Author Topic: Buffett Puts $5B Into Bank of America!  (Read 39701 times)

Parsad

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Buffett Puts $5B Into Bank of America!
« on: August 25, 2011, 06:16:15 AM »
Ha Munger!  We told you.  Cheers!
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SFValue

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Re: Buffett Puts $5B Into Bank of America!
« Reply #1 on: August 25, 2011, 06:18:33 AM »
“Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it,” said Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett. “I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That’s what customers want, and that’s the company’s strategy.”



Parsad

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Re: Buffett Puts $5B Into Bank of America!
« Reply #2 on: August 25, 2011, 06:23:47 AM »
Unbelievable!  I can't friggin' believe this.  I didn't think Buffett would invest in it because of the huge investment in Wells, but he did.  How crazy!  I knew somebody had to step in and invest, it was just too cheap, but I didn't think it would be him and at this point. 

The exact same thing happened last time when I was talking about WFC and GE in 2008/2009.  The Oracle himself stepped in then too.  And now again, all those guys who were doubting Berkowitz are going to sing a different tune in a couple of years.  Ok folks, what is the next big idea?  Goldman?   ;D  Cheers!
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PlanMaestro

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Re: Buffett Puts $5B Into Bank of America!
« Reply #3 on: August 25, 2011, 06:24:46 AM »
“Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it,” said Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett. “I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That’s what customers want, and that’s the company’s strategy.”

Amazing, a slam dunk if there was one. Nice strike price for the warrants for Buffet and not much dilution for BAC. Looks more like a vote of confidence

moore_capital54

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Re: Buffett Puts $5B Into Bank of America!
« Reply #4 on: August 25, 2011, 06:26:38 AM »
I am the happiest I have ever been right now, in a while!! Not for the fact that I am up on this position but that I saw what Buffett saw :)

SFValue

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Re: Buffett Puts $5B Into Bank of America!
« Reply #5 on: August 25, 2011, 06:27:18 AM »
700 mill warrants @ 7.14 + 6% prefered....not bad for a stamp of approval

Parsad

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Re: Buffett Puts $5B Into Bank of America!
« Reply #6 on: August 25, 2011, 06:30:01 AM »
God damn it Ericopoly...forget about retirement, start a fund!   ;D  Cheers!
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merkhet

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Re: Buffett Puts $5B Into Bank of America!
« Reply #7 on: August 25, 2011, 06:33:45 AM »
It's too bad that Warren made this "terrible" investment.  He "used" to be such a good investor.  I bet he couldn't articulate the bull thesis either. ;-)

tombgrt

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Re: Buffett Puts $5B Into Bank of America!
« Reply #8 on: August 25, 2011, 06:33:55 AM »
Nice!  ;D


I am to late to the party. :( Ah well, got 90% of my money in BRK, I'll be fine.

rohitc99

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Re: Buffett Puts $5B Into Bank of America!
« Reply #9 on: August 25, 2011, 06:34:59 AM »
aah !! the double pleasure of confirmation and instant gratification (had started loading up on BAC recently)  :)