The “Oracle of Omaha” Warrant Buffett himself recently gave General Motors a big thumbs up, while at the same time showering current CEO Mary Barra with considerable praise, as originally reported by Automotive News. The juicy details came out while Buffett was discussing investing with Dan Gilbert during Detroit Homecoming. The Quicken Loans founder fired off numerous questions to Buffett, revealing his admiration for GM.
Perhaps the most interesting thing he said about Barra is that she is “a real car guy.” When she was announced as CEO of the giant automaker, she was famously called a “car gal” to the chagrin of feminists and even some automotive industry insiders.
At least on the surface, Buffett’s praise for Barra isn’t condescending in any way. In fact, the tycoon admitted that after he met with her, he traded in his old Cadillac for a 2014 Cadillac XTS. He also stated that the automaker has become stronger since Barra took the reins, despite the massive recalls that have plagued the company throughout 2014 and seem to have no end in sight.
In the spirit of full disclosure, Berkshire Hathaway holds a two percent stake in GM Bennett is chairman and CEO of the company.
During Detroit Homecoming, the business mogul also addressed the issue of the Motor City’s bankruptcy and current standing with investors. Instead of painting a negative picture of the area, Buffett disclosed that he is actually considering purchasing a business in the area. According to him, since the bankruptcy was filed, the business climate in Detroit has improved greatly.