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Very interesting: "Buffett dumped a bunch of bank stocks before their epic tumble this year, escaping some major pain"
* "Warren Buffett dodged some of the painful downturn in banking stocks this year.
* Berkshire Hathaway has exited Wells Fargo, Goldman Sachs, and other lenders since early 2020.
* Buffett said he soured on some banks after they misled investors and made basic mistakes.
* Warren Buffett's mass sale of bank stocks is looking mighty shrewd given Wall Street's troubles this year."
"Since the start of 2020, the famed investor's Berkshire Hathaway has exited a bunch of lenders that have seen big sell-offs this year: Wells Fargo (-5%), BNY Mellon (-9%), Goldman Sachs (-14%), M&T Bank (-23%), US Bank (-28%), and PNC Financial (-30%). One notable exception among the disposals is JPMorgan (+5%), but even Jamie Dimon's banking behemoth has trailed the S&P 500 (+9%) in 2023."
https://finance.yahoo.com/news/warren-buffett-dumped-bunch-bank-201644465.html
Uncle Warren seen buying the dip this week
By: TrendSpider | October 26, 2023
• Uncle Warren seen buying the dip this week
• $246,408,342 in $OXY shares
• $246,408,342 in $BRK.A shares
Read Full Story »»»
DiscoverGold
"Buffett's company joins oil-buying frenzy this week by resuming its Occidental Petroleum buys"
"OMAHA, Neb. (AP) — Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months.
Buffett's company said in a Securities and Exchange Commission filing late Wednesday that it invested more than $246 million to add to its already massive Occidental stake over the first three days of this week.
Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Buffett has been consistently buying Occidental stock whenever the shares fell below $60 as he built Berkshire's stake since early last year, but this week he was willing to pay more than $63 for some of these new shares."
"These latest Berkshire purchases began on the same day Chevron announced it was buying Hess Corp. for $53 billion in the second megadeal in the oil sector this month. Less than two weeks earlier, Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
"Clearly Buffett, Chevron and Exxon are all betting that oil will remain a significant source of the nation's fuel sources well into the future even as the United States works to transition more to renewable energy sources."
And Buffett knows the oil sector well. Not only is Berkshire the biggest shareholder in Occidental, it also owns more than 123.1 million Chevron shares in its $350 billion portfolio...." [more]
https://finance.yahoo.com/news/warren-buffetts-company-joins-oil-155840596.html
Berkshire Hathaway boosted its stake in $OXY with a purchase of 3.9 million shares. Berkshire now holds a 25.8% stake in the company worth $14.5 billion
By: Barchart | October 26, 2023
• Occidental Petroleum Insider Trading Alert
Warren Buffett is back! Berkshire Hathaway boosted its stake in $OXY with a purchase of 3.9 million shares. Berkshire now holds a 25.8% stake in the company worth $14.5 billion.
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Warren Buffett and Berkshire Hathaway’s $BRK.B portfolio over the last 20 years
By: Evan | October 22, 2023
Warren Buffett and Berkshire Hathaway’s $BRK.B portfolio over the last 20 yearspic.twitter.com/1HsVRBGDvY
— Evan (@StockMKTNewz) October 22, 2023
AXP released positive earnings this am topping estimates, but the shares are down and tracking for lowest close since November of 22'. Makes no sense at all, other than a bad day in the market. CFRA (S&P global) maintained its strong buy rating but dropped its Target Price for AXP by $30 to $205, which is still 40% above current share price. Hmmmmm......
Great story/hire for BRK. On another note, the Microsoft/Activision Blizzard deal closed this morning. I believe BRK still had a large position in Activision Blizzard holding for the eventual approval. But they may have taken the profits early. Either way, BRK made nice $$$$$ on the deal.
Bar, The 'float' aspect of the insurance business makes it great for someone like Buffett, since he can use that available money to invest with. But for us regular investors, the insurance brokerage sub-sector may make even more sense. The brokers don't have the 'float' aspect, but their business is a lot less risky than actually issuing insurance policies. Brokers just act as intermediaries, so the risk is much lower, and business is strong during troubled times since more insurance policies are needed.
On the insurance brokerage side, Berkshire has had AON and MMC (though recently sold MMC). AJG looks like another nice one in the broker sub-sector. Check out their phenomenal long term charts -- the steadiest upward trajectories of any stocks anywhere.
Article excerpt on MMC -
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172932242
>>> Marsh & McLennan's former CEO Dan Glaser perfectly summed up the business last year when he said, "When the world is unsettled, demand for our services rises." Marsh & McLennan advises companies on managing risks and connects them with insurers to help mitigate them. It also advises companies on corporate strategy, investments, and workplace issues.
Marsh & McLennan's insurance brokerage business is its bread and butter, and has been a key source of growth for the company. Although insurance may seem boring, insurance products will always be in demand, and these businesses can grow well during economic expansions and inflationary periods. In fact, this demand, which brings steady cash flows, is a big reason Buffett loves owning insurance businesses.
The past few years have been great for Marsh & McLennan's brokerage business, which earns commissions when it refers customers to an insurer. According to its Marsh Global Market Index, global insurance prices have risen for 23 consecutive quarters. As insurance prices rise, so do Marsh's earnings. So far this year the company's risk and insurance services revenue has increased 11% from the same period last year, and was the key to the company's 8% total revenue growth.
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"Munger asked Combs what he planned to do next. When Combs shared his idea of buying an insurance company as a source of permanent capital to invest, Munger suggested he speak with Buffett."
Interesting. The only insurer I followed closely, long term, eventually went out of business after it made some bad bets. OTOH BRK continues to do well.
>>> Warren Buffett and Charlie Munger's deputy just revealed how he wowed the investing icons and landed his dream job
Business Insider
by Theron Mohamed
October 10, 2023
https://finance.yahoo.com/news/warren-buffett-charlie-mungers-deputy-211419549.html
Warren Buffett and Charlie Munger hired Todd Combs as the first of two investment managers in 2010.
Combs shared how he impressed the investing legends during a recent podcast.
He bonded with Munger over obscure books and diverse topics, and dug deep into stocks with Buffett.
Impressing Warren Buffett with your business knowledge and Charlie Munger with your intellect is no easy task. Todd Combs wowed the investing icons enough to be hired as their deputy; he shared how in a recent podcast.
For more than a decade, Buffett and Munger have relied on two investment managers, Combs and Ted Weschler, to help them manage Berkshire Hathaway's hundreds of billions of dollars' worth of stocks and other investments. Combs, who also serves as Berkshire-owned Geico's CEO and a JPMorgan director, revealed how he landed the esteemed job during a recent episode of the "Art of Investing" podcast.
Combs was burned out from running his hedge fund, Castle Point Capital, and planning his next steps in 2010. He'd recently met another investor who knew Munger, and he was going to be in Los Angeles soon, so he decided to cold-call the Berkshire vice-chairman's office in the hopes of setting up a meeting.
After determining that Combs didn't want anything, Munger invited him to breakfast at a LA business club at 7 a.m. shortly afterward.
"We ended up talking for like 6 hours, which was exhausting to try and keep up with someone like that the first time," Combs said. "For him, it was like just hitting tennis balls or whatever. But for me, I was obviously very, very nervous."
"I was just riffing constantly, I'll never forget it," he added. The pair bonded over obscure books they'd both read, and their ways of thinking about things. For example, the Deepwater Horizon oil spill had just occurred, and Combs said BP had essentially sold a "really cheap, out-of-the-money put" by declining to spend a tiny amount to protect itself against a potential catastrophe. Munger praised that description as "brilliant," Combs recalled.
Munger called him to chat a week later, and they spoke about a dozen more times, until Munger asked Combs what he planned to do next. When Combs shared his idea of buying an insurance company as a source of permanent capital to invest, Munger suggested he speak with Buffett.
"I still had no idea that he was vetting me or anything like that," Combs said. He believed he was flying out to meet Buffett because the investor was interested in acquiring one of the businesses in his portfolio.
"I had no idea, which is a great way to interview people, actually, because then you have no air, you have no false pretense or anything," he said. "It's just a conversation."
While Combs and Munger didn't discuss investing at all early on, Buffett wanted to talk stocks right away. Combs owned shares of US Bancorp, Mastercard, and Visa, while Berkshire owned big stakes in Wells Fargo and American Express.
"We got right into it and it's like, 'Why Mastercard instead of American Express?' And so I laid it on him. I have my opinions when it comes to that stuff," Combs said. He recalled that Buffett quizzed him on how his assessment might be wrong, and the scenarios where Berkshire's picks would perform better.
"While Charlie and I hit it off on science and principles and philosophy, Warren and I really hit it off on just capital allocation, like risk assessment and upside, downsides and things like that, insurance too," Combs said.
Buffett asked Combs whether Progressive, where Combs had previously worked, was superior to Geico. Combs said yes, noting that Berkshire's car insurer was better at marketing and branding, but its archrival's focus on data would make it a long-term winner.
"I think he appreciated the candidness because when you're a CEO, or especially Warren or whatever, everybody kisses your ass, everybody tells you what they think you want to hear," he said.
"And I just didn't care really. I'm irreverent in that regard," he continued. "I could be wrong, but it is what it is. So that honesty, I guess, is at least genuine and authentic."
Buffett and Munger were clearly won over. They hired Combs in late 2010, then Weschler in 2012, and have steadily handed more responsibility to them. The pair had authority over $34 billion of investments at the end of 2021, or nearly a tenth of the total value of Berkshire's stock portfolio at the time.
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>>> Warren Buffett Just Sold $619 Million of This Stock in 3 Weeks. Here's Why.
Motley Fool
By Adam Levy
Oct 10, 2023
https://www.fool.com/investing/2023/10/10/warren-buffett-just-sold-619-million-of-this-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
KEY POINTS
Buffett bought a 12.5% stake in a major computing company in early 2022.
He's sold at least 20% of his position in three weeks.
He could sell more without reporting it until next February.
The Oracle of Omaha doesn't like what he sees less than two years after buying shares of this company.
Warren Buffett might be one of the greatest stock investors of all time, but not everything he buys turns out to be a winner.
Berkshire Hathaway (BRK.A) (BRK.B) bought a major stake in a leading computing brand at the start of last year. Less than two years later, the Oracle of Omaha is selling a good portion of that investment, seemingly taking a loss.
And more share sales may be yet to come.
The Buffett stock getting cut from Berkshire's portfolio
Over a three-week period from Sept. 11 through Oct. 3, Buffett's Berkshire Hathaway sold more than 23 million shares of Hewlett Packard (HPQ) valued at over $619 million.
The sales reduce Berkshire's stake in the PC and printer maker by roughly 20%.
It's worth pointing out that this information comes from disclosures required by the U.S. Securities and Exchange Commission (SEC). Shareholders with a stake larger than 10% in any company must disclose any trades in that stock within three business days. That's why we didn't have to wait around for Berkshire's quarterly 13F filing.
But with its last reported HP sale on Oct. 3, Berkshire's stake in the company fell below that 10% threshold. So, it's possible Buffett could continue to sell the shares without having to report those sales. And since we're already in the fourth quarter, we may have to wait until February before we find out if Buffett sold more of Berkshire's position.
So, why did Buffett change his tune on HP?
While HP benefited from a surge in demand for its PCs and printers at the start of the pandemic, sales have dropped off a cliff over the past year. Sales over the trailing 12 months have fallen below pre-pandemic levels after HP pulled forward a lot of sales into 2021.
More importantly, the outlook doesn't look that bright.
Chief Executive Officer Enrique Lores warned investors in HP's Q3 earnings release, "the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result."
Indeed, the International Data Corporation (IDC) forecasts an decline of almost 14% in PC sales this year. What's more, it only sees the market rising by 3.7% in 2024. Longer term, it sees a 3.1% growth rate in shipments between 2023 and 2027, but it sees Apple taking market share in that time, especially as Microsoft's support for Windows 10 expires in 2025.
The outlook for printing isn't much better. As more and more businesses push toward a paperless future, and the ability to e-sign documents becomes more common, demand for printers and printer supplies is declining. Still, the global market could grow, led by Asia, with Mordor Intelligence expecting a 4.55% annual growth rate through 2028.
On top of that, macroeconomic factors have been weighing on demand and pushing down prices. As a result, HP has seen its operating margin contract over the past year, falling from 8.6% in Q3 2022 to just 7.2% last quarter. Again, that number is below pre-pandemic levels, and there's no clear sign of a turnaround.
When Buffett bought HP, it was coming off booming, pandemic-driven sales. There was no doubt that it would see a return to normal over the coming years. But sales and profits are falling rather than stabilizing, which makes it a much less appealing investment.
Even with shares trading at a valuation of just 7.4 times next year's consensus-earnings estimate and yielding over 4% with its dividend, it's not the most attractive stock in the market. It's cheap for a reason. There are better investment opportunities, and Buffett is selling his stake to go out and buy those instead.
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How come solar, electric car business,electric charging all the stocks are getting crushed 90% down? how come he’s not investing in on these companies only oil. there shouldn’t be no demand for oil with all this electric and greenhouse going. what nobody’s investing in this. he elected the president. he’s a terrorist.
He absolutely is a oil terrorist and a thief. he’s a terrorist . he steals from others.
No, he really isn’t a terrorist.
Warren Buffett is filling his pockets with America’s money. he’s a terrorist.
Warren Buffett is a oil terrorist
Warren Buffett and Berkshire Hathaway $BRK.B just filed for its sale of an additional 3.1 Million shares of HP $HPQ at an average price of $26.2 per share for a total of $80.4 Million (Pre Tax)
By: Evan | October 6, 2023
• Warren Buffett and Berkshire Hathaway $BRK.B just filed for its sale of an additional 3.1 Million shares of HP $HPQ at an average price of $26.2 per share for a total of $80.4 Million (Pre Tax).
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Warren Buffett's Berkshire Hathaway sold another 5.1 million $HPQ shares for a total value of approximately $142 million
By: Barchart | October 2, 2023
• Warren Buffett Insider Trading Alert
Warren Buffett's Berkshire Hathaway sold another 5.1 million $HPQ shares for a total value of approximately $142 million. Over the last 3 weeks, Buffett has sold 20 million shares worth a total of $550 million. He seems to want out
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Berkshire Hathaway shares continue downward trend amid mixed market session
By: Investing.com | October 2, 2023
Berkshire Hathaway Inc . (NYSE:BRKa) shares extended their losing streak to five days on Monday, with a drop of 0.63%, closing $25.26 below its 52-week high achieved on September 19th, 2023. The stock's decline occurred during a mixed market session, as indicated by the performances of the S&P 500 Index and the Dow Jones Industrial Average.
The company, which has a market cap of 764.63B USD according to InvestingPro, is a prominent player in the Financial Services industry. Despite the recent losses, it's worth noting that the company has seen accelerating revenue growth and yields a high return on invested capital, as per InvestingPro Tips.
In the same session, competitor stocks Honeywell International Inc (NASDAQ:HON)., General Electric (NYSE:GE) Co., and Illinois Tool Works Inc (NYSE:ITW). also experienced declines, reflecting a broader downward trend in the market.
InvestingPro data shows that Berkshire Hathaway's revenue growth for the last twelve months (LTM2023.Q2) was at 14.99%, indicating a strong financial performance. Additionally, the company's gross profit margin for the same period stood at 33.08%, further highlighting the company's profitability.
While the stock has been on a losing streak, it's crucial to remember that the company has a perfect Piotroski Score of 9, according to InvestingPro Tips. This score is used to determine the financial strength of a company, with 9 being the highest possible score. This suggests that Berkshire Hathaway is financially robust, despite the recent downtrend in its share price.
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Berkshire Stock Gets Downgraded to Hold from Buy by Edward Jones
By: Barron's | September 28, 2023
Edward Jones analyst James Shanahan lowered his call on Berkshire Hathaway to a Hold from a Buy, citing the fact that the company has been beating its peers in the financial sector.
Berkshire Hathaway (tickers: BRK.A, BRK.B) shares are up 15.5% so far this year to $541,105, topping both the S&P 500 index, which has returned about 13% and Financial Select Sector SPDR exchange-traded fund (XLF) which is about flat. Bank stocks are in the red; the SPDR S&P Bank ETF (KBE) is down 17%.
The implication is that Berkshire’s strong gains make further outperformance less likely.
“Berkshire shares have appreciated considerably over the past six months, significantly outperforming financial services peers. We attribute the appreciation to an improved earnings outlook, which has been strengthened by an acceleration in investment activity and an interest-rate-driven increase in income from BRK’s large cash holding,” Shanahan wrote in a client note Thursday.
Berkshire is sitting on almost $150 billion in cash, one of the largest cash positions of any U.S. company. The figure is equal to almost 20% of the company’s market value of around $780 billion.
Berkshire shares have also benefited from their haven status and investors’ comfort with the company’s leadership team, which is headed by CEO Warren Buffett, 93.
Shanahan had been one of only two bulls on Berkshire among the roughly half dozen analysts that cover it. UBS ’s Brian Meredith also has a Buy on the stock, which now trades for around 1.5 times book value and for about 22 times projected 2023 earnings.
Shanahan had upgraded Berkshire to a Buy from Hold a year ago. Since then, the stock is up about 30%, double the gain in the S&P 500.
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>>> 88% of Warren Buffett's $352 Billion Portfolio Is Invested in Just 4 Sectors
Motley Fool
By Sean Williams
Sep 20, 2023
https://www.fool.com/investing/2023/09/20/88-warren-buffett-portfolio-invested-in-4-sectors/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
KEY POINTS
Warren Buffett has effectively doubled the annualized total return of the benchmark S&P 500 since 1965.
Portfolio concentration has proved crucial to the Oracle of Omaha's success as an investor.
Four sectors account for an overwhelming majority of Berkshire Hathaway's invested assets.
Nearly $312 billion of Berkshire Hathaway's invested assets can be traced to four sectors of the market.
For nearly six decades, Berkshire Hathaway (BRK.A) (BRK.B) CEO Warren Buffett has been dazzling Wall Street with outsize gains. He's overseen a nearly 20% annualized return in his company's Class A shares (BRK.A) since taking the reins in 1965, which is roughly double the total return of the benchmark S&P 500 (on an annualized basis), including dividends, over the same period.
What's particularly intriguing about the Oracle of Omaha's formula for success is that it doesn't involve any fancy software or tools that aren't available to everyday investors. Rather, Buffett chooses to put his money to work in brand-name companies with strong management teams, and he frequently leans on time as an ally.
But what investors might not realize about Buffett is that he also strongly favors portfolio concentration. When he and his investment lieutenants, Ted Weschler and Todd Combs, find a stock or sector they believe will outperform over the long run, they aren't shy about putting a significant percentage of Berkshire's invested assets to work within a narrow focus.
As of the closing bell on Sept. 15, approximately 88% ($311.6 billion) of Berkshire Hathaway's $352 billion portfolio was invested in stocks housed in just four sectors of the market.
Information technology: 47.28% of invested assets ($166.6 billion)
Believe it or not, technology is the sector the Oracle of Omaha has piled nearly half of Berkshire Hathaway's invested assets into. But this figure does come with a bit of asterisk. Although Berkshire owns six tech stocks totaling $166.6 billion in market value, Apple (AAPL 0.30%) comprises a little over $160 billion of invested assets.
During Berkshire Hathaway's annual shareholder meeting in May 2023, Buffett referred to Apple as "a better business than any we own." It's an incredibly strong statement considering that Berkshire also owns leading railroad BNSF and highly successful insurer GEICO.
Warren Buffett's justification for having north of $160 billion invested in Apple has to do with its innovation, and of course, its capital return program.
The Oracle of Omaha is fully aware of the loyalty consumers have to Apple's physical products and subscription services. Apple's iPhone has accounted for around half of U.S. smartphone market share since introducing a 5G-capable version in late 2020. The company is also delivering steady growth from its subscription services segment.
Furthermore, Apple has repurchased around $600 billion worth of its common stock since kicking off its buyback program in 2013. Buffett has always favored companies that increase Berkshire's ownership stake through regular share repurchases.
Financials: 20.91% of invested assets ($73.7 billion)
The second-largest sector in Berkshire Hathaway's $352 billion portfolio is financials. Financial stocks are where the Oracle of Omaha feels most comfortable putting his company's cash to work, as evidenced by the $73.7 billion currently invested across 14 securities (12 stocks and two exchange-traded funds).
The reason Buffett loves financials has to do with his long-standing belief to never bet against America. Even though he understands that economic downturns and stock market corrections are inevitable, Buffett is keenly aware that recessions and stock market downturns are both short lived. He's angled Berkshire Hathaway's portfolio to take advantage of the natural expansion of the U.S. economy over the long run by owning an assortment of high-quality, cyclical financial stocks.
Among Berkshire's bevy of financial stocks, three big players stand out: bank stock Bank of America (BAC), credit services provider American Express (AXP), and credit ratings agency Moody's (MCO). Collectively, these three companies account for $63 billion of the $73.7 billion invested in financial stocks.
They're also businesses with well-defined competitive advantages and/or catalysts:
Bank of America is the most interest-sensitive of the big banks. With the Federal Reserve undertaking its most aggressive rate hiking cycle in four decades, no money-center bank has reaped the rewards of added net interest income more than BofA.
American Express gets to play both sides of the transaction aisle. It charges merchants to process transactions while also acting as a lender to consumers. To boot, it's done a phenomenal job of attracting high-earning cardholders.
Moody's saw its credit-rating division thrive during the low-interest rate environment, and can now lean on its analytics division to help businesses navigate an uncertain environment and remain compliant with local and national laws.
Consumer staples: 10.36% of invested assets ($36.5 billion)
The third sector of prominence in Buffett's $352 billion portfolio is consumer staples.
Buffett is a big fan of businesses that generate recurring or highly predictable revenue by selling essential products. No matter how well or poorly the U.S. economy performs, consumers still need to eat, drink, purchase household cleaning supplies, and so on. This is why Berkshire Hathaway has $36.5 billion invested across six consumer staples stocks
Yet among these six consumer staples holdings, two are considerably larger than the rest: beverage giant Coca-Cola (KO) and consumer-packaged foods company Kraft Heinz (KHC). Collectively, Coca-Cola and Kraft Heinz account for $34.1 billion of the $36.5 billion invested in this sector.
Coca-Cola is Buffett's longest-tenured holding (since 1988). While it doesn't offer the same growth rate it once did, Coke still has needle-moving catalysts and competitive advantages in its corner. For instance, it has virtually unsurpassed geographic diversity. Coke operates in all but three countries worldwide (Cuba, North Korea, and Russia), which allows it to generate predictable cash flow in developed countries, while ramping up its organic growth potential in developing/emerging markets.
Meanwhile, Kraft Heinz is a bit of an eyesore for the Oracle of Omaha. In hindsight, Buffett admits to overvaluing the company's long list of brands. While Kraft Heinz is providing Berkshire Hathaway with roughly $521 million in annual dividend income, its balance sheet is bogged down by significant long-term debt and goodwill. With minimal financial flexibility, reigniting volume-based growth in Kraft Heinz's brands could prove challenging.
Energy: 9.9% of invested assets ($34.8 billion)
The fourth and final sector that Buffett and his investing lieutenants have absolutely piled into is energy. Despite not accounting for more than 9% of invested assets at any point between the start of 2001 and end of 2021, energy has represented more than 9% of Berkshire's portfolio over the past six quarters.
What's noteworthy about Berkshire's energy investments is that only two companies comprise the $34.8 billion of invested assets: Chevron (CVX) and Occidental Petroleum (OXY). Note, this doesn't include the $10 billion in Occidental Petroleum preferred stock yielding 8% annually that Berkshire also holds.
Both Chevron and Occidental Petroleum are integrated energy companies. They generate revenue by drilling for oil and natural gas, but are also hedged, to some extent, via transmission pipelines (Chevron), refineries (Chevron), and/or chemical plants (Chevron and Occidental). But there are two pretty big differences between these two companies.
To start with, Occidental generates a disproportionately large percentage of its revenue from drilling, compared to its downstream segments. On the other hand, Chevron's revenue channels are far more balanced. This means Occidental's operating cash flow is far more sensitive to spot-price movements in crude oil than Chevron.
There's also a pretty big difference between Chevron's and Occidental's balance sheets. Whereas Chevron has an exceptionally low net debt ratio of 7% for an integrated oil and gas operator, Occidental Petroleum is still trying to dig its way out of a sizable debt hole caused by its acquisition of Anadarko Petroleum in 2019. In other words, Chevron has superior financial flexibility when compared to Occidental.
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Berkshire Hathaway continues to dump its $HPQ shares with another sale of ~4.6 million shares worth approximately $118 million
By: Barchart | September 27, 2023
• Warren Buffett Insider Trading Alert
Berkshire Hathaway continues to dump its $HPQ shares with another sale of ~4.6 million shares worth approximately $118 million. Buffett has now sold roughly 12.5% of his position worth more than $405 million over the last 2 weeks..
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DiscoverGold / board, Just curious if you guys know of a site that not only shows Berkshire's buys/sells each quarter, but also shows - a) when Berkshire started the position, and b) whether the current buy or sells are part of a broader accumulation or reduction process for that particular stock? For us investors who want to buy a Buffett owned stock, the risk is that we aren't aware that Buffett may have been periodically reducing his own position in that stock, sometimes for a long time.
Articles will occasionally provide this type of info (below), but just curious if there is a place online to find it for all Berkshire's holdings (short of manually collating the data ourselves from years of 10-Qs). Thanks for any info / insights :o)
>>> Sold: Chevron Corp. (CVX)
Buffett first invested in U.S. oil major Chevron in the fourth quarter of 2020. Buffett sold Chevron shares in the first and second quarters of 2021, but a global energy crisis and Russia's invasion of Ukraine sent crude oil prices soaring to 13-year highs in 2022. In response, Buffett added to his Chevron investment in the first three quarters of 2022 but pivoted again and has been dumping Chevron ever since. In the second quarter, Berkshire sold more than 9.2 million CVX shares, but it still holds 123.1 million shares worth about $19.4 billion.
Sold: Marsh & McLennan Cos. Inc. (MMC)
Buffett first invested in insurance broker Marsh & McLennan in the fourth quarter of 2020. Buffett has always loved the insurance business, and Berkshire has its own sizable core insurance business. At one point in 2020, Berkshire owned more than 5 million MMC shares, and the stock has more than tripled the return of the S&P 500 since the beginning of 2021. However, Buffett began trimming his Marsh & McLennan stake in the second quarter of 2021 and has continued selling ever since. In the most recent quarter, Berkshire sold its remaining 404,911 shares of MMC, completely exiting the position.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172783948
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Warren Buffett's Berkshire Hathaway has sold another 4.8 million shares of $HPQ worth approximately $130 million. Buffett has now sold about $290 million worth of HP shares in the last 2 weeks
By: Barchart | September 24, 2023
• Warren Buffett Insider Trading Alert
Warren Buffett's Berkshire Hathaway has sold another 4.8 million shares of $HPQ worth approximately $130 million. Buffett has now sold about $290 million worth of HP shares in the last 2 weeks.
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Warren Buffett and Berkshire Hathaway’s $BRK.B portfolio visualized
By: Savvy Trader | September 20, 2023
• Warren Buffett and Berkshire Hathaway’s $BRK.B portfolio visualized
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Warren Buffett's Berkshire Hathaway $BRK.B hit new All Time Highs today
By: Evan | September 18, 2023
• Warren Buffett's Berkshire Hathaway $BRK.B hit new All Time Highs today.
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Prudent Capitalist, Thanks for the info :o)
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I do not get the K-1 and our CPA indicates we do not need to file anything.
Warren Buffett's Berkshire Hathaway sold $160 million worth of $HPQ shares this week
By: Barchart | September 13, 2023
• Warren Buffett's Berkshire Hathaway sold $160 million worth of $HPQ shares this week. These shares were acquired in early 2022 which represents an earlier sale than normal for Buffett.
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Munger has scolded Buffett for trading too much. He did that publicly at the BRK SHM two years ago I think, and in front of 40,000 shareholders. Closest thing I've seen to a public disagreement between them. That was when Buffett bought those four airlines and dumped them at a loss almost immediately with arrival of Covid in 2020. Buffett later explained his quick change of opinion. Like everything Buffett does, the move was rational and not based on a whim or hunch or because some Canadian penny stock caught his eye.
Standard Oil -- Exxon -- certainly qualifies as a stupendous Buy and Hold for decades. XOM was $6 in 1985 and is now $117, plus the fat dividends. Chevron has performed about the same.
Bar, >> simplest, clearest, lowest fee <<
Yes, good advice. I mainly have the S+P 500 for the stock side (20% allocation), but also have a limited number of individual stocks / ETFs. The energy sector as a whole has been in a sideways consolidation for over a year, but appears to be breaking out. I see the Saudi / Russia agreement to limit their output was extended to year end, and other oil producers apparently want to limit output well into 2024. So seems like a sector to overweight. In addition to OXY and CVX (Buffett), I'll probably just use VDE, XLE and leave it at that.
Like other commodity type areas, the energy sector doesn't really qualify for long term buy/hold per my screening criteria (non-cyclical, steady upward trajectory of the long term chart). But looking at Buffett, he actually does a considerable amount of trading (article link below). For example, he reportedly bought CVX in late 2020, then sold some in Q1 and Q2 of 2021, then started buying again in 2022, but recently has been selling. Anyway, he's the Oracle, but for us mere mortals I figure it's better to stick with conservative buy/hold, mainly using the broad index. It's been quite a transformation from my biotech trading days, yikes. Thanks for your guidance and input over the recent years :o)
>>> 10 Stocks Warren Buffett Just Bought and Sold <<<
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172783948
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Like I often advise, go with the simplest, clearest, lowest fee investment. And eschew high yield gimmicks. I've been saying that for 15 or so years and have been right about that for 15 or so years.
Also, run from mREITs.
Prudent Capitalist, Concerning ET, just curious if you still get the K-1, but can disregard it since it's in a tax-deferred account? Or is there still a filing requirement with the K-1 on the tax return (informational), even though no tax is due? Thanks. Those LP dividend rates sure are tempting :o)
For exposure to the sector I had been using several non-LP pipeline stocks like ENB, TRP, but these have not been performing well, though my OXY and CVX are somewhat better.
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Even with ET trading near multi-year highs, the Distribution rate is still over 9% and the distribution is safe. But it is a LP and I only hold it in 2 deferred tax retirement accounts.
My energy tickers, e.g. COP, XOM, PSX, ET are doing extremely well. BRK's are also, e.g. OXY and CVX
Yep, been watching. My other stocks aren't doing much.
BRK setting new all-time highs on a daily basis now.
>>> Charlie Munger Handed Over His Family Fortune To The 'Chinese Warren Buffett' Who Flipped It into Half A Billion Dollars — 'We Made Unholy Good Returns For A Long, Long Time'
Benzinga
by Jeannine Mancini
September 11, 2023
https://finance.yahoo.com/news/charlie-munger-handed-over-family-172951450.html
In the early 2000s, Berkshire Hathaway Inc. Vice Chairman Charlie Munger made a daring yet calculated financial move. He entrusted a significant portion of his family’s fortune — $88 million — to Li Lu, often referred to as the Chinese Warren Buffett.
This bold investment, though carrying its share of risk, not only remained secure but also experienced substantial growth. It is now estimated at approximately $400 million.
“We made unholy good returns for a long, long time,” Munger said. “That $88 million has become four or five times that.”
Their first encounter took place at a mutual friend’s residence in Los Angeles shortly after Li’s college graduation. Munger initially came across as somewhat reserved, absorbed in his thoughts rather than fully immersed in conversation. Despite this initial impression, their discourse was imbued with Munger’s concise yet profoundly insightful words of wisdom.
It wasn’t until seven years later, during a Thanksgiving lunch in 2003, that Munger and Li engaged in what Li described as a “long heart-to-heart conversation.” Impressed by Li’s prowess in the realm of investments, Munger backed him with personal funds when Li embarked on a new fund venture in 2004.
Li’s investment track record boasts notable achievements, including Kweichow Moutai, a liquor brand that has surged in value over the past two decades and ranks among China’s largest listed companies. It’s even been named China’s national liquor.
Despite being amid the pandemic, Kweichow Moutai had a fantastic year. In 2020, its stock on the Shanghai Stock Exchange rose by about 70%. The company, which is partly owned by the government and partly publicly traded, is China’s most valuable business outside of the tech sector. It’s worth more than the country’s four largest banks.
Munger commended Li’s astute decision-making, noting, “It was real cheap, four to five times earnings, and Li Lu just backed up the truck, bought all he could and made a killing.”
The investment strategy Li employed hinges on his knack for identifying undervalued prospects. This approach underscores that sometimes, it is the less conventional investments that harbor the greatest potential for substantial growth. Li’s ability to recognize opportunities when companies are undervalued has allowed him to unlock exceptional value over time.
Li’s most renowned investment is in BYD Co. Ltd., a manufacturer of batteries and electric vehicles. Li initially invested in BYD in 2002, a move that laid the groundwork for both Buffett and Munger to follow suit six years later.
Munger, acknowledging the extraordinary success, described the early investment in BYD as a “miracle.” In a CNBC interview, he said that BYD has outpaced Tesla Inc. in China, a statement that contrasts with Buffett’s views on the electric vehicle industry. Buffett has expressed concerns about excessive competition.
While Munger placed immense trust in Li, considering him the sole outsider he has ever entrusted with his finances, he also predicted that Li would eventually assume a significant role at Berkshire Hathaway.
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>>> 10 Stocks Warren Buffett Just Bought and Sold
Buffett made some new bets on housing construction to capitalize on rising demand.
US News Money
by Wayne Duggan
Aug. 16, 2023
https://money.usnews.com/investing/stock-market-news/slideshows/stocks-warren-buffett-just-bought
What stocks has Warren Buffett bought and sold lately?
Each quarter, all fund managers with at least $100 million in assets must publicly disclose their stock holdings to the U.S. Securities and Exchange Commission via form 13F, giving investors a rare peek behind the curtain of some of the world's largest and most successful hedge funds.
One of the most anticipated quarterly filings comes from Buffett and his $781 billion company Berkshire Hathaway Inc. (ticker: BRK.A, BRK.B).
Here's a look at 10 of the biggest changes the Oracle of Omaha made to Berkshire's portfolio in the second quarter:
STOCK Q2 CHANGE IN SHARES % CHANGE
Activision Blizzard Inc. (ATVI) -34,781,660 -70%
Chevron Corp. (CVX) -9,287,475 -7%
McKesson Corp. (MCK) -2,289,864 Sold all
D.R. Horton Inc. (DHI) +5,969,714 New holding
Occidental Petroleum Corp. (OXY) +12,422,073 +5%
General Motors Co. (GM) -18,000,000 -45%
NVR Inc. (NVR) +11,112 New holding
Marsh & McLennan Cos. Inc. (MMC) -404,911 Sold all
Lennar Corp. (LEN.B) +152,572 New holding
Vitesse Energy Inc. (VTS) -51,026 Sold all
Sold: Activision Blizzard Inc. (ATVI)
In 2022, Microsoft Corp. (MSFT) announced a $68.7 billion buyout deal for video game publisher Activision Blizzard at a price of $95 per share. Berkshire had purchased about $1 billion of Activision Blizzard shares at an average price of about $77 just weeks before the deal was announced. Antitrust regulators in the U.S. and U.K. have since sued to block the deal, and Buffett doesn't seem up for the legal battle. Berkshire reduced its position by 70% in the second quarter and now holds about 14.7 million shares of ATVI stock worth about $1.2 billion.
Sold: Chevron Corp. (CVX)
Buffett first invested in U.S. oil major Chevron in the fourth quarter of 2020. Buffett sold Chevron shares in the first and second quarters of 2021, but a global energy crisis and Russia's invasion of Ukraine sent crude oil prices soaring to 13-year highs in 2022. In response, Buffett added to his Chevron investment in the first three quarters of 2022 but pivoted again and has been dumping Chevron ever since. In the second quarter, Berkshire sold more than 9.2 million CVX shares, but it still holds 123.1 million shares worth about $19.4 billion.
Sold: McKesson Corp. (MCK)
McKesson is one of the largest distributors of pharmaceuticals and medical-surgical supplies in the U.S. Buffett was active in the health care sector early in the COVID-19 pandemic, taking large stakes in companies like AbbVie Inc. (ABBV), Bristol-Myers Squibb Co. (BMY), Pfizer Inc. (PFE) and Merck & Co. Inc. (MRK). However, Buffett quickly reversed course and sold off those positions. He took a new 2.9 million-share stake in MCK stock in the first quarter of 2022, but he began selling that stake just three quarters later. Berkshire sold all its remaining shares of MCK stock in the second quarter to completely exit the position.
Bought: D.R. Horton Inc. (DHI)
D.R. Horton is one of the largest publicly traded U.S. homebuilders by market capitalization, homes delivered and revenue. The biggest surprise from Buffett in the second quarter was his aggressive push into the homebuilder market, and D.R. Horton was his largest new stake. Homebuilder stocks are a classic Buffett value play, and D.R. Horton shares trade at just 9.2 times forward earnings. A lack of U.S. housing inventory has created an attractive environment for homebuilders. Berkshire has acquired roughly $6 million shares of DHI stock worth about $726.5 million.
Bought: Occidental Petroleum Corp. (OXY)
Occidental Petroleum is one of the largest U.S. oil and gas companies, and oil and gas stocks have been top market performers since the beginning of 2022. Buffett has held a stake in Occidental since Berkshire helped fund Occidental's $38 billion acquisition of Anadarko Petroleum back in 2019. Berkshire's Occidental stake has grown to about 224.1 million shares worth about $13.2 billion, making OXY stock Buffett's sixth-largest stock holding. Berkshire also reportedly holds $9.5 billion of Occidental preferred stock and warrants to buy $5 billion of OXY shares at $59.62 each.
Sold: General Motors Co. (GM)
Priced at just 4.7 times forward earnings, legacy automaker General Motors is exactly the type of value stock Buffett typically targets. Berkshire first bought shares of GM way back in the first quarter of 2012, a little over a year after it completed its initial public offering following its bankruptcy restructuring. Buffett has been steadily selling GM stock since the second quarter of 2022. Berkshire dumped 18 million shares in the most recent quarter, reducing its stake by another 45%. After the latest selling, Berkshire's remaining GM stake is down to 22 million shares worth about $848.3 million.
Bought: NVR Inc. (NVR)
NVR is one of the five largest U.S. homebuilders and is one of the three new homebuilder stocks Buffett acquired in the second quarter. Throughout Berkshire's long history, Buffett has often taken large stakes in several companies competing in the same market, such as railroads, airlines or banks. Sometimes, he has chosen to maintain those positions for diversification, while other times he later chose to focus his investments in one or two of his favorites and dump the rest. Berkshire bought 11,112 shares of NVR stock in the second quarter, a stake that's worth about $70.6 million.
Sold: Marsh & McLennan Cos. Inc. (MMC)
Buffett first invested in insurance broker Marsh & McLennan in the fourth quarter of 2020. Buffett has always loved the insurance business, and Berkshire has its own sizable core insurance business. At one point in 2020, Berkshire owned more than 5 million MMC shares, and the stock has more than tripled the return of the S&P 500 since the beginning of 2021. However, Buffett began trimming his Marsh & McLennan stake in the second quarter of 2021 and has continued selling ever since. In the most recent quarter, Berkshire sold its remaining 404,911 shares of MMC, completely exiting the position.
Bought: Lennar Corp. (LEN.B)
Lennar is another one of the largest U.S. homebuilders, and it rounds out the trifecta of homebuilder stocks Buffett was buying in the second quarter. Rising interest rates have made mortgages more expensive for homebuyers, but Buffett may be looking ahead to a potential perfect storm of low housing inventory and lower mortgage rates in 2024 and beyond. The homebuilder stakes are relatively small by Buffett's standards, but investors should watch to see if he continues buying in coming quarters. Berkshire currently holds 152,572 shares of Lennar's Class B preferred stock worth about $17.2 million.
Sold: Vitesse Energy Inc. (VTS)
Vitesse Energy is a small oil and gas company founded in 2022 that specializes in acquiring non-operating working and royalty interest ownership of properties primarily in the core Bakken Formation in Montana and North Dakota. Berkshire presumably acquired shares of Vitesse when it was spun off from parent company and Berkshire holding Jefferies Financial Group Inc. (JEF) in January 2023. Apparently, Buffett isn't a fan of the standalone oil and gas company, which pays a sizable 8.2% dividend. In the second quarter, Berkshire sold its entire stake of 51,026 shares of VTS stock and completely exited the position.
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3 Surprising Stocks Warren Buffett Recently Bought
By: Barchart | September 7, 2023
Warren Buffett is widely regarded as one of the most successful investors of all time. His company, Berkshire Hathaway (BRK.B), owns a diversified portfolio of stocks, ranging from technology giants like Apple (AAPL) and Amazon (AMZN) to consumer staples like Coca-Cola (KO) and Kraft Heinz (KHC).
However, in the second quarter of 2023, Buffett and his team made some noteworthy moves in the stock market. Berkshire reduced its overall equity exposure by selling shares of some of their top holdings, such as Bank of America, Chevron, and Verizon - and even scaled back their own share repurchases. But Buffett's firm also bought shares of three homebuilder stocks during Q2: Lennar (LEN), NVR (NVR), and D.R. Horton (DHI).
Why would Buffett invest in these homebuilder stocks, despite a challenging market with mortgage rates lingering near 22-year highs? Buffett may see value in these stocks, as they trade at low price-to-earnings ratios and have strong growth prospects - and moreover, the billionaire may anticipate a rebound in the housing market, as the demand for new homes remains high and the supply of existing homes is low.
Here's a look at all three stocks right now, and what investors can glean from Buffett's buy-in...
* * *
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Several interesting points:
"Berkshire Hathaway isn't just one of the 10 largest S&P 500 companies by market capitalization. It is also the largest shareholder of eight S&P 500 giants, including Bank of America (BAC), Coca-Cola (KO) and Occidental Petroleum (OXY). Further, it's one of the three biggest institutional owners of Apple (AAPL).
That market influence means the fortunes of most Americans' nest eggs for retirement — even if only in a simple S&P 500 index fund — are tied in some way to those of Buffett's Berkshire.
For Berkshire shareholders, the loss of Buffett could mean a sharp pullback in the stock, some analysts say. Many investors hold their shares in unique regard, often as a family heirloom handed down through generations, and selling the stock could bring hefty tax consequences." [much more]
https://www.investors.com/news/warren-buffett-getting-older-berkshire-hathaway-stockholders-getting-uneasy/
NEW: Warren Buffett and Berkshire Hathaway’s $BRK.B portfolio was just updated!
By: Savvy Trader | August 15, 2023
• NEW: Warren Buffett and Berkshire Hathaway’s $BRK.B portfolio was just updated!
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Warren Buffett and Berkshire Hathaway's $BRK.B largest holdings as of the end of Q2
By: Evan | August 14, 2023
• Warren Buffett and Berkshire Hathaway's $BRK.B largest holdings as of the end of Q2
Apple $AAPL: 51%
Bank of America $BAC: 9%
American Express $AXP: 8%
Coca-Cola $KO: 7%
Chevron $CVX: 6%
Occidental $OXY: 4%
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INTERESTING: During the 2nd quarter, Warren Buffett's Berkshire Hathaway slashed its position in General Motors $GM by nearly half from 40 million shares to 22 million shares
By: Barchart | August 14, 2023
• INTERESTING: During the 2nd quarter, Warren Buffett's Berkshire Hathaway slashed its position in General Motors $GM by nearly half from 40 million shares to 22 million shares.
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Warren Buffett's Berkshire Hathaway invested a total of $814 million in 3 homebuilder companies during the 2nd quarter
By: Barchart | August 14, 2023
• Warren Buffett's Berkshire Hathaway invested a total of $814 million in 3 homebuilder companies during the 2nd quarter. Those investments include D.R. Horton $DHI, Lennar $LEN, and $NVR.
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Berkshire Hathaway $BRK.B is now up 3,787,464% since Warren Buffett took over in 1965
By: Evan | August 10, 2023
• Berkshire Hathaway $BRK.B is now up 3,787,464% since Warren Buffett took over in 1965
Berkshire shares have generated a 19.8% annualized gain from 1965 through 2022, doubling the 9.9% return of the S&P 500 $SPY - CNBC
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"1st peek at Pilot’s finances after Berkshire Hathaway ownership grows"
"With travel stop operator Pilot Travel Centers now 80% owned by Berkshire Hathaway, the conglomerate’s first earnings report since Berkshire took its ownership up to that level is providing a more complete look at Pilot’s finances.
Pilot had been privately owned but with a 38.6% interest held by Berkshire Hathaway, acquired in 2017. The sale of the additional shares bringing Berkshire up to 80% was finalized earlier this year, though it had been agreed upon previously. The founding Haslam family owns the remaining 20% of Pilot.
The new ownership benchmark results in more detailed financial data being reported as part of Berkshire Hathaway’s quarterly earnings report.
Among the key points in the report, which did not discuss Pilot’s business in detail:
Revenues for the second quarter at Pilot were $14.8 billion, down from $21.5 billion in the corresponding period of 2022. For the first six months of the year, revenues at Pilot were $29.3 billion, compared to $36 billion a year earlier.
Pretax earnings were $186 million in the second quarter, compared to $241 million last year. For the first six months, pretax earnings were $411 million compared to $542 million a year ago. Earnings before income taxes at Pilot were $186 million in the second quarter and $322 million for the first six months. Corresponding figures for 2022 were not provided.
Net earnings attributable to Berkshire Hathaway shareholders were $114 million in the second quarter. The company did not provide a prior-year comparison, and the data for the first half of the year is only for five months, dating back to when Pilot increased its share to 80%. That figure shows net earnings of $197 million.
Pilot’s sales for the first six months of 2023 were approximately 9.25 billion gallons of all fuels, which include diesel, gasoline and “other fuel-related products.” No corresponding figure for 2022 was disclosed."
https://finance.yahoo.com/news/1st-peek-pilot-finances-berkshire-191909787.html
"Berkshire shares hit record high as investors cheer strong earnings, Buffett’s near-record cash pile"
"Berkshire Hathaway shares rallied to a record high Monday following a strong quarterly report that showed a rebound in insurance operations as well as a massive cash hoard that swelled to nearly $150 billion.
Berkshire’s Class A shares climbed 2.7% to hit an all-time high of $547,907.55 on an intraday basis, exceeding the conglomerate’s previous high from March 2022. Class B shares of Warren Buffett’s conglomerate rose a similar 2.8%, on track to close at a record high."
https://www.cnbc.com/2023/08/07/berkshire-hathaway-rises-as-investors-cheer-strong-earnings-and-buffetts-near-record-cash-stockpile.html
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BERKSHIRE HATHAWAY INC.
Charles Munger (Charlie), BRK Vice Chairman Warren Buffett, BRK Chairman/CEO Photo circa 1970
Berkshire Hathaway, Inc NYSE Symbols: BRK-A Class A shares BRK-B Class B shares | Berkshire Hathaway, which began in 1839 as a textile mill, neared collapse in 1962 when 32-year old Warren Buffett started buying control in the belief the company could be saved. Buffett initially maintained Berkshire’s textile business, but by 1967, he was expanding into other investments. Berkshire bought stock in the Government Employees Insurance Company (GEICO) that now forms the core of its colossal insurance operations. Other early acquisitions included See's Candies, Blue Chip Trading Stamps and Dairy Queen. BRK moved from the OTC to the NYSE in 1988. Today Berkshire is a combination of 66 wholly owned subsidiaries such as the BNSF Railroad and 47 passive minority investments, notably its huge stake in Apple. As of 2021, BRK has a market cap of >$600 billion and 360,000 employees. Berkshire Hathaway is the nation's 7th largest business. |
Useful Links Berkshire Subsidiary Companies Buffett's Famous Annual Letters BRK Portfolio Tracker CNBC Buffett Archive http://www.BerkshireHathaway.com/ Buffett's office in Omaha. His desk has no computer Headquarters Address:: 3555 Farnam Street Omaha, NE 68131 b | |
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