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Buffet bets on Chinese maker of hybrid batteries
LEGENDARY investor Warren Buffet has agreed to buy stakes in a private company in China.
In the midst of the financial meltdown in Wall Street, MidAmerican Energy Holdings Co, a subsidiary of Warren Buffet's investment vehicle Berkshire Hathaway Inc, announced late last month it will purchase 225 million shares of Shenzhen-based BYD Co Ltd, representing around 10 percent interest.
The investment is valued at HK$1.8 billion, or about US$230 million.
Normally people in the business world would listen when Buffet talks, especially when he talks with his wallet.
But the message delivered with BYD this time seems, on the surface, to contradict what he has been preaching ?? invest in name-brand companies with good cash flows at a good price for the long run.
For example, these include companies like Wells Fargo Bank and American Express in which he has been holding large positions for decades.
Warren Buffet rarely invests in high-tech companies, as he once famously said that he will not even consider investing in businesses that are too difficult to understand.
New competition arises every day, and it's too hard to know when a breakthrough will render a technology obsolete.
BYD is a typical IT company with the bulk of its business in rechargeable batteries and cellular handset components and OEM (original equipment manufacturing). At first glance, it seems to sit at the opposite end of his investment spectrum.
But what sets BYD apart from the rest of the crowded IT pack is its decision in 2003 to get into the automobile manufacturing business via the acquisition of Shaanxi Qinchuan Auto Co Ltd.
BYD Auto sold close to 100,000 auto units last year, with only two car models: a subcompact F3/F3R and a class-B sedan F6. This is remarkable considering that its foray into the auto business only has a history of less than five years.
In the midst of the financial meltdown in Wall Street, MidAmerican Energy Holdings Co, a subsidiary of Warren Buffet's investment vehicle Berkshire Hathaway Inc, announced late last month it will purchase 225 million shares of Shenzhen-based BYD Co Ltd, representing around 10 percent interest.
The investment is valued at HK$1.8 billion, or about US$230 million.
Normally people in the business world would listen when Buffet talks, especially when he talks with his wallet.
But the message delivered with BYD this time seems, on the surface, to contradict what he has been preaching ?? invest in name-brand companies with good cash flows at a good price for the long run.
For example, these include companies like Wells Fargo Bank and American Express in which he has been holding large positions for decades.
Warren Buffet rarely invests in high-tech companies, as he once famously said that he will not even consider investing in businesses that are too difficult to understand.
New competition arises every day, and it's too hard to know when a breakthrough will render a technology obsolete.
BYD is a typical IT company with the bulk of its business in rechargeable batteries and cellular handset components and OEM (original equipment manufacturing). At first glance, it seems to sit at the opposite end of his investment spectrum.
But what sets BYD apart from the rest of the crowded IT pack is its decision in 2003 to get into the automobile manufacturing business via the acquisition of Shaanxi Qinchuan Auto Co Ltd.
BYD Auto sold close to 100,000 auto units last year, with only two car models: a subcompact F3/F3R and a class-B sedan F6. This is remarkable considering that its foray into the auto business only has a history of less than five years.
