Seen by. At this time the stock market seems to fall out of the bargain-hunting opportunities, but Buffett did not sell. In a letter to shareholders, Buffett tells the whole story: let me unless I find the probability of obtaining a minimum of 10% of pretax income becomes very high, or else I would rather idle. We continue to wait Buffett operation strategy at this time. Until 2003, Buffett finally restless, because he found a stock, let Chinese investors never forget a stock - in Hong Kong-listed Chinese oil. At the beginning of the market in 2000, China Petroleum shares on the break, fell to HK $ 1.1. Before Buffett bought the stock, China Petroleum's share price hovering at 1 to HK $ 2. Spotted the huge potential of China's petroleum, April 1, 2003, Berkshire Hathaway's Warren Buffett with an announcement, he announced to the world the success of bargain-hunting Chinese oil. From 2002 to 2003, Buffett spent a total of $ 488 million to buy 1.3% stake in China Petroleum. Someone once questioned the investment, because China's oil field development bottlenecks, and it has 400,000 employees, the cost remains high. At that time, the market value of China's oil is $ 37 billion. Buffett estimated its worth at least $ 100 billion. Facts have proved that the valuation is conservative Buffett, rising oil prices and the discovery of new oil fields, China Petroleum shares rose sharply. When the 2007 China Petroleum return to A shares, Buffett clearing this part of the shares, the market value of China's oil has reached $ 275 billion, which makes Buffett earned $ 3.5 billion. Buffett fourth face of the stock market crash, in 2008 when the subprime crisis. October 17, 2008, a time when the most concentrated market atmosphere of fear when Buffett, 'New York Times' published an article, publicly announced that he is buying US stocks. In the article he reiterated his investment maxim again: greedy when others fear, greedy when others are fearful. In his 2009 letter to shareholders said, and be greedy when plunged into the vat with a pick, 'such a huge opportunity is very rare. Gold up and down day, it should use the vat to pick up, rather than a small ring.' Warren Buffett 'pick gold' bucket that be? With Buffett's own words, 'In early 2008, we owned
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