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The "Oracle of Omaha" has spoken again, and this time a Chinese suit maker is reaping the rewards.
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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.- g! p. l! |: V
1 B% m. y" s3 z4 p4 [7 I s"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. W" ?* C+ K* M
* v1 D: R! i z& fSince 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.$ ~/ p$ \" D/ M" r0 Y- ?
8 n# o, e% S. R) K0 A9 \ r"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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' G% M: I. J4 m' N: u+ L/ M" i"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?"1 C6 l0 p1 |' P. k% @
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According to Forbes magazine Gates and Buffett have net worth of 40 billion and 37 billion dollars, respectively.
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Dayang 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.$ z( v8 D7 I9 v {' J
/ V _9 p; G1 c l+ ^3 Y: VApart from that, the company "does not have any disclosable business relationship" with the US billionaire investor or his firm Berkshire Hathaway, the statement said.
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0 X' F ?2 }( w+ _4 M$ tDayang Trands has 20 outlets in 11 cities across China.
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1 r. A0 E" m0 f1 _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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