Tuesday, June 05, 2007

Francisco Parames: Pitching Tips to Buffett

Francisco Parames, Spain's best- performing fund manager for the last five years, got a hand- written note from Warren Buffett a few months ago seeking advice on investing in Spain. He was thrilled to be asked, even though he isn't enthusiastic about the country's economy.

Parames wrote Buffett three months ago to offer him a stock tip on a company outside Spain. Parames declined to disclose his reply, saying that Buffett may still act on it. In any event, Buffett, chairman of Berkshire Hathaway Inc., responded to the letter. Buffett confirmed through an assistant that he has corresponded with Parames.

``He actually answered me in a hand-written letter,'' says Parames. ``He thanked me for the idea and also asked me a favor, if I could find very good private companies in Spain big enough for him to buy. So that's what I'm doing now.''

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Source: Lincoln Minor

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