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Top Links: Warren Buffett interviewed by students, provides wisdom

A roundup of what The Globe and Mail's market strategist Scott Barlow is reading this morning on the Web

No investor has been studied as much as Warren Buffett, and yet no one has been able to emulate his "simple, but not easy" investment style. Mr. Buffett provided some insight as to why this might be the case in a recent interview with University of Maryland business students,

"The most important quality in a manager is having a passion for the business. … You should take a job that you would take if you didn't need a job … Jeff Bezos is the best business person he has ever seen … Successful investors need to have the right temperament. Those with high IQ's frequently panic … Technology will not get rid of the human element of fear and greed … Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don't need?"

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"Warren Buffett's Meeting with University of Maryland MBA/MS Students, November 18, 2016" – University of Maryland

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The U.S. president elect released his legislative plans for his first 100 days in office and tearing up NAFTA, thankfully, is not on the list,

"Donald Trump has unveiled plans for his first 100 days in the White House, including withdrawing from a massive Pacific Rim trade pact, cracking down on visa abuse and easing restrictions on the development of shale energy and coal. But the U.S. president-elect was silent Monday on two of his most repeated and controversial campaign promises – renegotiating the North American free-trade agreement and building a wall on the Mexican border."

"Trump vows to withdraw from TPP deal, silent on NAFTA" – Report on Business
"Everyone's a loser in Trump's trade strategy, including China" – George Magnus
"Donald Trump, in a video to Americans, promises to take six actions "on day one"" – Quartz

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Crude prices continued their rally this morning as reports indicate an OPEC production freeze is near,

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"Today's discussions went well, Libyan OPEC Governor Mohamed Oun said as he left the group's headquarters in Vienna on Monday evening … Oil rose 4.4 percent to close at $48.90 a barrel in London on Monday, the highest in three weeks, as Goldman Sachs Group Inc. said the likelihood of a deal next week meant the bank was bullish on oil prices in the short term."

"OPEC Quota Talks End First Day as Optimism on Deal Grows" – Bloomberg
"Brent crude eyes $50 on Opec hopes" – Financial Times
"Iraq says would not be fair to be asked by OPEC to cut oil output" – Reuters
"Tesla Shock Means Global Gasoline Demand Has All But Peaked" – Bloomberg (I'm not buying this by the way. There's other countries besides the United States)

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Copper prices are gain surging and Goldman Sachs has become bullish on the broader resource space for the first time in many years,

"Goldman Sachs Group Inc. said investors should bet on higher commodities prices in the next year as manufacturing picks up around the world, the first time the bank has recommended an overweight position for the asset class in more than four years.

"Purchasing managers' indexes strengthened in all major regions in October, helping to spur gains in iron ore, copper and other base metals. Goldman raised its iron ore price forecasts, citing an unexpected resilience in steel usage and a demand boost coming from broad restocking, as well as its oil price estimates into next year."

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"Goldman Overweights Commodities for First Time in Four Years" – Bloomberg

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Tweet of the Day: "@Bfly That chill you feel in the air is the junk-bond market bloom.bg/2fkZ7B6 " – Twitter

Diversion: "Fellow Trump Critics, Maybe Try a Little Listening" – New York Times

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About the Author
Market Strategist

Scott Barlow is The Globe's in-house market strategist. He is a 20-year veteran of Canadian investment banks, including Merrill Lynch Canada, CIBC Wood Gundy and Macquarie Private Wealth (MPW). He was a highly ranked mutual fund analyst for 10 years and then, most recently, the head of a financial adviser support team at MPW. More

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