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Technology Stocks : Warren Buffett

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To: Andrew who wrote (49)	3/31/1997 4:34:00 PM
From: Lars	of 82

andrew, speak of the......happy meal......ck out fortune april 14, 1997 pages 196 - 198...... summary: -buffett will not talk about mcd holding -past behavior provides clues -looks hard at risk/reward tradeoff -"you pay a high price for certainty" -neuberger mgr says similar to coke purchase in 80s -59%op income from abroad -projected 20% increase yrly -4800 in last 4 yrs overseas -36 new countries -in france 4 times size of nearest competitor -in germany 12 times " -in fastest growth rate in 20 yrs in 1996 for intl store base -80% of mcd overseas income from 7 countries -china and russia are huge untapped markets with franchisees on waiting lists (potential) -germany could handle addl 1000 mcds in addition to 743 now -appetite for big macs among foreigners is voracious -past december in minsk opened at midnight had to call police b/c 4000 people showed up -avg overseas sales $2.2MM per unit vs. $1.5 usa -profit margins overseas 19.8% vs. 16.5% -invesco mgr still concerned with domestic; vintage buffett comes in and scoops the bargain; coke had pepsi domestically in 80s but no one cared about overseas dominance -mcd is available at market multiple fwiw, lars

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