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Market Talk: Gates and Buffett Tour The Alberta Oil Sands

Bill Gates and Warren Buffett quietly flew into northeastern Alberta this past Monday to take a tour of the oil sands and the Financial Post reported they were ostensibly in awe.

Gates and Buffett were hosted by a group including Canadian Natural Resources (NYSE: CNQ) and the Canadian Association of Petroleum Producers at Canadian Natural's $9.3-billion Horizon oil sands development.

The Financial Post speculated that the power duo (combined net worth $120 billion as reported by Forbes) could be looking to make resource-related investments now that the U.S. seems to be recovering.

Canadian Natural's vice-chairmen Murray Edwards and chairman Allan Markin, who are among Canada's richest people were there and toured the site with Gates and Buffett.

Canadian Natural spokesman Rob Larson confirmed the tour with Gates and Buffett, but would not comment to the Financial Post further.

One source did tell the Post that Gates and Buffett prefer investing in Canadian oil sands because it offers a secure supply of oil for the United States

The Horizon will be Alberta's fourth major oil sands mine when first production begins this fall.

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Hedge Fund Trade of the Day - Ciena (CIEN)

In a 13G filing before the open on Ciena (Nasdaq: CIEN) Ken Griffin's Citadel Investment Group disclosed a 5% stake (4,692,990 shares) in the company. This is up from the 113,680 share held at the quarter ended June 30, 2008. A 13G indicates a 'passive investment.'

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Analyst Call To Watch - Central European Media (CETV)

Citi upgrades Central European Media Enterprises (Nasdaq: CETV) from Hold to Buy.

Citi analyst says, "CETV shares have fallen 12% during the last two days of trading. We believe that investor concerns over the geopolitical situation in Ukraine and broader markets weakness are behind the de-rating...We view the current market fears over ..." More

More Upgrades: http://www.streetinsider.com/Upgrades