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The "Oracle of Omaha" has spoken again, and this time a Chinese suit maker is reaping the rewards.) y6 `0 N& e2 _4 R4 K
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Shares in Dayang Trands have soared by more than 70 percent in less than a month since billionaire Warren Buffett said he and Microsoft founder Bill Gates, the world's two richest men, wore the company's suits.
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7 I- T& q. B' ^7 H1 ^6 U"I have to tell you that I now have nine suits all made in China. I threw away the rest of my suits," the 79-year-old Buffett said in a video posted on the website of Dayang Trands, based in the northeastern port city of Dalian.% j# f" A+ `3 T% B( x' ]
+ H8 [" Y5 ~6 p2 i QSince the video was posted on August 25, the company's shares have surged nearly 72 percent -- from 8.55 yuan then to a close of 14.67 yuan on Thursday.( A! z! B$ [) c' m8 C
' u3 v* u; G/ E$ I8 A5 b"It's been a long time since I got compliments on how I looked. But since I'm wearing Madam Li's suits, I get compliments all the time," Buffett said in the video, referring to Dayang's chairwoman Li Guilian.
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! c1 a2 o! l& z/ \4 D"So maybe Bill and I could start a clothing store and ... if we sold suits made by Dayang Trands, someday we might even be rich, who knows?"
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. R5 M% V; ]3 X" U0 ~. kAccording to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.& S" j5 @: H1 \' ?( f
5 Z I. |; f* p2 A( |# qDayang Trands said in a statement filed with the Shanghai stock exchange Wednesday that Buffett was only a client -- not an investor -- and the video was recorded to congratulate the company on its 30th anniversary.2 F4 p0 G7 v% \; {; b+ U& h
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Apart from that, the company "does not have any disclosable business relationship" with the US billionaire investor or his firm Berkshire Hathaway, the statement said.' Q- L# @# B2 l h
6 R) T; H5 {; E; V; P LDayang Trands has 20 outlets in 11 cities across China.
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Buffett is known as the "Oracle of Omaha" for his astute investment decisions. In China, he has been dubbed the "God of Stocks". |
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