Author Topic: Buffett/Berkshire - general news  (Read 587951 times)

Xerxes

  • Jr. Member
  • **
  • Posts: 87
Re: Buffett/Berkshire - general news
« Reply #1470 on: February 16, 2020, 05:55:44 PM »
When was Buffett's last televised interview? Googling tells me he was on CNBC on May 3 but I can't find anything after that and I don't remember anything after the annual meeting rounds. Has he ever stayed out of the media for that long in the last 10 years or so?

From what i have seen, his pattern has been on 'media-off' from fall till Q4 results. Then a frenzy of discussion and interviews till next fall.


IceCreamMan

  • Newbie
  • *
  • Posts: 23
Re: Buffett/Berkshire - general news
« Reply #1471 on: February 16, 2020, 09:22:34 PM »
When was Buffett's last televised interview? Googling tells me he was on CNBC on May 3 but I can't find anything after that and I don't remember anything after the annual meeting rounds. Has he ever stayed out of the media for that long in the last 10 years or so?

From what i have seen, his pattern has been on 'media-off' from fall till Q4 results. Then a frenzy of discussion and interviews till next fall.

It seems like he often does an interview with Becky Quick on his birthday, but not this year. Maybe there was a scheduling conflict for one of them.

bizaro86

  • Hero Member
  • *****
  • Posts: 1224
Re: Buffett/Berkshire - general news
« Reply #1472 on: February 16, 2020, 10:16:04 PM »
When was Buffett's last televised interview? Googling tells me he was on CNBC on May 3 but I can't find anything after that and I don't remember anything after the annual meeting rounds. Has he ever stayed out of the media for that long in the last 10 years or so?

From what i have seen, his pattern has been on 'media-off' from fall till Q4 results. Then a frenzy of discussion and interviews till next fall.

It seems like he often does an interview with Becky Quick on his birthday, but not this year. Maybe there was a scheduling conflict for one of them.

It seems likely to me that if he wanted to do it she would have made time.

Dynamic

  • Hero Member
  • *****
  • Posts: 612
Re: Buffett/Berkshire - general news
« Reply #1473 on: February 17, 2020, 01:49:21 AM »
For those interested, on the Look-Through Portfolio and Earnings thread, I've commented on changes in the 13F portfolio. Most new buys look like Ted and Todd, but here are selected highlights from that thread that might warrant discussion.

Where I refer to EP or EPs, that means Employee Pension funds and their holdings.

New holdings - Biogen Inc, Kroger Co., SPY and VOO index funds, all small positions likely Ted and Todd.

Changes noted: - where I mention the valuation of the position 'now' or 'today', I'm basically referring to Friday 14th Feb 2020 closing prices.

AAL - American Airlines reduced to stay below 10% voting control. N.B. Employee pensions account for almost half of Berkshire's holding, but EP count did not change. Some EP holdings will disappear when the newspapers are acquired by Lee. $635mn valuation of shareholder's stake.

AAPL - Apple reduced by 1.4%, probably Ted or Todd needing to sell something fairly full-valued to invest elsewhere, I guess. Still a vast position at $81,519mn today.

BAC - Bank of America reduced by 0.2% since 2019-09-30 due to divesting Applied Underwriters which held 0.2% of Berkshire's BAC shares, as already disclosed in Oct 2019 filing. Percentage stake now 10.7% thanks to buybacks. $33,029mn valuation today.

BIIB - NEW STAKE - Biogen Inc., worth $216m today. Almost certainly Ted or Todd.

BK - Bank of New York Mellon reduced 3.6% to stay below 10% stake, 9.9% stake thanks to buybacks. $3,740mn today.

GM - General Motors increased BRK shareholders' stake by 6.0%. EPs own about a third of total stake. $1,669mn today for shareholders.

GS - Goldman Sachs reduced 33.8%. Now 5.1% stake in GS. $2,948mn today.

KR - NEW STAKE - Kroger Co. worth $535mn today. Almost certainly Ted or Todd.

OXY - Occidental Petroleum increased 153.5%. Stake worth $788mn today. The option of paying the $10bn 8% preferred dividend in OXY stock could be responsible for some or all of this position. Might be revealed in the Berkshire or Occidental 10-K soon, or if we could guess the payment dates based on the acquisition of Anadarko, we might be able to reconcile it to the $0.2bn per quarter in preferred dividends and OXY stock issuance. Quite possibly it's a mixture of open market purchases and dividends in stock.

PSX - Phillips 66 reduced by 95.6%, and quite possibly eliminated entirely since 31st Dec 2019. $20mn today if still held.

RH - RH, formerly Restoration Hardware, increased possibly by as much as 112.6% depending on how much was already owned by the pension in the previous quarter. $225mn stake for BRK shareholders (5.0% of company), plus 4.0% of company for the Precision Castparts Master Trust Employee Pension (EP), giving 9.0% voting stake. Guessing that's about the limit.

SPY - NEW STAKE - SPDR S&P 500 ETF Trust, just $13.3mn at today's price. Almost certainly Ted or Todd.

SU -Suncor Energy Inc increased 39.6%. Now $447mn.

TRV - Travelers Companies Inc decreased 94.8% and quite possibly eliminated entirely since 31st Dec 2019. $43mn today if still held.

VOO - NEW STAKE - Vanguard S&P 500 ETF, just $13.3mn at today's price - virtually the same as SPY. Almost certainly Ted or Todd.

WFC - Wells Fargo & Co reduced by 13.8%. This is quite a substantial reduction on a giant stake. If still holding as much as at 31st Dec 2019, Berkshire holds $16,669mn at today's price. While they may be required to stay below 10% to avoid becoming a Bank Holding Company due to banking relationships, the stake is now 8.4% so they've either bought themselves a lot of time while selling at reasonably high valuations or they're selling for fundamental reasons. Hard to guess whether they took advantage of some reasonably high prices in the 50s last quarter to lighten up prior to the new CEO potentially making some big bath changes or whether they feel the story has changed for the worse and they should either eliminate the position or they're selling based on valuation.

sleepydragon

  • Hero Member
  • *****
  • Posts: 786
Re: Buffett/Berkshire - general news
« Reply #1474 on: February 28, 2020, 08:24:39 AM »
Berkshire shall seriously consider canceling this yearís annual meeting.
Do the online only version.
We donít want WEB get infected nor many shareholders who are attending.
There are lots people from China, Middle East, and Europe coming too.
Too risky!!

Gregmal

  • Hero Member
  • *****
  • Posts: 3304

LC

  • Hero Member
  • *****
  • Posts: 4308
Re: Buffett/Berkshire - general news
« Reply #1476 on: March 02, 2020, 09:52:49 PM »
Is anyone aware of any analysis done on how zero/negative US interest rates will affect Berkshire? And/or if Buffett has made any comment on this?

I would imagine a hit to the large amount of fixed products held at the parent co and the various insurance co's, plus all the bank holdings in the equity portfolio will take a hit. Partly offset by some benefit to the operating companies and rolling over debt.
"Lethargy bordering on sloth remains the cornerstone of our investment style."
----------------------------------------------------------------------------------------
brk.b | irm | nlsn | pm | t | v | xom

undervalued

  • Sr. Member
  • ****
  • Posts: 433
Re: Buffett/Berkshire - general news
« Reply #1477 on: March 02, 2020, 10:14:07 PM »
Is anyone aware of any analysis done on how zero/negative US interest rates will affect Berkshire? And/or if Buffett has made any comment on this?

I would imagine a hit to the large amount of fixed products held at the parent co and the various insurance co's, plus all the bank holdings in the equity portfolio will take a hit. Partly offset by some benefit to the operating companies and rolling over debt.

I remember hearing his last interview with CNBC saying banks will be fine with negative interest rates.. Did I misunderstood? Anyone heard it differently?
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

LC

  • Hero Member
  • *****
  • Posts: 4308
Re: Buffett/Berkshire - general news
« Reply #1478 on: March 02, 2020, 10:39:52 PM »
Thanks, Iíll see if I can find a transcript and find those comments.

I wonder what his rationale is. In Europe the experience has been exactly the opposite.
"Lethargy bordering on sloth remains the cornerstone of our investment style."
----------------------------------------------------------------------------------------
brk.b | irm | nlsn | pm | t | v | xom

bennycx

  • Full Member
  • ***
  • Posts: 162
Re: Buffett/Berkshire - general news
« Reply #1479 on: March 03, 2020, 06:40:51 AM »
He said the American commercial banks he owns still earn good ROE even in low interest rates and they're earning better returns with lower leverage compared to European or Japanese banks
So there is a distinction there
It is not a macro call on rates - he has no view on that

Link is here: https://www.youtube.com/watch?time_continue=5&v=C9LHq-9UWUE&feature=emb_title
« Last Edit: March 03, 2020, 06:43:32 AM by bennycx »