Author Topic: Buffett/Berkshire - general news  (Read 675325 times)

gfp

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Re: Buffett/Berkshire - general news
« Reply #570 on: August 24, 2017, 05:52:01 AM »
It's easy enough to see his direct ownership of WFC.  It is 2,009,000 shares

https://www.sec.gov/Archives/edgar/data/72971/000120919117026722/xslF345X03/doc4.xml


First off, he owns WFC in his personal account too, not just JPM. He bought some WFC I think in the 90s and then during the GFC.

He said he bought JPM in his personal account and not WFC for the conflict of interest, but he already has WFC so I don't get it. Maybe he wanted to avoid buying even more WFC and keep what he has.

My guess is that he doesn't buy JPM for Berkshire because it already has what, like close to $40 billion in WFC/BAC? That and I also think he likes the deposit bases of WFC and BAC and their larger focus on bread and butter banking. JPM's investment bank is bigger portion of its assets than BAC's I believe, and also a bigger derivative book. Yea BAC has Merrill but he also got a steal with the warrant/pfd deal. Having said that, JPM it's still well run and he loves Jamie Dimon as a leader, so he bought in his personal account. Just my opinions.

Why do you think he owns WFC in his personal account?

I've seen that stated many times. It would probably take some work for me to find any sources as everything I am recalling was some time ago, (5-15 years?).


redskin

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Re: Buffett/Berkshire - general news
« Reply #571 on: August 24, 2017, 06:54:12 AM »
It's easy enough to see his direct ownership of WFC.  It is 2,009,000 shares

https://www.sec.gov/Archives/edgar/data/72971/000120919117026722/xslF345X03/doc4.xml


First off, he owns WFC in his personal account too, not just JPM. He bought some WFC I think in the 90s and then during the GFC.

He said he bought JPM in his personal account and not WFC for the conflict of interest, but he already has WFC so I don't get it. Maybe he wanted to avoid buying even more WFC and keep what he has.

My guess is that he doesn't buy JPM for Berkshire because it already has what, like close to $40 billion in WFC/BAC? That and I also think he likes the deposit bases of WFC and BAC and their larger focus on bread and butter banking. JPM's investment bank is bigger portion of its assets than BAC's I believe, and also a bigger derivative book. Yea BAC has Merrill but he also got a steal with the warrant/pfd deal. Having said that, JPM it's still well run and he loves Jamie Dimon as a leader, so he bought in his personal account. Just my opinions.

Why do you think he owns WFC in his personal account?

I've seen that stated many times. It would probably take some work for me to find any sources as everything I am recalling was some time ago, (5-15 years?).

I thought these were Berkshire pension holdings.  I remember him addressing this in the past.  He said he wasn't sure why it was disclosed that way.

gfp

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Re: Buffett/Berkshire - general news
« Reply #572 on: August 24, 2017, 12:42:38 PM »
It's pretty clear in the link:

"1. These securities are owned directly by Warren E. Buffett, who is a reporting person hereunder."

gfp

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Re: Buffett/Berkshire - general news
« Reply #573 on: August 24, 2017, 01:35:37 PM »
Not sure what happened to Jurgis's post, but this is from Marc Hamburg:
"The shares referenced in your e-mail below are Warren’s are personal holdings and are not held by Berkshire."

Jurgis

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Re: Buffett/Berkshire - general news
« Reply #574 on: August 24, 2017, 03:32:31 PM »
Not sure what happened to Jurgis's post, but this is from Marc Hamburg:
"The shares referenced in your e-mail below are Warren’s are personal holdings and are not held by Berkshire."

Thanks.  8)
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Mephistopheles

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Re: Buffett/Berkshire - general news
« Reply #575 on: August 24, 2017, 10:49:51 PM »
I don't have a source but in the summer of 2008 when Wells dropped below $20 I can remember word for word him saying "I couldn't help but buy Wells Fargo (in my personal account) below $20"

It was reported on CNBC

John Hjorth

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Re: Buffett/Berkshire - general news
« Reply #576 on: August 25, 2017, 01:09:21 AM »
Naturally I don't question information from Mr. Hamburg - I hold him bery high, and admire his work for Berkshire, he is on the professional level in his very own league, in my opinion -, but if you take a look at the 13/Fs, and look specifically on the KO positions in the Berkshire group year end 2016 and try to reconcile the number of KO shares in the Berkshire 2016 Annual Report with the year end 2016 13/F, why is Berkshire then reporting in the Annual Report possesion of 400 M KO Shares, and not [400 M - 800 K] KO shares?

[800 K shares are reported as belonging to Mr. Buffett, while you have to include that position, to get to 400 M KO shares in total in the 13/F.]
« Last Edit: August 25, 2017, 01:17:01 AM by John Hjorth »
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gfp

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Re: Buffett/Berkshire - general news
« Reply #577 on: August 25, 2017, 04:18:35 AM »

Yeah, I'm not saying that everything with 'manager code 4' in a 13f is warren's personal account. Just that when a form 4 says these securities are owned directly by Warren E Buffett and the CFO confirms as such then we have the answer.  Even on Wells the 'code 4' line doesn't match his personal share count.



Naturally I don't question information from Mr. Hamburg - I hold him bery high, and admire his work for Berkshire, he is on the professional level in his very own league, in my opinion -, but if you take a look at the 13/Fs, and look specifically on the KO positions in the Berkshire group year end 2016 and try to reconcile the number of KO shares in the Berkshire 2016 Annual Report with the year end 2016 13/F, why is Berkshire then reporting in the Annual Report possesion of 400 M KO Shares, and not [400 M - 800 K] KO shares?

[800 K shares are reported as belonging to Mr. Buffett, while you have to include that position, to get to 400 M KO shares in total in the 13/F.]

John Hjorth

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Re: Buffett/Berkshire - general news
« Reply #578 on: August 25, 2017, 05:12:04 AM »
Thanks, globalfinancepartners,

I'll try to take a look at the WFC positions, too - in the coming days.
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gfp

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Re: Buffett/Berkshire - general news
« Reply #579 on: August 29, 2017, 02:32:11 PM »
as expected, BRK exchanges preferred and warrants for common in BAC.  Wonder if it will have to pass through the income statement for the quarter (no tax due of course)
http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=2297215#fbid=XOIEhKq6Vrz