Chinese Suit Maker’s Stock Takes Off, Courtesy Of Warren Buffett
Dalian Dayang Trands Co., Ltd, a Chinese business wear manufacturer, is reaping the rewards of being the preferred business suit maker of legendary investor Warren Buffett. From CNBC executive producer Alex Crippen last night:
Warren Buffett’s enthusiastic praise of his Chinese business suits and the company that made them may have given the mensware manufacturer’s stock a big boost.
In Shanghai trading, shares of Dalian Dayang Trands are up almost 19 percent over a few days to a high for the year, after China Daily highlighted Buffett’s endorsement…
It describes a video tape made by Buffett to mark Dayang Trand’s 30th anniversary, in which the billionaire says he has nine suits made in China that “fit perfectly” and has thrown everything else away. Buffett adds that his friend, Microsoft Chairman Bill Gates, is also wearing Trands suits, at Buffett’s recommendation…
While he doesn’t say anything about buying a stake in the company, Buffett does joke in the tape that he and Gates might start a clothing store to sell Trands suits. “We will be great salesmen, because we love them so much.”
Source:
“Warren Buffett ‘Suits Up’ .. and a Chinese Stock Soars”
Alex Crippen
CNBC, September 15, 2009
