WARREN BUFFETT Quote : Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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Thursday, August 15, 2013

Buffett bets on Suncor and Oil Sands

Billionaire investor Warren Buffett sold majority stakes in some food companies but boosted his exposure to GM and Wells Fargo

The Globe and Mail
Published Thursday, Aug. 15 2013Warren Buffett has finally deployed a sliver of his immense wealth into Canada, registering a vote of confidence in the future of the resource sector.
The head of Berkshire Hathaway Inc. and one of the world’s foremost investors, Mr. Buffett revealed in a U.S. regulatory filing that he has accumulated a stake of 17.8-million shares in Suncor Energy Inc., Canada’s biggest oil and gas producer. His investment is worth $620-million at the current share price
“It demonstrates some faith in the future of the oil sands in the American mind,” says Michael Smedley, chief investment officer at Morgan Meighen & Associates in Toronto.
Buffett watchers could not recall the Oracle of Omaha having ever invested in a Canadian corporation before. “If it’s not the first time, it’s definitely the largest stake he’s ever taken in a Canadian company,” said Barry Schwartz, a vice-president at Baskin Financial Services.