Are you one of the many people trying to figure out what Warren Buffett’s favorite investment is?
I know a lot of people like to believe that Coca-Cola is his all-time favorite investment. We definitely learned just recently that it’s certainly not muni bonds.
Want to guess what it is?
It’s See’s Candies, which is the candy company that Warren Buffett bought about 40 years ago for a grand total of $25 million. We gathered this information according to Fortune’s piece that talked about this candy company. It also might be worth noting that See’s candy company, based out of San Francisco, is also supposedly a favorite of Nancy Pelosi.
“It’s one thing to own stock in a Coca-Cola or something, but when you’re actually in the business of making determinations about opening stores and pricing decisions, you learn from it,” said Buffett in an interview that he gave to Fortune magazine. He also mentioned that he keeps a box of See’s lollipops in the drawer of his desk. “We have made a lot more money out of See’s than shows from the earnings of See’s, just by the fact that it’s educated me.”
See’s has been around for a grand total of 91 years, and they aren’t what you would call a fast growth stock. The company did record a profit of $83 million in 2011, but that is a modest sum when you are talking Warren Buffett numbers. I’d also like to mention that See’s is about to make a big push past the West Coast, since that is where the majority of their stores happen to be located.
So keep an eye out good people on the East Coast. There is a strong possibility that you are going to be making Warren Buffett a lot richer in the very near future.