In 20 years, all cars on the road will be electric, Warren Buffett told college students visiting Omaha recently.
The Houston Chronicle reported that Jan Goetgeluk, president of the finance club at Rice University’s Jesse H. Jones Graduate School of Business, asked what Buffett thought of the “peak oil theory,” the projection that oil production is at or near its peak and will decline rapidly.
Goetgeluk also asked Buffett what would replace carbon fuel.
Buffett made the all-electric prediction and said his investment in the Chinese battery and auto company BYD is working on technology to make the all-electric auto fleet happen. BYD founder Wang Chuanfu, Buffett said, is a genius.
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Buffett also admitted an investment mistake when it came to BYD — namely, that his investment company, Berkshire Hathaway Inc., bought only 10 percent of BYD. Berkshire should have bought 20 percent, Buffett said.
Source: omaha.com
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