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Buffet Bets on Oil Sands

Warren Buffet has accumulated a stake of 17.8 million shares in Canada’s biggest oil and gas producer, Suncor Energy Inc. Barry Schwartz, a vice president at Baskin Financial Services said, “If it’s not the first time, it’s definitely the largest stake he’s ever taken in a Canadian Company.”

It is speculated that Buffet’s long-term vision and eye for under-valued stock spurred his interest in the company and may be considered as a validation for other shareholders. Schwartz speculated, “He looks to buy companies that generate enormous free cash flow and start returning that to shareholders. This company is just printing money.”

Source: Globe and Mail

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