GAMCO CEO Mario Gabelli spoke to FOX Business Network’s Liz Claman about Berkshire Hathaway shares, Burlington Northern and Warren Buffett putting money into Goldman Sachs during the financial crisis.
Excerpts from the interview are below:
*Mandatory Credit – FOX Business Network*
On Buffett’s move in putting billions in Goldman Sachs:
“Was it a smart move at the time he did it? The answer is yes.”
On Goldman/SEC charges:
“From the point of view of the regulators, how much of it is power ball, how much is digging into the facts. I’ll let that play out in the world of inquiry. Regulators will do whatever they do to make their case.”
“If I were Paulson and Goldman gave my name up, I would be very upset about that. It should not happen on Wall Street. Traders do not give up names of the counterparty and if they do they will be out of the street. It doesn’t make sense.”
On buying Berkshire shares in the 1980s:
“Yes we did, when we started two of our mutual funds, one of our first purchases was Berkshire Hathaway. And we still own it. We have a buy hold strategy and everything works.”
“Berkshire is a buy. We’re not adding to the position but we like it.”
On his reaction when Buffet split the B shares:
“We didn’t think about it. It is what it is.”
On the Burlington Northern acquisition:
“Companies that are involved in the rails industry…that’s a very good business.”
Watch the latest business video atvideo.foxbusiness.com
http://video.foxbusiness.com/#/v/4174175/gabelli-berkshire-is-a-buy/?playlist_id=87185
Excerpts from the interview are below:
*Mandatory Credit – FOX Business Network*
On Buffett’s move in putting billions in Goldman Sachs:
“Was it a smart move at the time he did it? The answer is yes.”
On Goldman/SEC charges:
“From the point of view of the regulators, how much of it is power ball, how much is digging into the facts. I’ll let that play out in the world of inquiry. Regulators will do whatever they do to make their case.”
“If I were Paulson and Goldman gave my name up, I would be very upset about that. It should not happen on Wall Street. Traders do not give up names of the counterparty and if they do they will be out of the street. It doesn’t make sense.”
On buying Berkshire shares in the 1980s:
“Yes we did, when we started two of our mutual funds, one of our first purchases was Berkshire Hathaway. And we still own it. We have a buy hold strategy and everything works.”
“Berkshire is a buy. We’re not adding to the position but we like it.”
On his reaction when Buffet split the B shares:
“We didn’t think about it. It is what it is.”
On the Burlington Northern acquisition:
“Companies that are involved in the rails industry…that’s a very good business.”
Watch the latest business video atvideo.foxbusiness.com
http://video.foxbusiness.com/#/v/4174175/gabelli-berkshire-is-a-buy/?playlist_id=87185
