From Buffet CNBC interview. Fairly long transcript, lots of good info.
http://www.cnbc.com/id/26337300/site/14081545/page/3/
......
BUFFETT: No, no. I go to the movies, but I don't buy movie companies. I mean, I--I'm always interested in understanding the math of things and understanding as much as I can about all aspects of business. And what I learn today may be useful to me two years from now. I mean, if I understand the tar stands today and oil prices change or whatever may happen, I'm--I've got that filed away and I can--I can use it at some later date. And that's really the wonderful thing about investments is your knowledge is cumulative. So if you learn about coal or you learn about retailing or something, 40 years you--it's useful at some point.
QUICK: Wait, does that make you think that an investment in a tar sands company, somebody who's making--taking advantage of that would not be worth it at $120 a barrel for oil?
BUFFETT: Well, the biggest variable in whether it's a good investment is the price of oil. Now, it's important to know how much they can get out and what their costs are going to be and what the capital costs--all of that is important and that fits into it. But you still have to figure out what your own feeling is about what oil's going to be selling for three years from now or five years from now. Because you could be the world's greatest mining engineer, but if you were wrong about the price of oil in a big way it would negate all that knowledge. So it--I can tell you that if 100--if you had $120 oil from now till, you know, 50 years from now, that the tar sands would be--would work out very well. But I don't know the answer to that. And I may form an opinion at some point, and I've got it--I'm prepared to form that opinion now.
QUICK: But you are not actively looking right now to invest in any of these companies?
BUFFETT: Do I have a buy order this morning? The answer's no.
