Here is one of the many links on this story
http://news.bbc.co.uk/2/hi/business/8262477.stm
This is free advertising for Made-in-China corp. – different from another bad story on bad quality on Chinese products.
The story has a kind, warm human touch too. Thanks Buffett!
TonyP4 says
The emperors (Buffett and Gates) finally have clothes to wear.
The first article is from Wall Street Journal and is quite long for this trivial story that could be material in some gossip magazines. When the emperor talks, everyone listens.
Steve says
Hi Tony~
I wonder if Mr. Buffett picked up some of their stock before making this announcement. Any time he says something positive about a company, their stock goes up right away so he can actually make a profit by just making an announcement that he endorses a company. Talk about a Midas touch!
One of our good friends here in San Diego is originally from Shanghai and still goes over there on a regular basis. She has her clothes made when she’s there but told us something interesting. She always brings her own thread because she said the thread used in China tends to be cheap and will not last a long time. It’s a good tip for anyone thinking of having clothes made custom while they’re there. I’m sure the company Mr. Buffett refers to uses the best thread but they’re probably not inexpensive either.
TonyP4 says
Hi Steve, according to Wall Street Journal, he did not have a single share, but his colleagues took note and invested accordingly that drove the stock to another 70% or so higher (YTD about 250% from my poor memory). I followed him to buy China Petro and made some easy money. BYO is not listed here, so I missed out. I was too busy (enjoying this forum…) to go to his party, so I did not know the Trands before every one knew. It could be ‘insider’ trading, haha.
Thread is a good Chinese strategy. When you have a good shirt without buttons, you need to buy another shirt (from China of course). The idea is copied from American building lousy cars that last for 4 years (just in time the car loan is fully paid). But, the Chinese are smarter as you cannot really blame them for making lousy shirts.
Admin, I do not know why Mr. Buffett’s old but handsome picture is not displayed. It could be I did not hit the Send Picture button. Just curious.
Allen says
Wal-Mart need to carry this line of suit…
TonyP4 says
Allen, $800 per suit to me is a lot of money even I seldom shop at Walmart!
However, I know what Mr. Buffett will wear when his time comes – his Trands that is wringle free for all his travel, water proof for all the occasional rain, conservative color for all the people and God he is going to meet… This would be the ultimate Mr. Buffett will offer his free advertisement to China where he makes a lot of money from and it is his way to pay back.
Most rich folks like him die pretty early (may be due to too much food, drinks, women…), this wise man must know more than most of us besides making money.
admin says
@Tony,
I did not see any pictures associated with the post. Here is a link to the WSJ article which includes the video and a slide show.
http://online.wsj.com/article/SB125374071782835321.html
Charles Liu says
FYI, Buffet is well known for frugality – he also buys cheap suits from Land’s End.
(Aiya, is this threadjacking? Please don’t delete me…)
S.K. Cheung says
Well, as they say, it’s not how much you make, but how much you save. Although when you get to Buffett’s league, it’s probably moot.
BTW, Charles, planning to dispense with the pettiness anytime soon?
TonyP4 says
Frugality is a virtue. I just notice Charles referred him to Buffet – it must be a splendid one with a lot of tasty but cheap food, haha.
Mr. Buffett donated most of his money to Gates Foundation. It will be remembered for generations to come. It seems some one learned something that is not available in today’s business school.
There are many good stories about this wise man. His grand daughter asked him to give money for her to buy something. He said, “No. It will not be fair to other grand parents.” It is a good lesson to the parents and the spoiled kids like some of the Kennedy’s chiidren.
Steve says
Out of curiosity, does anyone know where the $800 per suit figure comes from? I tried to find pricing for these suits on the net but was unsuccessful.
TonyP4 says
I believe it is in the Wall Street Journal.
Steve says
Thanks Tony. I had missed that at the tail end of the article. From $880 to near $3000 per suit is the range.