Speaking on Rupert Murdoch's new Fox Business Network, Warren Buffett said that he wasn't interested in Bear Stearns (NYSE: BSC), Countrywide Financial (NYSE: CFC), and had also liquidated Berkshire Hathaway's (NYSE: BRK.A) entire stake in PetroChina (NYSE: PTR).
For the full story with quotes from Buffett, check out this piece from Bloomberg.
It's no surprise that Buffett "didn't come close" to taking a position in Countrywide Financial, as such a move would have been a sign of a seismic shift in his investment philosophy. Had Warren Buffett bought Countrywide, I probably would have done a post "Is Bill Gates' bridge partner getting senile?"
When looking to make acquisitions, Buffett typically looks for two things: competent management and honest management. Countrywide's dwindling stock price speaks volumes about management's competence, and the SEC investigation of CEO Angelo Mozilo's stock sales tells you a lot about management's honesty.
Warren Buffett took a pass on Countrywide. If he can find something better, so can you.
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