"Buffett may not understand batteries or cars (women nike air max), or Mandarin for that matter. Drive, however, is something that needs no translation." , Women Nike Air Max; In the article by Marc Gunther, discount NFL jerseys, we learn that the idea of investing $230 million for 10 percent of the "obscure Chinese battery, mobile phone, and electric car (women nike air max) company" first came from Buffett’s partner Charlie Munger.
Published: Monday, 13 Apr 2009 | 12:38 PM ET Text Size By: Alex Crippen Executive Producer
Fortune Puts Warren Buffett In "Car of the Future" Driver’s Seat
Munger had met BYD’s driving force, Wang Chuan-Fu, through a mutual friend, and was uncharacteristically enthusiastic. Munger describes Wang to Fortune: "This guy is a combination of Thomas Edison and (former General Electric Chairman) Jack Welch - something like Edison in solving technical problems, and something like Welch in getting done what he needs to do. I have never seen anything like it."
That enthusiasm from Munger helped Buffett to overcome his well-known reluctance to invest in technology, because he only likes to put money into things he can easily understand. Fortune quotes Buffett as admitting, "I don’t know a thing about cellphone or batteries. And I don’t know how cars (women nike air max) work." But, "Charlie Munger and (MidAmerican Energy Chairman) Dave Sokol are smart guys, and they do understand it. And there’s no question that what’s been accomplished since 1995 at BYD is extraordinary."
Fortune Magazine Warren Buffett is in the driver’s seat when it comes to the "car (women nike air max) of the future," says Fortune. The magazine has put Buffett on its cover ("Buffett’s Electric Car") along with the BYD E6, for a major story on Berkshire Hathaway’s investment last fall in the Chinese company that is working to challenge the world’s biggest automakers in the electric car (women nike air max) arena. The cover asks, "If the Oracle’s plugging in, shouldn’t you?"
After an extensive profile of Wang’s tireless efforts on behalf of his company, Fortune concludes, Plus Wang turned down Berkshire’s initial offer to buy 25 percent of BYD. Says Buffett, "This was a man who didn’t want to sell his company. That was a good sign."