it’s the windshield through which investors must peer, and that glass is invariably fogged."^[42] In March 2009, Buffett stated in a cable television interview that the economy had "fallen off a cliff... Not only has the economy slowed down a lot, but people have really changed their habits like I haven't seen." Additionally, Buffett fears we may revisit a 1970s level of inflation, which led to a painful stagflation that lasted many years.^[43][44]

Personal life

Buffett married Susan Thompson in 1952. They had three children, Susie, Howard, and Peter. The couple began living separately in 1977, although they remained married until her death in July 2004. Their daughter Susie lives in Omaha and does charitable work through the Susan A. Buffett Foundation and is a national board member of Girls, Inc. In 2006, on his seventy-sixth birthday, he married his never-married longtime-companion, Astrid Menks, who was then sixty years old. She had lived with him since his wife's departure in 1977 to San Francisco.^[45] It was Susan Buffett who arranged for the two to meet before she left Omaha to pursue her singing career. All three were close and holiday cards to friends were signed "Warren, Susie and Astrid".^[46] Susan Buffett briefly discussed this relationship in an interview on the Charlie Rose Show shortly before her death, in a rare glimpse into Buffett's personal life.^[47]

His 2006 annual salary was about $100,000, which is small compared to senior executive remuneration in comparable companies.^[48] In 2007, and 2008, he earned a total compensation of $175,000, which included a base salary of just $100,000.^[49][50] He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, today valued at around $700,000 (although he also does have a $4 million home in Laguna Beach, California).^[51] In 1989 after having spent nearly 10 million dollars^[52] of Berkshire's funds on a private jet, Buffett sheepishly named it "The Indefensible." This act was a break from his past condemnation of extravagant purchases by other CEOs and his history of using more public transportation.^[53]

He remains an avid player of the card game bridge, which he learned from Sharon Osberg, and plays with her and Bill Gates.^[54] He spends twelve hours a week playing the game.^[55] In 2006, he sponsored a bridge match for the Buffett Cup. Modeled on the Ryder Cup in golf, held immediately before it, and in the same city, a team of twelve bridge players from the United States took on twelve Europeans in the event.

Warren Buffett works with Christopher Webber on an animated series with DiC Entertainment chief Andy Heyward. According to information presented by Buffett at the Berkshire Hathaway annual meeting on May 6, 2006, the series will feature Buffett and Munger in roles and the series will teach children healthy financial habits for life. Cartoon drawings of Buffett and Munger were displayed throughout the events during the weekend as well as in a special animated movie from Heyward, displayed before the meeting.

Buffett has described himself as agnostic when it comes to religious beliefs. In December 2006 it was reported that Buffett does not carry a cell phone, does not have a computer at his desk, and drives his own automobile,^[56] a Cadillac DTS.^[57]

Buffett's DNA report revealed that his paternal ancestors hail from northern Scandinavia, while his maternal ancestors most likely have roots in Iberia or Estonia.^[58] Despite widespread suggestions to the contrary, and the casual friendship which has developed between their families, Warren Buffett has no clear relation to the well-known singer Jimmy Buffett.

I like Investement Strategy About Buffet..Is smart investor..

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