Buffett's "Rolex" economic indicator

[Darlinboy]

From a Fortune article today:

[I]A Berkshire subsidiary based in Israel, Iscar, which makes cutting tools for machines, is showing growth, "quarter after quarter," Buffett says, adding that this isn't because of market share gains. "It means that the machines are operating more." Buffett has another company, TTI, which sells tiny electronic parts. "It's like selling jelly beans, but we sell billions of dollars of them and it is up." And there's more too: "NetJets' miles flown by customers are up. Rolex watches -- we are the largest seller of Rolexes in the U.S. -- are up 27% this year," he says.[/I]

full article here: http://finance.fortune.cnn.com/2011/...tt-buy-stocks/

[rolexsweep]

thxs for sharing, good read.

[brkanand]

I have to admit. I did not know Mr. W. Buffett's company sells Rolex watches. Very interesting indeed!

[mjclark32]

Because of Ben bridge? I know he's got other jewelry companies too, just not sure if their rolex ad's

[Darlinboy]

Originally Posted by mjclark32

Because of Ben bridge? I know he's got other jewelry companies too, just not sure if their rolex ad's

Yes, I believe that's right. BRK does own other jewelers companies, but Bridge has to be the biggest - don't think the others are ADs.

Note: Didn't realize I put this up in the vintage section, might have been better in general discussion.

[dddrees]

It's always good to hear some good news. Thanks for sharing.

[cruvon]

Originally Posted by Darlinboy

From a Fortune article today:

[I]A Berkshire subsidiary based in Israel, Iscar, which makes cutting tools for machines, is showing growth, "quarter after quarter," Buffett says, adding that this isn't because of market share gains. "It means that the machines are operating more." Buffett has another company, TTI, which sells tiny electronic parts. "It's like selling jelly beans, but we sell billions of dollars of them and it is up." And there's more too: "NetJets' miles flown by customers are up. Rolex watches -- we are the largest seller of Rolexes in the U.S. -- are up 27% this year," he says.[/I]

full article here: http://finance.fortune.cnn.com/2011/...tt-buy-stocks/

Whew, that's great to hear. Surely makes sense to splurge on a few Rolexes for personal pleasure plus a bit of investment, especially in the US atleast where the savings interest rates are kept too low. Out here in Oz, savings interest rates are about 6.5% so doubt Rolex sales are doing too well, people have been stashing all their savings away on fixed deposits in banks and retail is hurting.