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Weekend With Warren: John Freund, Warren Buffett’s broker, on Buffett’s move to invest in technology stocks for the first time.
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What I have to be secret because if the world got sort of that they don't piling into the stock the stop -- go up and that it wouldn't be at the price Warren Buffett wants it to.
And the one guy who has been the super secret spy don't always help but actually illustrates is John -- -- Citigroup is the managing director of institutional equity sales.
And he joins us -- a Fox Business exclusive here.
At the -- -- good to see you great to be -- was paid at you do you do have a poker face I must tell you.
People trying to get you up and say what you find a hot topic.
Not many people anymore because.
Used to be a lot used to be a lot but he does -- a lot but what what made news recently.
Was that he bought Intel -- IBM.
For the first time he went into technology stocks right.
You got the call I believe about those names.
Well it's pretty interest in him you can -- -- -- -- report will -- he averaged about 170 dollars a -- on.
-- -- 63 million for Iberia IBM and it's footage came -- -- great analysis and annual report on why you bought -- one continues to like stock -- which is it doesn't go up.
It's not something which a lot of on investors would normally look at -- that if I bought IBM and I wanted to 170 I wanna see for the 350.
But he doesn't feel that way you explained why -- about what not months ago.
He started probably about nine months ago who -- Right now you know interestingly.
When you got -- call sank -- me up pretty significant amount of idea what was thought.
-- what kind of threat do you think it was such a different name you know that -- -- -- the hadn't bought.
That -- we -- kind of shocking but it was clear why he's IBM's.
Bought back a lot of stock over the years thing.
We have a great dividend policies that we know how to -- for cash.
And it's very similar to what Berkshire you know it's been returned to run the unknown.
On the for the money and I can tell -- -- this -- wealth of terrific company.
On on not.
As such a large scale that he clientele but that was of -- -- -- the same thing the buyback wants my pretty decent dividend of he has hired investment managers -- Wexler and talk complex.
He told us last night that he doesn't really talk to the -- those decisions.
Were kids as far as the technology stocks that your interest thing but.
They've they make their own moves but this company.
As changing a little bit as he gets old -- Is it truly hands and take a look at new report from 99 billion of the ten quarter billion dollars -- aren't came from the five industrial companies.
In the insurance group which -- about to bring in the preview surely made about it.
Quarter -- a billion this year that's pretty substantial so it's become more of an industrial type company -- insurance but.
More than thirty years.
Have you been making trades for profit right so your friends with him you know when you heard.
That that he.
Had -- -- prostate cancer -- first let's let me tell you that I ran into we caught up with him and but by -- studio we're here with traditionally -- -- -- plays bridge.
Right before the shareholder weekend and I asked him first about his health but let's first listen to that -- -- get your -- personal profit at the -- I don't feel any different anyway.
Energy level headed -- it's it's really.
And my age anyway as one of the things about being -- it's time to get him.
This is always joking but when you first heard that.
He had prostate cancer what are your thoughts I couldn't believe it.
I he had not told me -- talk to the next morning to what I feel great they caught it early stage you know doesn't advanced to as much warmly when you're older.
Pieces I feel great I'm -- you know I have all the energy.
You go through the -- he -- who -- experts who was traveling but not much.
-- warn you.
We'll have just as much sooner -- he had before wolf that's my next question meeting at the brokering these traits for him for more than thirty years to -- appear to get any more risk averse snow.
Actually not Cincinnati every day he is -- he you know he's in a great movies.
If you know we've wonderful person talk to.
He's charming and in the shareholder letter he talks about so many companies.
VP -- Texas highlights certainly of the ones that that -- have done well but.
We really should talk about Burlington northern because of the railroad starting in 2006 he bought Union Pacific Burlington -- our city got the idea for Bill Gates who -- the coming -- -- railroad.
And then -- outright bought Burlington north that we just saw that -- by the way who runs -- walking forever but.
You know look at that trades from 2006 -- A complete winner.
The girls have done well you know he's he's invested a lot of money capital will be a lot of capital back to the railroads.
You know and that's interesting because he thinks obviously -- return are going to be in in the rail business has a well a lot of the other businesses -- those provisions.
You know doesn't appear to growing the float -- much going in the insurance series is over seven billion we probably won't grow much from them.
But all you have to do is watch when it's announced what he buys and more often than not it -- well John Bryan thank you.
-- won't -- -- speed record -- front of -- your opinion of David I would ask him.
What it -- by the last -- but.
He never talks he's got the ultimate poker face looking.
I had one question reports yet of that in the Paper throwing countries -- wanted to ask my regular inside information.
We've seen the video of you throwing up pitch to forget the document so we got so he's -- -- -- using over hand under -- are kind of the back him.
-- telling you -- trade secrets -- primarily parking -- practicing at midnight last night I was rated High Court to be part of the Omaha world herald.
Newspaper throwing contests I even have Fox Business talent who used to be Paper boys and girls like Buffett was.
Because I'm up against Buffett I'm up against Bill Gates I don't know who else is my competition David but.
Deborah Smith taught -- -- to do this -- -- -- -- you can never as a humanitarian.
Beverly Hills you're kidding 090120.
You know would you.
I develop film I worked at the gap I didn't deliver newspapers but I think it up.
I guess it's a -- thing.
Our lives we'll be watching by the way you don't forget to watch was on Monday -- she has an all star.
