a sensible investment
Buffett Makes $5.1B Bid in Power Industry
OMAHA, Neb. (AP) -- Striking the second biggest deal of his career and making a major move in the energy industry, billionaire investor Warren Buffett agreed Tuesday to pay $5.1 billion in cash to acquire Western states electric utility PacifiCorp.
Buffett is known for buying companies and holding on to them for long-term returns. Berkshire first bought into MidAmerican Energy in 2000 for $1.24 billion, acquiring about 76 percent of the company. It has increased its stake to 80.5 percent, investing a total of about $3.3 billion.
Hey, if Buffet is buying energy companies, I want in on it. Let's start a co-op - I'll put in my five dollars, and the rest of you pony up a few billion (I'll have my pay-pal link up shortly), and we'll be off to the races.
But seriously - I wonder if Buffet has read the depletion writing on the wall.
Seperately, in a recent radio interview, Deffeyes claimed only half laughingly that he had saved Boeing because some exec read his book in 2001 and pushed the super fuel effecient 7E7 through, and of course, lately the 7E7 / 787 has been a hot little item.