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Berkshire Hathaway Inc. Message Board

  • Novalis_97 Novalis_97 May 5, 1998 12:46 PM Flag

    Buffett bought De Beers

    From British paper The Independent
    (http://www.independent.co.uk/stories/D0505807.html):

    "Mr Buffett was also asked about his
    decision to invest in De Beers Centenary, the South
    African company that is the world's largest diamond
    producer. Mr Buffett said: "I probably got my first annual
    report from De Beers in 1952 or 1953. So I've got
    40-some years of their reports and we haven't bought any,
    but we went 30 years between silver purchases too."

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    • I appreciate all of the comments on the meeting
      and the newspaper links. I am confused however. Did
      Buffett buy Debeers or not? The article says that he has
      but the quote indicates that he has not.

      I
      have owned Debeers in the past, as long as 17 or 18
      years ago. It has a substantial store of value ( for
      instance, its diamond inventory is carried at LIFO and has
      been for as long as I have been familiar with the
      company). I worry about the ability to maintain its
      position in the diamond market much more than I am
      concerned with than the political situation in South
      Africa. I don't know much about Debeers because they quit
      sending annual reports into the US. I write and ask for
      one. They write back and say no. ( I am not a Debeers
      shareholder now ). So any clarification on this would be much
      appreciated.

      I am at a loss to the reason for not
      providing transcripts of the meeting however.

 
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