WARREN BUFFET’S MOST POPULAR QUOTES & EXPLANATIONS FOR YOUR SURE-SHOT SUCCESS - 1ST SERIES

WARREN BUFFET’S

GREATEST QUOTES

& EXPLANATIONS

FOR YOUR SURE-SHOT SUCCESS

AS STOCK INVESTORS

(1ST SERIES)

1. I always knew I was going to be rich. I don't think I ever doubted it for a minute.

This reflects Warren Buffet’s self confidence, his passion for investing and his total confidence in his methods of Investing. You may be circumspect in your moves. But, be self confident that you are going to succeed. That is what Warrant Buffet wants in each of us

2. Risk comes from not knowing what you're doing

Warren Buffet says – never invest in a Business you don’t understand. Understand the Business well, before you invest in it. If you don’t understand the Business and its prospects well, you are risking your capital. 

Real Risk is lack of knowledge and lack of understanding of - where you are putting your money and effort; nothing else.  The price of this risk of ignorance is – potential loss of capital.

3. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

There is only a single rule for success in investing. You must guard your capital well. If you don’t allow your capital to go down below its purchase price or par value, then, the only way is Upwards. You must find all possible ways to ensure this.

4. Do not save what is left after spending; instead spend what is left after saving

Saving actually means – investing. Keeping idle cash is not Saving. You must invest. Depending on your Income, decide the saving and spending proportions by discussion in your household, with your spouse, parents, children etc. Once You have decided this, stick to this proportion. Every month, save and invest first. Spend the rest. You will never regret this well thought of saving-spending style at all.

5. Price is what you pay. Value is what you get.

In a perfectly competitive market, price will correspond to the intrinsic value of shares. But, stock market is never perfect. There is some sort of logical, emotional assessment (or both or in some cases, neither), of the intrinsic value of a share among millions of Investors and then its market price tries to follow that intrinsic value.

But, Price also depends heavily on demand and supply factors apart from value. Therefore, there is always, some difference between price and value of a stock. Investors must look for this difference.

Examine well and find out Shares in which value is significantly more than the market price. Buy that share. You pay LOWER price. You get HIGHER value. That’s the intelligent bargain. Every investor must try to achieve this additional value in every purchase he makes.

6. In the business world, the rear-view mirror is always clearer than the windshield.

Past performance is always available to investors for analysis and assessment but not the expected future performance.  We can dissect last 5 years P&L Accounts, Balance sheets and Cash Flow statements.

If the Past performance was very Good, it does not automatically follow that future performance also will be very good. 

If past performance was unsatisfactory, future performance also need not follow the same pattern.

Estimating future performance is no doubt, most important but, past is only a very rough guide and not a completely reliable guide. Many other factors need consideration for it.

7.     The investor of today does not profit from yesterday's growth.

You are investing today. Your profits (or losses) will accrue from the time of your Buying. The share might have yielded Multi bagger profits till yesterday. But, those profits are not yours. They don’t matter at all for you.

The company might have grown at a fantastic rate till last year. But, that growth does not matter for you. What matters for you is future growth rate, future sales, future profitability.

Think about the future performance, not about the Past glory.

8. If past history was all there to the game, the richest people would be librarians.

All history, all statistics, all logic of the past is available in many books and the books are all in Libraries. Librarians know where the Book is and what its contents are. Those who refer these books in Libraries also know all this.

But, the most successful Investors are referring something else. Not just the books with the Librarians. They are assessing the future performance. They are marching into that magical future, with the guidance of robust common sense.

9.     Beware of geeks bearing formulas

There are many academicians, experts who study the market from outside, statisticians, logicians and others who apply numerous complicated formulas and theories to market behavior and stock behavior and they come up with widely varying explanations to market and stock behavior.

The genuine long term investor must be wary of these formulas and explanation trotting Geeks. You, as investor,  are in the war front with soiled hands. You are the real investor in a particular scrip. You must make your fundamental and technical analysis with robust common sense. That is what Warren Buffet did and most other successful investors did.

10.                        There seems to be some perverse human characteristic that likes to make easy things difficult.

Stock investing is not a very complicated technical subject. You must apply robust common sense to it.

Minimum formulae, Minimum technical analysis but robust analysis of the Management, the product demand and supply, scope for scalability and such other common sense aspects.

These are comparatively easier than drawing graphs and analyzing them. Don’t make easy things difficult.

11.             The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

The outer scorecard consists of - market tips, rumours, expert opinion and so on. Market abounds in them. The inner score card is the Investor’s own personal analysis of the company, the product, its demand and supply, company’s scalability and along with these factors, investor’s own estimate of the company’s future performance.

Do you have an Inner score card? Are you satisfied with your Inner score card? There are the vital questions to be answered by you, as an investor.

12.             We enjoy the process far more than the proceeds. You know… you keep doing the same things and you keep getting the same result over and over again

Buying is a process. Holding is a process. Selling is a process. You must know why you are Buying, Holding and Selling any particular scrip.

You must be able to explain the process you followed and your logic, for each of these at any time. The process is more important and you must enjoy your process.

Now, last time you did the Buying, you followed some process, some logic. This time, how much better can you make it, based on last time experience? Are you becoming better with each experience?

Are you learning? Are you applying your learning to every subsequent process? The final result will no doubt, reflect your learning. But, what matters is – whether you are learning and whether you are applying that learning to every subsequent transaction.

13.             You only have to do a very few things right in your life so long as you don't do too many things wrong.

The Art of stock investing is not an EXACT SCIENCE. It doesn’t work the same way, each and every time. The results will vary each time, at least to some extent, because, all circumstances have changed to some extent at least. But then, based on your experience, you can always modify your responses.

Your success is always a percentage of the total number of attempts or transactions. If you make 10 BUYs, 6 or 7 out of them will go according to your anticipation or better than that or slightly lower but still OK.

But, 3 or 4 will fail beyond your anticipation. It happens always.

This doesn’t matter at all. If you do the majority of things reasonably right but fail in a few things, that itself is a great success for you. Where you succeeded, it is usually much beyond your estimation. Where you failed, it is just a tad lower than your estimation and not very significant. Even if 1 or 2 are bad failures, your overall tally of success is still very significant and great. You are a Great success. All eminent, successful Investors of the world were made like that only. I wish you all success.

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WARREN BUFFET’S SUCCESS MANTRAS - GOOD TIME TO REMEMBER

WARREN BUFFET’S

SUCCESS MANTRAS

It is always a pleasure, a highly insightful pleasure, to read Warren Edward Buffet’s success mantras periodically. This Blog had covered many of his success Mantras earlier. But, coming from  SWATANTRA, an investment Education initiative powered by the Times of India (page.15 of TOI today), it makes a refreshing reading.

I am giving below, the bare mantras, leaving the explanations and descriptions to be read by the reader from TOI itself :

1.  Don’t save what is left after spending. Spend what is left after Saving

2.  Chains of Habit are too light to be felt until they are too heavy to be broken

3.  If you Buy things you don’t need, you will soon sell things you need

4.  Someone is sitting in the shade today because someone planted a tree long ago

5.  Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted in patching leaks

6.  Risk comes from not knowing what you are doing

7.  No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant

8.  The Business schools reward difficult complex behavior more than simple behavior but simple behavior is more effective

Buffet has said, “the happiest people do not necessarily have the best things. They simply appreciate the things they have.”

Talking about his Mantras, Buffet has said,” we simply attempt to be fearful when others are greedy and to be greedy when others are fearful.”

Well. There are many more of his mantras well stated and well explained by many Journalists, authors, Investment counselors and so on. But, in the final analysis, even these 8 mantras are enough education if properly understood, remembered and followed. The word saving in these Mantras actually needs to be understood as timely saving and timely investment both.

So, Invest well and be happy.

= v.vijayamohan

INVESTOR EDUCATION SERIES : THE ART OF INVESTING = IN TROUBLED TIMES = WARREN BUFFET REVISITED = GREAT TIMES TO COME NEXT

THE ART OF INVESTING

IN TROUBLED TIMES

The stock Markets get into an intricate loop when there are Political, economic or social uncertainties that start troubling the country – over a long period of one to two years.

When the UPA Government started their second innings, the track record looked good. India was looking for a five year period of sustained economic progress. There were talks of overtaking China and US in definable periods. Stock markets were reflecting this buoyant mood by moving up steadily, right from the beginning of 2009. The FIIs were investing in India on a big scale – spurred by the progress being made by the Indian companies and the investing atmosphere being created by the various ministries of UPA II Government. Huge but achievable targets were set for various Ministers – and there seemed to be serious working in that direction.

But, then came the scams, scandals and a serious, non-seriousness in dealing with economic problems like inflation, land acquisition etc.

 Scams of never-before-size and never-before-brazenness struck the nation. We will not go into their details here. But, our reputation has taken a severe beating in the International arena. Our position in the corruption Index is becoming more glaring than ever before.

The ineffective tackling of persistent Inflation – food and non food inflation both – is casting shadows on Growth. The causes of this Inflation are more structural and logistical in nature, and not due to excessive money supply in the market. These causes are to be tackled by the Governments at centre and states, through Policy prescriptions and quick actions - of short term and long term nature; RBI monetary Policy, applied several times in the year, is therefore beginning to hurt growth, without in any way, reducing Inflation.

Raising the prices of petrol, diesel, LPG, Kerosene etc  at this point of time – is not adding to any hope that inflation will come down soon.

Government’s bold policies in Budgets in respect of Power, Infrastructure, steel  and oil and Gas sectors etc looked so good – but, these are not translating into tangible results due to many Policy deficiencies. Land procurement / acquisition   for Infra structure projects, power projects and steel projects is coming to a stand still for various reasons . There is no visible Political consensus on this matter but a lot of Politicking is visible.

If Government can come up with a good, strong Lok Pal Bill and with measures for effective land procurement / acquisition – this can be the biggest feather in the cap of this government and of India. Let the corrupt face the Lok Pal music. Corruption in India has to come down drastically from its current monumental proportions.

Transparency in Government functioning has to become the order of the day. If that happens, India’s reputation will go up by several notches in the International arena, even if the Lok Pal unearths a few more scams, if the Government remains firmly against corruption.

None of these problems are difficult to tackle. If sufficient statesmanship is displayed – we can hope that in a year’s time, all this dust will settle and economic progress will gear up well again.

If we can recall the genesis of the turbulence in the Market – it started almost with the scams. So, it can end with the end of scams.

But, if our economy and stock markets continue to be in troubled and uncertain times for a year’s time or more from now – what should the investors be doing in the stock markets?

When the mind is drifting and uncertain – read the Gita, says Adi Sankaracharya. Very truly, Gita contains a number of policy prescriptions for various problems of Life. But, Lord Krishna did not deal with Stock Market problems, which was a much later invention of human greed.

Like in the case of any other scientific analysis, here also there are certain broad Policy prescriptions, from none other than the Oracle of Omaha – Warren Buffet. I take them as coming from Gita. Or almost like that :

Here are a few relevant quotes from Warren Buffet:

Ø  Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

Ø  You only have to do a very few things right in your life so long as you don’t do too many things wrong.

Ø  Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

Ø  I buy on the assumption that they could close the market the next day and not reopen it for five years.

Ø  The investor of today does not profit from yesterday’s growth.

Ø  Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.

Ø  If a business does well, the stock eventually follows.

We are in troubled times. Market are moving up or down even by a 500 points  on a single day. How much LOW will the market move down over a year, is difficult to predict. If there are more scams, more inflation, more inept handling of development issues, well, market can nosedive by a 2000 points. Or, if there is more efficient and far sighted handling – markets can move up by a 2000 points. So it is + or – 2000 points for the next one year. I do hope, that natural forces will force down solutions to all problems in the mean time. It is happening even now. So, treat the market forces as your friend and ride on them.

Troubled Times are times of opportunity (for long term Investors) :

What will happen in a 3 year time horizon?  Many Indian companies are on clear, unassailable Growth Path. Some of them have grown over 100 percent or more in the past 3 years – and many of them will grow 100 percent or more, in the next 3 years. Their profits can grow much more than 100 percent. If market comes out of troubled times within 1-2 years, which it will, these Growth companies will reward their Investors with over 100 percent capital appreciation. So, treat the troubled times as your opportunity to Invest in companies with the maximum potential for next 3 years. So, this can be a good time for investing!

Do a Few Things Right :

You don’t need to study all companies and pick out the best of them. You do not need to pick out all the best companies. Pick out sectors which will definitely prosper in next three years. Like Banking, Pharma and IT.  

While Banking is largely Indian, Pharma and IT are producing great Multi-nationals. There are huge growth prospects in all these three sectors for the next decade. You may have a different preference based on your study. Oil and gas is another great sector. Reliance and Cairn may look a little sluggish now – but, have Potential to double their size in 3 years. Sectors like Auto have been recording robust growth in recent years.  Within Auto sector, companies which are multinationals like TATA Motors can see greater growth. 

Within each sector – You must choose companies with the fastest growth rates in last 3 years. It does not matter whether they are the biggest, or medium sized or small companies. Look at their forecasts for future Growth. Look at their expansion plans, M&A Plans etc. So, 3 factors are to be studied minimum – (1) Growth sectors (2) past Growth rates in companies in these sectors (3) Plans for future Growth for these companies. Now, make your selection. This is how you can DO A FEW THINGS RIGHT.

INVEST FOR LONG TERM :

Warren’s Investment philosophy is strictly for long term.  If you make your BUY today – assume that market will shut down for next 5 years and reopen after that. So, no transactions in your stock for next 5 years! In the mean time, your company is making great strides and good profits – just as you expected.  Are you comfortable with these assumptions? If you are - Invest now.

It is very difficult to fail – if you select well like this, for long term Investment.

How big should be your Portfolio?

Warren does not prefer big diversification – to spread risks. If you study well and select well – there are very little risks. Limit your Portfolio to about 10 companies maximum.

INVEST; DON’T TRADE :  

Warren Buffet may have done trading also at  some point of time. But, his firm Policy prescription is – No one gains more in frequent trading, compared to the gains in long term Investing.

The more the frequency of trading, the lesser the returns – is Warren’s strong feeling.

As an Investor, you need patience, not anxiety.  As earlier said – Invest for long term. You don’t need to panic because of the movements in daily charts of market prices – so long as your company is doing well.

This means that – Study the quarterly and annual results of your Portfolio companies very well; but not their daily charts of market prices. If their performance results are very good, don’t bother about market fluctuations. If performance results are bad – then, think of some shuffling. Warren says – if the business does well, the stock will do well eventually.

DON’T SELL OR BUY IN PANIC :

If prices are falling, don’t panic. What matters is – whether the company is doing well. Likewise – if prices are rising, unsupported by any improvement in results – don’t go merely by any market buz, Tit Bits, HOT TIPS etc – and don’t buy on their basis. Solid Fundamentals must be the basis for your buying. If you haven’t seen and studied the fundamentals of a company – it is not worth buying.

YOU DON’T NEED TO BE AN EXPERT :

Like any other subject, stock market Buying also needs some knowledge of stocks, stock markets, economy and related aspects. There are many good Books on the subject. Buy one and read. Understand the Basics. Know some of the most important terms – like EPS, price earnings ratio, price to book value ratio and so on. There are some good articles on these subjects in this Blog itself. Go through them to understand them. I list below the minimum factors you must study in respect of the companies you want to invest in.

SALES & PROFITS : It is not difficult to spot companies that are growing in terms of both sales and profits in the last 3 years. Select such companies. If only sales are growing and not profits, or, if only profits are growing but not sales, avoid such companies.

EPS Growth : Amongst the above - Some companies have great EPS right now. But, their EPS is stagnating for some reasons (like bulging equity) and  not Growing for the last several quarters. Avoid companies that are not growing in terms of EPS. Some companies may have smaller EPS, but the EPS may be growing at a fast pace. They are preferable.

PRICE-EARNINGS RATIO : Among the above companies, study their PE Ratios. Select companies with moderate PE Ratios. If PE Ratios are too high, scope for future appreciation is generally LOW. If PE Ratio is too LOW, the market perception about them is dismal. Some times they tend to stagnate at same levels for several years. Some Managements have low reputation and their companies tend to have Low PE Ratios. Read the article on these topics in this Blog for further knowledge.

There are many other ratios like Price to Book Value Ratio etc. But, this Blog considers the above four parameters ,viz., Sales Growth, Profits Growth, EPS Growth, PE Ratio – as the more important ones, indicative of the Potential of the company. If these are all consistently growing well in last 3 years, the company can be generally considered as a growth company. Beyond these – you need to look at Management reputation, Company’s future plans for expansion etc and if these are sound – select them for investment.

WHEN WILL YOU SELL :

Warren says – our ideal holding period is FOREVER. If your company is giving you good capital appreciation and good dividends – keep on holding it. If the company is getting into bad times for any reason – like government Policy (like land acquisition), excessive competition(Like Telecom), Saturation in demand (say, sugar) etc – analyze the causes – and get out of it , if there is no solution to these problems in sight for a long time. But, if there is a solution (like Bharti expanding into other countries), one may continue to hold.

Remember – you don’t love a company – you love the capital appreciation and dividends that you get. This is the general rule.

You are in the stock Market to earn well and profit. This is Rule No.1. Not to lose. If you are losing, remind yourself of Rule No.1 constantly. This is Rule.2.

In troubled times – review your investments. Treat the time as opportunity for fresh investments. If your companies are doing well, don’t bother about troubled times. Don’t bother about market prices. Don’t panic.

Fantastic times are round the corner. These act in cycles always. So, Great times are bound to come after troubled times.

Investing in troubled times is as simple as that. 

PS : Read Also the January Post on this at :

http://wiseinvestmentideas.blogspot.com/2011/01/investor-education-series-when-stock.html

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WARREN BUFFET = INVESTING TIPS FOR INDIA = BILL (AND MELINDA) GATES = 2 (OR 3) PHILONTHROPISTS = LEADING = AND SHOWING THE WAY

WARREN BUFFET

THE ORACLE OF OMAHA

In India with his Investing Tips

Warren Buffet was in India  this month. Along with Bill (and Melinda) Gates.

One successful Investor and another successful Inventor. Both were asking India’s heart to open up – itself, with generosity. And why not? They have shown the way themselves. Earning alone is not Life. The fulfillment of Life lies in how you spend your earning. These two are great teachers in that art.

Bill Gates has just lost his place at the top of the Billionaires List – but does it matter? It is time to compile the list of the most generous hearts. And, You will find him there - at the TOP OF THE LIST. Along with his wife Melinda Gates. And, along with Warren Buffet, the Oracle of Omaha.

They were practically saying, look, we have done it. We have opened up. The world needs it. You need it. Therefore, why don’t you. Life is here!

Kudos to both for what they are attempting -  telling the big bellies – to become big hearts. 

While writing this post - I took a long look at  the Bill Gates Foundation's web site. The efforts that Gates (and Warren together) are making - are FANTASTIC. Extraordinarily Humane. Long time ago - I had read that Gates wanted to put a computer in every home with a Microsoft Operating system.  Now, I think, he is putting himself in every home in many countries, through his extraordinary efforts to ensure the health of all children (and adults) on this earth. They have discovered their Life's Mission.

I only wish, they had told India’s Politicians a thing or two about being Honest, about being truly entrepreneurial and about encouraging Indian entrepreneurs. I don’t think they will listen. Yet, it would have been a thing to do.

Did Warren Buffet, the world’s Best Investor, the oracle of Omaha, conquer India’s hearts? Or, did he not? We have no way, as yet, of knowing. Despite, what Azim Premji did, in Gates’ style recently in India.We will wait for the results.

We are interested in Buffet’s  philanthropy – but we, the lower mortals are also more interested in his success and his mantras for success.

Warren Buffet is a highly predictable Investor – which is his greatest Forte. For that matter, the forte of any good investor. A lot has been written already about his investing style – and his SUCCESS STYLE.

Following his style, any genuine Investor can be an Oracle. There is nothing magical about predicting a company’s success  in the future – and your success if you invest in it. But, what is magical about it , is the rate of success that any individual investor can achieve with this simple formula.

Warren Buffet’s  simple system works magically. Over time, that is. You need Patience all the way. Then, it works magic.

He made India’s fund managers become Insurance Policy holders, before opening up himself to them all.

What does he think of – what  Indian Fund Managers (and Investors) want to know?

BUYING GOLD

Warren Buffett doesn't think of gold as an investment at all. He feels that gold, oil and art are investments that don't produce any income or product. So, investors who buy these are counting on them becoming more attractive to other people in the future. "That's a whole different game" compared to investing, says Mr. Buffett.

Buffett prefers to invest in productive assets like company stocks and farm land which produces crops, rather than on gold, oil or art.

BUYING RIGHT STOCKS

Buffett is a value Investor and relies on the principles of finding stocks which are cheap compared to their worth.

Buffett does not look at sectors for investment. That is not his style.

He looks at Individual companies. He looks for companies whose business he understands, and where he sees income and growth potential for the next five, 10 or 20 years.

The companies should generate good returns over the long term.

There could be irrational bubbles like the housing bubble in US in 2007. But, investors should not lose faith when that happened as long as they believed in their particular investment.

 He says – he had more ideas when he started investing and less of capital. Now, it was reverse. He had more capital and fewer ideas.

He says - he doesn't have to be a part of all successful companies – he looks for only a few good investing ideas.

HIS ROLE MODELS

Buffet cites his Father as his early Role model. Later, his Guru Benjamin Graham, the god father of value investing, was the greatest influence on him. 

He thinks very warmly of the Intelligent Investor written by Graham, which he read at age 19. He feels, this book, published in 1949 first, does not require any improvement.

ON INDIA

Indians are still on Gold and Land mostly – for providing assets for their future generations.

It will take some time before Investors in India got comfortable investing in stocks.

WHEN TO SELL A STOCK?

Selling a Stock, is a hard decision compared to buying a stock.

For this, and for other sound reasons, Buffett holds on to stocks for decades.

He says - "I don't feel like I have to grow rich in the next day or week."

Buffett feels - tracking stock prices daily is being "just foolish" for investors.

If they had bought a farm or an apartment, do they expect it to appreciate the next day? No. Why treat stocks differently?

About trading - He feels, frequent traders would "make more money if they don't trade as much."

Buffett says - he would sell a stock only if some better investment opportunity came about, or if something changed at the company, such as its management, which he didn't approve of.

BEING AN INTELLIGENT INVESTOR

Buffet feels - A good investor needs reasonable intelligence and a passion for investing.

You must have the ability to look at the facts of an investment and evaluate them without getting influenced by what other people think. "You can't get excited because other people are excited," says Mr. Buffett.

He says - we are susceptible to believe that something that has happened in recent past will continue to go on. So, every now and then, there's a craze to buy something even at very high, irrational prices. "Then all of a sudden, the music stops, and the investment comes crashing down.”

The key is to detach your self from such a craze. 

MARGIN OF SAFETY

Mr. Buffett stresses the need for keeping some cash as margin of safety. He himself usually keeps a few billion dollars as "margin of safety" at his company. It helps in tiding over any potential crises. That margin also allows to buy businesses which may become attractive during a downturn, he said.

He says, individuals must hold as much cash in their portfolio as would keep them comfortable during tough times.

"Some people might do something very foolish if they didn't have cash around," says Mr. Buffett. Usually people when under pressure, may sell even good stocks after losing a lot of value in them.

FIGHTING INFLATION

"Inflation is a very cruel tax," said Mr. Buffett, because it lowers the worth of your paper money.

He said one of the best ways to keep the value of your money growing is to invest in good businesses and companies which keep growing. That helps investors "maintain purchasing power no matter what happens to the currency," said Mr. Buffett.

He is not in favour of long-term bonds of Government, because both inflation and printing of new currency lowers the value of these investments.

As the only better way to beat inflation, he says - "Maximize your talent."

ON BLACK MONEY

Buffett feels - it is not a bad idea to use money unaccounted for  to help society. He said that a child who gets a vaccine that can save his or her life, won’t question the source of the money that paid for the vaccine. 

JOBS  VS  PHILANTHROPY

When asked what he thought of Mexican billionaire Carlos Slim’s view that it’s more important to create jobs than be Santa Claus. Mr. Buffett called it a “false contrast” saying you can do both at the same time. Santa Claus “employs 12 elves,” he said.

He added that when he or Mr. Gates give shares of their companies to charity, it doesn’t cost anybody a job.

ON INDIA’S AUTO SECTOR

On any likely interests in the auto sector in India, Buffett says he is a phone call away for "families that control an auto company and wish to see company grow over time."

Well. Warren Buffet is on call. Is India listening?

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