Antworten zu diesem Thema
Berkshire Hathaway - Warren Buffet - Value Investor, Rang: Ottakringer(38), 26.2.24 15:48
Subject Auszeichnungen Author Message Date ID
Analysten-Einschätzungen
24.8.07 16:11
1
Prof. Otte-Kolumne: Berkshire, Berkshire, Berkshire!
24.8.07 16:12
2
      BERKSHIRE HATHAWAY - Langfristinvestment
20.10.07 14:48
3
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
20.10.07 16:12
4
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
20.10.07 23:33
5
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
21.10.07 19:51
6
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
22.10.07 19:34
7
      RE: BERKSHIRE HATHAWAY - Langfristinvestment
22.10.07 20:12
8
      Warren Buffett beteiligt sich an Münchener Rück
10.4.08 12:23
9
      INGERSOLL RAND CO. LTD. REG. SHS CLASS
19.5.08 23:15
10
      Onkel Warren stieg in Eisenbahnaktien ein...
25.5.08 22:54
11
      RE: Onkel Warren stieg in Eisenbahnaktien ein...
26.5.08 00:09
12
      Sind Eisenbahnaktien die nächste Sau die man durchs Anl...
27.5.08 00:19
13
      RE: Onkel Warren stieg in Eisenbahnaktien ein...
15.6.08 20:53
14
@All
15.6.08 20:55
15
Wenn dieser Investor spricht, reagiert Buffett sofort
17.6.08 22:38
16
      RE: Wenn dieser Investor spricht, reagiert Buffett sofo...
17.6.08 23:10
17
      DIE GEFAHR AUS DEM FINANZSEKTOR
20.6.08 21:42
18
      RE: Wenn dieser Investor spricht, reagiert Buffett sofo...
31.5.10 21:37
19
      RE: Wenn dieser Investor spricht, reagiert Buffett sofo...
31.5.10 21:56
20
      Warren Buffett: Entzauberung einer Legende
02.6.10 13:35
21
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 17:35
22
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 20:48
23
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 20:44
24
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 21:46
25
      RE: Warren Buffett: Entzauberung einer Legende
02.6.10 22:22
26
Warren Buffett Says Sell to Me, Not `Porn Shop'
25.6.08 22:09
27
Buffett kauft Subprime-Assets
26.6.08 20:59
28
RE: Buffett kauft Subprime-Assets - hat schon zugeschla...
01.7.08 22:34
29
Buffett Has $2.1 Million Lunch Date With Hedge-Fund Man...
30.6.08 21:53
30
Berkshire wird sich in fünf Jahren verdoppeln
02.7.08 21:53
31
RE: Berkshire wird sich in fünf Jahren verdoppeln
03.7.08 07:23
32
      RE: Berkshire wird sich in fünf Jahren verdoppeln
06.7.08 21:12
33
Buffett's Berkshire Paid to Buy Bonds If Storm Hits
06.7.08 21:17
34
Why We Own Berkshire
06.7.08 21:26
35
Berkshire Hathaway bei Rohm & Haas dabei
14.7.08 18:55
36
Warren Buffetts Aktie muß Federn lassen - Ich gebe es z...
24.7.08 15:17
37
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
03.8.08 20:54
38
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...gut analysiert
03.8.08 21:24
39
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
03.8.08 22:09
40
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 08:39
41
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 19:20
42
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 20:32
43
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 21:52
44
      RE: Warren Buffetts Aktie muß Federn lassen - Ich gebe ...
04.8.08 22:26
45
      Buffett - Charttechnik
04.8.08 22:41
46
Buffett Builds Berkshire Holdings
08.8.08 16:43
47
Long-awaited Buffett book due out in September
11.8.08 19:04
48
Buffett's Q2 Moves Include A Major Head Scratcher
15.8.08 17:16
49
RE: kleine Aufstellung dazu
18.8.08 17:30
50
Buffett sollte Fannie, Freddie helfen
22.8.08 17:40
51
Has Warren Buffett Lost His Magic Touch?
28.8.08 19:10
52
RE: Has Warren Buffett Lost His Magic Touch?
29.8.08 11:12
53
      RE: Has Warren Buffett Lost His Magic Touch?
31.8.08 21:49
54
Buffett kauft laufend Real Estate-Broker
02.9.08 21:15
55
RE: Buffett kauft laufend Real Estate-Broker
04.9.08 09:36
56
Berkshire Unit to Phase Out Bank-Deposit Insurance
10.9.08 19:59
57
Buffett's MidAmerican Energy to Buy Constellation
18.9.08 19:00
58
RE: Buffett's MidAmerican Energy to Buy Constellation
18.9.08 19:11
59
      RE: Buffett's MidAmerican Energy to Buy Constellation
18.9.08 19:45
60
Buffett's Berkshire Accelerates Pace of Acquisition
18.9.08 23:14
61
Buffett bekommt Konkurrenz
22.9.08 22:53
62
Buffett steigt bei Goldman ein
24.9.08 08:09
63
RE: Buffett steigt bei Goldman ein - Ziemliche Verluste...
10.11.08 19:07
64
1. Buch von Buffett selbst
28.9.08 23:08
65
Kritik dazu
29.9.08 22:29
66
Buffett Buys $3 Billion Preferred in GE
01.10.08 20:16
67
RE: Buffett Buys $3 Billion Preferred in GE
01.10.08 20:49
68
      RE: Buffett Buys $3 Billion Preferred in GE
01.10.08 21:09
69
      Warren Buffett steigt bei General Electric ein
02.10.08 15:22
70
Lehman hat Buffett-Investment abgelehnt
06.10.08 23:19
71
Buffett's Stock Picks Suffer One-Week Drop of $10.4 Bil...
13.10.08 21:18
72
RE: Berkshire Hathaway - Warren Buffet - Value Investor
14.10.08 23:10
73
RE: Berkshire Hathaway - Warren Buffet - Value Investor
15.10.08 10:33
74
RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 21:42
75
      RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 21:48
76
      RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 21:53
77
      RE: Berkshire Hathaway - Warren Buffet - Value Investor
13.11.08 22:05
78
Berkshire Hathaway profit falls 77 percent
08.11.08 00:39
79
Buffett, Ross insurers eye Dexia U.S. unit
11.11.08 21:54
80
Berkshire unter 100.000
16.11.08 21:40
81
Berkshire's Credit Risk Soars on Buffett's $37 Billion ...
18.11.08 20:05
82
RE: Berkshire's Credit Risk Soars - Guter Artikel dazu
25.11.08 21:01
83
      RE: Berkshire's Credit Risk Soars - Guter Artikel dazu
25.11.08 21:11
84
Buffett's Berkshire Falls Most in at Least 23 Years
19.11.08 22:53
85
Buffett’s Berkshire Will Give More Information on Deriv...
24.11.08 15:27
86
Liquidity is pinched
24.11.08 23:26
87
      Defaultrisiko von Berkshire Hathaway steigt dramatisch ...interessant
25.11.08 00:30
88
Noch ein Artikel
26.11.08 22:30
89
Charlie Munger sold 2,000 of the Berkshire shares (13% ...
01.12.08 19:35
90
Buffett Stock Picks Beat Financials Index
01.12.08 19:42
91
EDF Bids $4.5 Bln for 50% of Constellation Nuclear
04.12.08 22:59
92
Berkshire Hathaway Short Selling Rises to Highest in Si...
12.12.08 00:21
93
Aktiencheck: Berkshire Hathaway kaufen
12.12.08 00:29
94
EDF Said Close to Constellation Deal, Defying Buffett
16.12.08 09:41
95
Constellation Takes EDF Bid; Quits Buffett Takeover
17.12.08 19:00
96
Buffett Wins $224 Million Storm Bet With Florida
29.12.08 23:06
97
Buffett and China banks top cash-rich list
30.12.08 11:49
98
Berkshire Has ‘Nowhere to Hide’
02.1.09 09:00
99
RE: Berkshire Has ‘Nowhere to Hide’
06.1.09 08:31
100
      RE: Berkshire Has ‘Nowhere to Hide’
06.1.09 10:50
101
Morningstar Names Warren Buffett CEO of the Year
07.1.09 23:20
102
KGV 3
13.1.09 20:34
103
Warren Buffett Is Close to Buying Regional Airport in F...
21.1.09 21:25
104
Buffett Bid to Challenge Lufthansa on Home Turf Riles L...
25.1.09 21:15
105
      Der Guardian nennt fünfundzwanzig Schuldige an der Fina...interessant
30.1.09 23:33
106
Berkshire Agrees to Buy $300 Million of Harley Debt
03.2.09 22:51
107
Swiss Re Raises $2.6 Billion From Buffett After Loss
05.2.09 20:02
108
RE: Swiss Re Raises $2.6 Billion From Buffett After Los...
05.2.09 20:14
109
      RE: Swiss Re Raises $2.6 Billion From Buffett After Los...
05.2.09 20:17
110
Der Halbgott unter den Investoren
08.2.09 20:35
111
Buffett, Who Invests ‘Forever,’ Finds Shorter Span Unpr...
11.2.09 21:08
112
Buffett’s NetJets Europe May Buy Airports
15.2.09 22:21
113
Warren Buffett ist weiter auf Shoppingtour
16.2.09 13:29
114
Berkshire Reduces Stake in J&J as Buffett Turns to Fixe...
18.2.09 20:35
115
Warren Buffets Investmentvehikel im freien Fall - Verzo...
20.2.09 18:49
116
      Buffett's Berkshire Drops to Lowest in Five Years
22.2.09 11:15
117
Markt völlig ineffizient
24.2.09 22:32
118
RE: Markt völlig ineffizient
25.2.09 17:49
119
Berkshire’s Results May Be Worst Ever, Using Buffett’s ...
27.2.09 21:38
120
Letter 2008 - Die interessantesten Passageninteressant
01.3.09 20:58
121
Berkshire "Junk"?
04.3.09 22:50
122
Short Sellers Set Sights on Buffett’s Berkshire
11.3.09 21:08
123
Berkshire nicht mehr AAAwitzig
13.3.09 12:35
124
100.000 Gehalt, 50.000 wieder zurückgezahlt
13.3.09 17:09
125
Prof. Dr. Max Otte:So dumm sind Zeitungsjournalisten
18.3.09 18:40
126
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
18.3.09 19:13
127
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
19.3.09 16:47
128
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
19.3.09 23:18
129
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...gut analysiert
19.3.09 23:56
130
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
20.3.09 07:28
131
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
22.3.09 20:49
132
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
22.3.09 20:46
133
      RE: Prof. Dr. Max Otte:So dumm sind Zeitungsjournaliste...
22.3.09 22:35
134
      Goldman Warrants sind wieder am Geld
24.3.09 18:32
135
Berkshire Hathaway begibt Anleihe
26.3.09 22:03
136
Buffett Punished in Bond Market
02.4.09 22:06
137
Downgrade durch Moody's auf Aa2
09.4.09 21:45
138
Warren Buffett schafft es wieder einmal....
15.4.09 09:20
139
Buffett, at Annual Meeting, Refocuses Attention on Berk...
29.4.09 19:45
140
Buffett zu seiner Nachfolge auf der HV
03.5.09 21:06
141
RE: Buffett zu seiner Nachfolge auf der HV
04.5.09 07:44
142
      RE: Buffett zu seiner Nachfolge auf der HV
04.5.09 08:04
143
      RE: Buffett zu seiner Nachfolge auf der HV
04.5.09 08:07
144
      @jonnyfreutsich
04.5.09 08:14
145
      RE: @jonnyfreutsich
04.5.09 08:24
146
Berkshire Hathaway mit Verlust im 1. Quartal
10.5.09 22:58
147
Munger bringst in einem Interview auf den Punktinteressantinteressantgut analysiert
14.5.09 22:25
148
RE: Munger bringst in einem Interview auf den Punkt
14.5.09 23:24
149
Berkshire Doubled Municipal Bond Stake
09.6.09 21:12
150
Warren Buffett übertrifft sich selbstinteressant
30.6.09 21:59
151
      Warren Buffett, GOD OF STOCKS
01.7.09 22:50
152
Buffett verschenkt Berkshire-Aktien
03.7.09 08:10
153
RE: Buffett verschenkt Berkshire-Aktien
06.7.09 21:01
154
Berkshire Profit on Goldman Sachs Passes $2 Billion
23.7.09 20:36
155
Buffett Posts $1 Billion Profit on China Carmaker BYD
31.7.09 17:12
156
      Warren Buffett und das richtige Timing
04.8.09 23:51
157
      Halbjahresergebnis +3,3 Mrd.
09.8.09 21:13
158
      Buffett’s Berkshire Adds Corporate Debt
10.8.09 20:30
159
      Buffett’s Payouts Climb on Credit Derivatives After Def...
11.8.09 19:44
160
      Berkshire Buys Becton Stock in Medical Products Bet
17.8.09 17:50
161
Buffett hat Asiens bestperformende Aktie
15.9.09 08:51
162
Buffet's Big Bet On Goldman Has Reaped A Huge Payoff
23.9.09 19:03
163
Aktuelles Interview
20.10.09 21:23
164
      Noch ein Interview
27.10.09 21:15
165
Buffett kauft Eisenbahn
03.11.09 19:04
166
Berkshire Hathaway bald im S&P 500?
04.11.09 16:06
167
Buffett Revisits Hunting Ground for Survivors
04.11.09 23:10
168
      Buffett greift wieder in die Trickkiste
26.12.09 14:47
169
      Berkshire Hathaway vs. S&P 500
20.1.10 10:45
170
Berkshire hält 3% an MüRü
26.1.10 14:03
171
RE: Berkshire hält 3% an MüRü
26.1.10 22:12
172
Berkshire hält 3% an MüRü + Optionen für weitere 2%
28.1.10 21:10
173
Präsentation eines Hedge-Fonds Managers über Berkshire ...
27.1.10 23:02
174
Berkshire plant 8 Mrd. Anleihe, AAA ist weg
04.2.10 22:33
175
America Lines Up for Piece of Buffett
14.2.10 22:22
176
      Ausbau bei Münchener Rück
14.2.10 23:27
177
Berkshire Profit Jumps to $3.1 Billion on Derivatives
28.2.10 12:00
178
RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 00:13
179
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 08:26
180
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 08:40
181
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 08:53
182
      RE: Berkshire Profit Jumps to $3.1 Billion on Derivativ...
02.3.10 20:30
183
      Obama Pays More Than Buffett
22.3.10 08:32
184
      Buffett hat Optionen auf Munich Re ausgeübt
25.3.10 22:09
185
      RE: Buffett hat Optionen auf Munich Re ausgeübt
25.3.10 23:24
186
      RE: Buffett hat Optionen auf Munich Re ausgeübt
25.3.10 23:25
187
      RE: Buffett hat Optionen auf Munich Re ausgeübt
26.3.10 10:09
188
      Buffett's Top 10 Investing Secrets
30.3.10 20:51
189
Buffett mag man eben
05.4.10 22:09
190
RE: Buffett mag man ebeninteressant
31.5.10 21:35
191
      RE: Buffett mag man eben
31.5.10 21:51
192
Is Berkshire Hathaway's stock overvalued?
04.8.10 20:48
193
Warren Buffett hat sich mit Derivaten verspekuliert
07.8.10 20:19
194
      RE: Warren Buffett hat sich mit Derivaten verspekuliert
08.8.10 22:07
195
Warren Buffett: Das nette Gesicht des Kapitalismusinteressant
29.8.10 21:43
196
200 Mrd. Schaden - Der Kauf von BRK
18.10.10 23:03
197
Buffett's Investment in Goldman Sachs mit 1Mrd.$ vergol...
21.10.10 19:14
198
      RE: Buffett's Investment in Goldman Sachs mit 1Mrd.$ ve...
21.10.10 20:52
199
      Berkshire Hathaway verdiente im dritten Quartal 3,0 Mil...
06.11.10 17:13
200
RE: Berkshire Hathaway - Warren Buffet - Value Investor
07.11.10 12:28
201
RE: Berkshire Hathaway - Warren Buffet - Value Investor
07.11.10 20:52
202
GS zahlt verzinst zurück
19.3.11 20:36
203
RE: GS zahlt verzinst zurück
19.3.11 22:36
204
      RE: GS zahlt verzinst zurück
29.3.11 19:59
205
      die kette ist nur so stark wie ihr schwächstes glied
01.5.11 12:14
206
      Buffett greift nach Citigroup-Gesellschaft
14.7.11 14:06
207
      Buffett übernimmt Solar-Park
08.12.11 13:48
208
      Berkshire Hathaway: Jetzt noch 70% Potenzial?
17.5.12 18:22
209
      nicht alles ist gold was glänzt
29.11.12 23:29
210
      RE: nicht alles ist gold was glänzt
30.11.12 00:14
211
      RE: nicht alles ist gold was glänzt
30.11.12 14:23
212
Berkshire Hathaway and CaixaBank agree to Reinsurance D...
30.11.12 15:39
213
RE: Berkshire Hathaway and CaixaBank agree to Reinsuran...
30.11.12 16:01
214
      RE: Berkshire Hathaway and CaixaBank agree to Reinsuran...
03.12.12 22:00
215
      Warren Buffet wieder auf Shopping Tour
14.2.13 14:28
216
      Heinz: Schwerer Schlag für Buffett
16.2.13 15:15
217
      RE: Heinz: Schwerer Schlag für Buffett
16.2.13 20:37
218
Berkshire Hathaway B gekauft
25.7.16 17:23
219
RE: Berkshire Hathaway B gekauft
26.2.24 15:46
220
      RE: Berkshire Hathaway B gekauft
26.2.24 15:48
221
Warren Buffetts Firma enttäuscht Analysten trotz mehr G...
06.8.16 21:22
222
Q2 2016
06.8.16 21:25
223
      Barclays: Buy Berkshire Hathaway
08.8.16 18:45
224
      Berkshire ertrinkt im Cashinteressant
12.8.16 12:07
225
      RE: Berkshire ertrinkt im Cash
12.8.16 13:27
226
      RE: Berkshire ertrinkt im Cash
12.8.16 13:49
227
Wells Fargo Skandal interessant
03.10.16 21:22
228
Cash is piling up faster than Warren Buffett can invest...
11.10.16 21:01
229
Buffett’s Cash Soars to Record as Operating Profit Edge...
05.11.16 13:57
230
Heinz - Unilever
21.2.17 13:15
231
RE: Heinz - Unilever
21.2.17 13:51
232
      RE: Heinz - Unilever
21.2.17 15:42
233
      RE: Heinz - Unilever
21.2.17 15:52
234
Wichtiges Wochenende!
23.2.17 21:13
235
Letter für 2016 ist da
25.2.17 21:34
236
      WB on Share Repurchases
25.2.17 21:56
237
      Gewinnsprung
26.2.17 11:55
238
Buffett's Berkshire, Chinese property website Juwai.com...
17.4.17 20:40
239
Warren Buffett's money managers, Todd Combs and Ted Wes...
28.4.17 20:19
240
Barclays says Berkshire Hathaway is 'attractively value...
29.4.17 20:40
241
Berkshire Hathaway's stock could be worth 30% more in a...
05.5.17 19:07
242
RE: Berkshire Hathaway's stock could be worth 30% more ...
05.5.17 19:19
243
Buffett meldet deutlich geringeren Gewinn
06.5.17 11:34
244
HV - Livestream
06.5.17 21:16
245
Aufgestockt um 169,6199 USD.
29.6.17 20:40
246
RE: Aufgestockt um 169,6199 USD.
29.6.17 21:38
247
RE: Aufgestockt um 169,6199 USD.
29.6.17 21:56
248
RE: Aufgestockt um 177,0399 USD.
02.8.17 17:03
249
      RE: Aufgestockt um 178,46 USD.
28.8.17 18:45
250
      RE: Aufgestockt um 173,3699 USD.
07.9.17 17:28
251
      Versicherer brauchen Katastrophen
09.9.17 11:39
252
Verluste beim Versicherungsgeschäft ziehen den operativ...
07.8.17 18:41
253
http://www.berkshirehathaway.com/news/aug0417.pdf
07.8.17 19:11
254
      Buffett sitzt auf einer Kriegskasse von 100 Milliarden ...
08.8.17 20:57
255
Berkshire a screaming buy
14.9.17 20:57
256
“If I die tonight, I think the stock would go up tomorr...
07.12.17 21:50
257
Berkshire's repurchase policy
17.12.17 22:00
258
Berkshire Hathaway ‘A’ Shares Reach $300,000 for First ...
18.12.17 23:12
259
The succession plan is getting clearer
10.1.18 19:42
260
Warren Buffett has enough firepower to do a $160 billio...
23.2.18 20:33
261
Zahlen Q4 2017
24.2.18 14:57
262
Nachtrag annual letter
04.3.18 19:53
263
      RE: Nachtrag annual lettergut analysiert
04.3.18 20:36
264
      RE: Nachtrag annual letter
04.3.18 21:25
265
Warren Buffett Is Just an Average Employee
19.3.18 15:42
266
The Billionaire Whisperer Who United Bezos, Buffett and...
27.3.18 12:44
267
Buffett's Berkshire will oppose USG board nominees afte...
13.4.18 23:24
268
Eine der ambitioniertesten Windkraft-Initiativen der US...
19.4.18 10:18
269
Aktuelle Präsentation
23.4.18 16:06
270
Apple verkauft mehr iPhones und beschenkt Aktionäre
02.5.18 09:04
271
As Warren Buffett's Empire Expands, Many Jobs Disappear
03.5.18 13:50
272
Morgen HV - Live auf Yahoo Finance
04.5.18 20:06
273
RE: Morgen HV - Live auf Yahoo Finance
06.5.18 15:32
274
Q1 2018 - 1,1 Mrd. Verlust
06.5.18 15:02
275
An Analysis of Berkshire Hathaway
18.5.18 14:04
276
RE: An Analysis of Berkshire Hathaway
18.5.18 14:09
277
Buffett gibt Knauf den Sanktus für Milliardendeal
11.6.18 19:53
278
Amazon, Berkshire, JPMorgan name Atul Gawande CEO of he...
20.6.18 20:43
279
RE: Amazon, Berkshire, JPMorgan name Atul Gawande CEO o...
20.6.18 21:17
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Berkshire Removes Cap on Share Buybacks, Stock Climbs
18.7.18 15:36
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Mohnish Pabrai: What I've Learned From Warren and Charl...
04.8.18 12:15
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Berkshire Hathaway profit surges as economy gives Buffe...
04.8.18 20:55
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RE: Berkshire Hathaway profit surges as economy gives B...
04.8.18 21:18
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      In summary, it was an exceptionally strong quarter
05.8.18 14:07
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      RE: In summary, it was an exceptionally strong quarter
06.8.18 09:40
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BYD
03.11.18 15:05
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Buffett Puts Cash to Work Buying Back $928 Million in S...
03.11.18 20:48
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Q1-3 2018: Gewinn mehr als verdoppelt
03.11.18 21:00
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Buffett-Interview
06.11.18 13:03
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4 reasons it's a big deal Buffett is buying Berkshire s...
08.11.18 11:38
291
Warren Buffett to Expand His Real Estate Empire to Mila...
13.11.18 08:52
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Insider-Kauf
29.12.18 20:53
293
RE: Insider-Kauf
29.12.18 23:38
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Apple plunge deepens Warren Buffett's book value woes
03.1.19 20:37
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Berkshire Hathaway profit expectation slashed following...
22.2.19 20:30
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RE: Berkshire Hathaway profit expectation slashed follo...
22.2.19 21:11
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      Berkshire mit 25 Mrd Verlust in Q4
23.2.19 16:20
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      Der Annual Letter für 2018 ist dainteressant
23.2.19 16:57
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      Buybacks
24.2.19 18:05
300
      Intrinsic value
24.2.19 18:09
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Warren Buffet - drängende Fragen nach dem Gewinneinbruc...
24.2.19 23:44
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RE: Warren Buffet - drängende Fragen nach dem Gewinnein...
28.2.19 21:25
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Gates Stiftung verkauft 20 Mio. Berkshire B Aktien pro...
20.4.19 18:11
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Buffett Preps Berkshire Shareholders for Soaring Stock ...
25.4.19 22:28
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Warren Buffett Bets on Dubai Property as Market Prolong...
28.4.19 16:35
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Buffetts Investmentfirma beteiligt sich erstmals an Ama...
03.5.19 09:33
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Company’s growth has helped create at least seven billi...
03.5.19 15:24
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Buffett deutete mögliche Nachfolger an Berkshire-Hathaw...
05.5.19 10:25
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Berkshire Ramps Up Stock Buybacks as Cash Pile Keeps Gr...
05.5.19 14:03
310
RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
05.5.19 16:16
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
05.5.19 16:32
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:14
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:41
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:47
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 11:51
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...interessant
06.5.19 12:03
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 12:19
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      RE: Berkshire Ramps Up Stock Buybacks as Cash Pile Keep...
06.5.19 12:49
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Warren Buffett liefert starke Zahlen zum Aktionärstreff...
05.5.19 18:00
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RE: Warren Buffett liefert starke Zahlen zum Aktionärst...
05.5.19 21:55
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Wortprotokoll der Berkshire HVinteressant
09.5.19 11:13
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My $650,100 Lunch with Warren Buffett
06.7.19 21:12
323
Icahn Slams Occidental, Says Buffett Took CEO ‘to the C...
22.7.19 16:51
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RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 18:47
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RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 18:59
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      RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 19:26
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      RE: Icahn Slams Occidental, Says Buffett Took CEO ‘to t...
22.7.19 19:32
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Berkshire Second Quarter Operating Income $6.14 Bln, -1...
03.8.19 14:16
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Berkshire’s Cash Pile Hits a Record 122bn
03.8.19 19:12
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Buffett Distracts From 'Mind-Numbing' Earnings
03.8.19 19:26
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RE: Berkshire Second Quarter Operating Income $6.14 Bln...
03.8.19 20:42
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      RE: Berkshire Second Quarter Operating Income $6.14 Bln...
04.8.19 10:06
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Analysis of Berkshire Hathaway's Q2 earnings
07.8.19 20:08
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Warum Büfett nicht mehr investiert
07.8.19 21:14
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      RE: Warum Büfett nicht mehr investiert
07.8.19 21:57
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      RE: Warum Büfett nicht mehr investiert
07.8.19 23:50
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      RE: Warum Büfett nicht mehr investiert
08.8.19 05:46
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      RE: Warum Büfett nicht mehr investiert
08.8.19 06:43
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      RE: Warum Büfett nicht mehr investiert
08.8.19 07:42
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Warren Buffetts allererstes TV-Interview
09.8.19 22:47
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Berkshire Hathaway - Präsentation
24.8.19 20:12
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Warum Bill Ackman Berkshire gekauft hat
24.8.19 20:28
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RE: Warum Bill Ackman Berkshire gekauft hat
24.8.19 21:29
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      RE: Warum Bill Ackman Berkshire gekauft hat
25.8.19 09:49
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      RE: Warum Bill Ackman Berkshire gekauft hat
25.8.19 12:13
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      RE: Warum Bill Ackman Berkshire gekauft hat
25.8.19 12:16
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Berkshire stockt Amazon auf
25.8.19 10:01
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Buffett-Anekdote
27.8.19 17:35
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RE: Buffett-Anekdote
27.8.19 18:32
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      RE: Buffett-Anekdote
27.8.19 20:13
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      RE: Buffett-Anekdote
27.8.19 20:34
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      RE: Buffett-Anekdote
27.8.19 21:09
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      RE: Buffett-Anekdote
28.8.19 19:46
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      RE: Buffett-Anekdote
28.8.19 20:44
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      RE: Buffett-Anekdote
29.8.19 10:26
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      RE: Buffett-Anekdote
29.8.19 11:41
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      RE: Buffett-Anekdote
28.8.19 21:09
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      RE: Buffett-Anekdote
29.8.19 10:21
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Berkshire Hathaway Energy
03.9.19 23:39
360
Buffett’s Peak Quarter Brings New Records on Profit and...
03.11.19 15:02
361
Aktienrückkauf
04.11.19 20:42
362
Wie viel Warren Buffett an Bank of America verdient hat
28.12.19 18:48
363
Warren Buffett spurned Tiffany as deal drought continue...
02.1.20 09:44
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Berkshire Hathaway B aufgestockt
27.1.20 19:56
365
RE: Berkshire Hathaway B aufgestockt
24.2.20 19:08
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      RE: Berkshire Hathaway B aufgestockt
25.2.20 05:53
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      RE: Berkshire Hathaway B aufgestockt
25.2.20 08:00
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Berkshire und Apple
28.1.20 22:24
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Apple-Rekord: 22 Milliarden Dollar Gewinn in drei Monat...
29.1.20 08:50
370
      Buffett verkauft seine Zeitungen
29.1.20 21:32
371
Charlie Munger, Buffett's Kompagnon hat auch seine eige...
14.2.20 22:36
372
RE: Charlie Munger, Buffett's Kompagnon hat auch seine ...
15.2.20 17:39
373
Halleluja, der Buffett-Letter für 2019 ist da
22.2.20 18:07
374
RE: Halleluja, der Buffett-Letter für 2019 ist da
22.2.20 18:50
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Buffett sucht Verkäufer
22.2.20 19:04
376
Berkshire zahlt 1,5% aller Steuern
22.2.20 19:06
377
RE: Halleluja, der Buffett-Letter für 2019 ist da
23.2.20 19:25
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Berkshire Buyback
24.2.20 20:29
379
Berkshire Hathaway Valuation
29.3.20 21:20
380
RE: Berkshire Hathaway und eine Pandemie
26.4.20 20:04
381
RE: Berkshire Hathaway und eine Pandemie
26.4.20 21:44
382
      RE: Berkshire Hathaway und eine Pandemie
26.4.20 22:16
383
Berkshire Hathaway -gewaltige mtM-Verluste in Q1 20
02.5.20 16:22
384
RE: Berkshire Hathaway -gewaltige mtM-Verluste in Q1 20
02.5.20 16:23
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Berkshire Hathaway HV
03.5.20 14:26
386
Buffett's Brick Company Linked to Antifa in Online Cons...
13.6.20 19:18
387
RE: Buffett's Brick Company Linked to Antifa in Online ...
13.6.20 21:42
388
RE: Buffett's Brick Company Linked to Antifa in Online ...
14.6.20 01:23
389
      RE: Buffett's Brick Company Linked to Antifa in Online ...
14.6.20 11:32
390
      RE: Buffett's Brick Company Linked to Antifa in Online ...interessantgut analysiert
15.6.20 02:42
391
Berkshire Hathaway Buys Dominion Gas Assets in $9.7 Bil...
05.7.20 22:10
392
Investor Warren Buffett trumpft mit neuem Cash-Rekord a...
09.8.20 10:48
393
RE: Investor Warren Buffett trumpft mit neuem Cash-Reko...
09.8.20 10:53
394
Buffett kauft eigene Aktien
09.8.20 12:47
395
Berkshire = Apple
09.8.20 21:17
396
RE: Berkshire = Apple
10.8.20 12:20
397
      RE: Berkshire = Apple
10.8.20 12:55
398
      RE: Berkshire = Apple
10.8.20 15:21
399
      RE: Berkshire = Apple
10.8.20 15:45
400
Kommentar re Berkshire Q2 20
15.8.20 12:17
401
It Feels Like Deja Vu All Over Again
15.8.20 12:27
402
      Berkshire Makes a Bet on Gold Market That Buffett Once ...
15.8.20 15:31
403
Buffett’s Berkshire Wagers $6 Billion on Japan Trading ...
31.8.20 08:14
404
Happy 90th, Warren! from Bill Gatesinteressantwitzig
31.8.20 09:58
405
Snowflake - was ist los mit Warre?
15.9.20 04:06
406
RE: Snowflake - was ist los mit Warre?
15.9.20 06:48
407
      RE: Snowflake - was ist los mit Warre?
15.9.20 11:36
408
Berkshire und die Präsidentenwahl
07.11.20 07:39
409
Werden Warren Buffett und Berkshire Hathaway 2021 erneu...
30.12.20 11:35
410
Annual Letter für 2020interessant
27.2.21 15:08
411
RE: Annual Letter für 2020
27.2.21 17:48
412
RE: Annual Letter für 2020
27.2.21 19:03
413
RE: Annual Letter für 2020
27.2.21 19:12
414
RE: Annual Letter für 2020
27.2.21 19:30
415
RE: Annual Letter für 2020
27.2.21 20:45
416
      RE: Annual Letter für 2020
27.2.21 22:59
417
      Warren Buffett Won’t Take the Reddit Bait
02.3.21 11:09
418
      Warren Buffett als er noch jung war...
10.3.21 20:49
419
      RE: Warren Buffett als er noch jung war...gut analysiert
10.3.21 23:37
420
      RE: Warren Buffett als er noch jung war...
11.3.21 08:38
421
      RE: Warren Buffett als er noch jung war...
11.3.21 10:49
422
Tilson: Berkshire Hathaway 'is not a get-rich stock, it...
01.3.21 19:05
423
RE: Tilson: Berkshire Hathaway 'is not a get-rich stock...
01.3.21 20:03
424
      RE: Tilson: Berkshire Hathaway 'is not a get-rich stock...
02.3.21 02:40
425
      RE: Tilson: Berkshire Hathaway 'is not a get-rich stock...
02.3.21 08:41
426
11,7 Mrd. Gewinn in Q1 21
01.5.21 19:47
427
Berkshire Hathaway HV Live Stream
01.5.21 20:00
428
RE: Berkshire Hathaway HV Live Stream
02.5.21 08:38
429
Warren Buffett says Greg Abel is his likely successor a...
03.5.21 15:26
430
Berkshire Hathaway - Q2 2021
08.8.21 10:25
431
Warren Buffett Calls It Right on EV Batteries
14.8.21 20:24
432
Buffett’s Berkshire Appetite Surpasses Cash Spent on Ap...
06.11.21 23:01
433
Buffett’s Cash Pile Tops Record With $149.2 Billion On ...
06.11.21 23:06
434
      RE: Buffett’s Cash Pile Tops Record With $149.2 Billion...
06.11.21 23:33
435
      RE: Buffett’s Cash Pile Tops Record With $149.2 Billion...
07.11.21 08:50
436
Buffett's Berkshire bought Activision shares before Mic...
15.2.22 08:19
437
Charlie Munger explains why Berkshire didn't make any b...
18.2.22 18:15
438
Buffett steigert Gewinn kräftig
26.2.22 20:19
439
RE: Buffett steigert Gewinn kräftig
26.2.22 20:19
440
Berkshire Hathaway berichtet erstmals zu ihren Klimazie...
27.2.22 11:48
441
CalPERS to vote to replace Buffett as Berkshire chairma...
20.4.22 09:26
442
Livestream der Berkshire Hathaway HV
30.4.22 16:38
443
RE: Livestream der Berkshire Hathaway HV
01.5.22 12:33
444
      RE: Livestream der Berkshire Hathaway HV
01.5.22 12:44
445
Berkshire Hathaway hält operativen Gewinn stabil
01.5.22 09:56
446
Apple reports record revenue of $83B
29.7.22 06:56
447
Warren Buffett’s Berkshire Takes a Beating on Auto Insu...
05.11.22 20:12
448
RE: Warren Buffett’s Berkshire Takes a Beating on Auto ...
05.11.22 20:15
449
Berkshire Hathaway - Fourth Quarter Earnings 2022
25.2.23 19:28
450
RE: Berkshire Hathaway - Fourth Quarter Earnings 2022
25.2.23 19:34
451
Berkshire Hathaway Q1
06.5.23 20:55
452
Berkshire Hathaway - Starkes Q2-23
05.8.23 19:26
453
Berkshire Hathaway - Starkes Q2-23- Am All-Time-High
07.8.23 15:38
454
Berkshire Hathaway - 46% Apple
07.8.23 08:06
455
Berkshire Hathaway - langsam reich
07.8.23 08:08
456
RE: Berkshire Hathaway - 46% Apple
07.8.23 11:47
457
      RE: Berkshire Hathaway - 46% Apple
07.8.23 12:03
458
Berkshire Hathaway - Q3 2023
04.11.23 17:39
459
Apple-Kursverfall bringt Warren Buffett Milliardenverlu...
05.11.23 08:21
460
Berkshire Hathaway aiming at $1 trillion market value
12.2.24 08:21
461
Warren Buffett hat ein eigenes Stofftier
14.2.24 10:57
462
Berkshire Hathaway Ergebnis 2023: 96,2 Mrd. Gewinn (ink...
24.2.24 17:05
463
Berkshire Hathaway Buyback
24.2.24 17:08
464



Düsseldorf (aktiencheck.de AG) - Die Experten vom "Wertpapier" raten die Aktie von Berkshire Hathaway (ISIN US0846702076/ WKN 900567) zu halten. Die von Warren Buffett kontrollierte Holding Berkshire Hathaway habe im ersten Halbjahr 2007 einen Nettogewinn von 5,71 Milliarden Dollar erwirtschaftet, was einen Anstieg von 22 Prozent im Vergleich zur Vorjahresperiode bedeute. Hauptsächlich hätten die Versicherungssparte und die Versorgungsunternehmen das Ergebnis angetrieben. Die baunahen Dienstleistungen würden dagegen zu schwächeln beginnen, so beispielsweise der Hausfinanzierer Clayton Homes. Die Experten vom "Wertpapier" empfehlen die Berkshire Hathaway-Aktien zu halten. (Ausgabe 17) (23.08.2007/ac/a/a)

************************

Zürich (aktiencheck.de AG) - Die Analysten der Credit Suisse stufen die Aktie von Berkshire Hathaway (ISIN US0846701086/ WKN 854075) unverändert mit "neutral" ein. Im Zuge der Anhebung der Gewinnerwartungen werde das Kursziel von 110.000 auf 115.000 USD heraufgesetzt. Damit sei die Aktie derzeit ausreichend bewertet. Zu den Risiken würden das grundsätzliche Alter von Buffet und Munger gehören, wobei es an einer klaren Management-Nachfolge fehle. Die Annahmen zum operativen Gewinn habe man auf Grund der Erwartung höherer operativer Margen im Versicherungsgeschäft erhöht. Der operative Gewinn habe in Q2 bei 1.624 USD pro Aktie gelegen, was gegenüber dem Vorjahr einen Anstieg um 22% bedeute. Das anhaltend positive Ergebnis demonstriere die erfolgreiche Wette auf den Rückversicherungsmarkt. Vor diesem Hintergrund bewerten die Analysten der Credit Suisse die Aktie von Berkshire Hathaway weiterhin mit dem Votum "neutral". (Analyse vom 23.08.07) (23.08.2007/ac/a/a)
***********************


  

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Letzte Woche analysierten wir die Berkshire-Aktie. Unser Fazit: Unterbewertet! Dann zogen die Aktien innerhalb weniger Tage um fast 10 Prozent an. Was war passiert?



Zunächst einmal – Berkshire ist nach meiner Rechnung immer noch unterbewertet, wenn auch nicht deutlich. Damit eignet sich die Aktie weiterhin als Langfristinvestment, wenn auch 89.279 Euro für die A-Aktie (WKN: 854075 ) und 2882 Euro für die B-Aktie (WKN: 900567 ) kein Pappenstiel sind. Was viele Anleger vergessen: Der Kurs einer Aktie ist völlig egal. Es kommt darauf an, wie viel "Unternehmen" man für seinen Kaufpreis bekommt. Und im Falle der A- und B-Aktien ist der Berkshire-Kuchen eben in weniger Stück geschnitten worden, als es bei "billigeren" Aktien der Fall wäre.

Mit Berkshire passierte nun genau das, was ich auch für die Aktien von Nestlé (WKN: 887208 ) und Procter & Gamble (WKN: 852062 ) prognostiziert hatte: Sie stiegen in der Krise. Nestlé und Procter & Gamble sind zwei der sichersten Unternehmen der Welt. Zudem sind sie nicht zu teuer. Es ist also leicht zu erklären, dass Kapital in der Krise diesen Weg geht.

Berkshire hat viele solide Markenartikler im Depot (zum Beispiel fast sieben Prozent von Procter & Gamble) oder als komplette Unternehmensbeteiligung (etwa Sees Candy). Allerdings betreibt Berkshire mit dem Versicherungs- und insbesondere dem Rückversicherungsgeschäft auch riskantere Geschäftsbereiche. Warum also derselbe Anstieg wie bei den reinrassigen Markenartiklern?

Buffett sitzt auf nahezu 50 Milliarden Dollar Liquidität. Das Gesamtvermögen von Berkshire ist mittlerweile auf über 200 Milliarden Dollar angewachsen. Buffett muss also eine Milliarde auf einen Schlag investieren, damit er nur ein Prozent der Berkshire-Aktiva unterbringt. Deswegen kaufte er auch seit den späten 90er Jahren gerne und überwiegende ganze Unternehmen, lange bevor der "Private-Equity"-Boom Fahrt aufnahm. Aber auch das ist in den letzten Jahren viel schwieriger geworden, weil viele anderen Private-Equity-Gesellschaften bereit sind, viel höhere Preise zu bezahlen.

In der Krise hingegen wird sich Buffetts Genie zeigen. Er wird blitzschnell zuschlagen, wenn sich eine Möglichkeit bietet – genauso, wie er 2002 Junk Bonds von großen Technologieunternehmen gekauft hat, die keiner haben wollte. (Und schnell mal ein paar Milliarden einstrich.)

Berkshire bleibt also ein Investment für die Krise. Zudem ist das Unternehmen – unbeachtet von der Öffentlichkeit – eines der am schnellsten wachsenden Großunternehmen der Welt. Es ist also nicht zu spät.

Auf gute Investments, Ihr Prof. Dr. Max Otte



Prof. Dr. Max Otte ist Herausgeber des PRIVATINVESTOR (www.privatinvestor.de) und Geschäftsführender Gesellschafter der IFVE Institut für Vermögensentwicklung GmbH. Ziel des Instituts ist die Aktienanalyse und die Entwicklung von Aktienstrategien für Privatanleger.

Der obige Text spiegelt die Meinung des jeweiligen Kolumnisten wider. Die Smarthouse Media GmbH übernimmt für dessen Richtigkeit keine Verantwortung und schließt jegliche Regressansprüche aus.

-mo-

© Aktiencheck.de AG

  

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Hallo!

Ich habe vor, mir als Start ca. 5-10 B Aktien von Berkshire Hathaway ins Depot zu legen mit dem Ziel jährlich 1 weitere Aktie zuzukaufen.

Das ganze soll als langfristiges Investment gedacht sein; bin nun 25 Jahre und habe vor, dass ich das ganze weitere 25 Jahre behalten werde.


Nun meine eigentliche Frage:
*Welche Nachteile und Risiken birgt ein solches Investment, da Berkshire Hathaway ja in Dollar notiert? Welche Auswikungen könnte es haben wenn der EUR/USD womöglich in 10-20 Jahren bei 2 notiert oder der Dollar wieder an Stärke gewinnt und bei unter 1 liegt?

*Sollte ich mir die Aktie an der XETRA direkt in EUR kaufen oder wäre es besser ein USD-Konto bei meinem Broker einzurichten und die Aktie direkt an der NYSE zu kaufen?


In diesem Sinne hoffe ich, eine kompetente Antwort zu erhalten und freue mich auf hilfreiche Tips bzw. Kritiken.

Vielen Dank im vorraus,...

mfg Stefan

  

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Editiert am 20-10-07 um 04:13 PM durch den Thread-Moderator oder Autor

>*Sollte ich mir die Aktie an
>der XETRA direkt in EUR
>kaufen oder wäre es besser
>ein USD-Konto bei meinem Broker
>einzurichten und die Aktie direkt
>an der NYSE zu kaufen?

jeder standardbroker bietet dir den kauf sowohl in USD als auch in EUR an. wenn du dir die aktie in new york kaufst und dein verrechnungskonto lautet auf EUR, dann wird hier automatisch einmalig beim kauf konvertiert... sprich die wechselspesen verrechnet. beim verkauf funktioniert das in der gleichen art und weise.

gleiches gilt für dividenden... basiswert in EUR bedeutet EUR-dividende ohne spesen, basiswert in USD beudetet bei einem EUR verrechnungskonto erneut wechselspesen.

der wechselkurs USD/EUR hat egal in welcher basiswährung du die aktie kaufst immer einen einfluß. fällt der dollar und die aktie bleibt stehen so verliert auch die aktie in EUR an wert bzw. auch umgekehrt. der marketmaker sorgt hier automatisch für fast ausgeglichene marktpreisbedingungen.


  

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An und für sich ist Berkshire eine gute Investion - aber es ist leider vorhersehbar, dass Warren Buffett nicht mehr lange durchhalten kann - vielleicht noch 10 Jahre wenn es gut geht - was aber wenn er schon in einem Jahr stirbt?

Ich kann mir nicht vorstellen, dass das ohne Auswirkungen auf Berkshire bleibt! Deshalb ist es besser in Aktien zu investieren, die seinem Investmentprinzip entsprechen wie z.B.: Nike, PetroChina, aber auch Aktien, die bei uns in Österreich notieren, siehe z.B. Raiffeisen, ich kann mir wahrscheinlich in den kühnsten Träumen nicht vorstellen, wo Raiffeisen in 10 Jahren stehen wird!

  

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>An und für sich ist Berkshire
>eine gute Investion - aber
>es ist leider vorhersehbar, dass
>Warren Buffett nicht mehr lange
>durchhalten kann - vielleicht noch
>10 Jahre wenn es gut
>geht - was aber wenn
>er schon in einem Jahr
>stirbt?

ohne nachfolgeregelung geht bei berkshire sicher auch nix und niemand sollte glauben das der gute buffett hier jede entscheidung aus dem hut zaubert, sondern eher hier ein unternehmen dahinter steht. niemand lebt ewig, aber das mea culpa zu erwarten ist falsch.


>Ich kann mir nicht vorstellen, dass
>das ohne Auswirkungen auf Berkshire
>bleibt! Deshalb ist es besser
>in Aktien zu investieren, die
>seinem Investmentprinzip entsprechen wie z.B.:
>Nike, PetroChina, aber auch Aktien,
>die bei uns in Österreich
>notieren, siehe z.B. Raiffeisen, ich
>kann mir wahrscheinlich in den
>kühnsten Träumen nicht vorstellen, wo
>Raiffeisen in 10 Jahren stehen
>wird!

ein vergleich mit raiffeisen hinkt wohl doch extrem, nicht mal die performance YTD zeigt irgendeine ähnlichkeit...

  

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Wem interessiert die ytd-Entwicklung? Schau dir mal JOHNSON & JOHNSON oder Coca Cola die letzten Jahre an, auch eher eine Seitwärts-Bewegung!

Raiffeisen hat seit dem IPO eine Entwicklung, die sich im Vergleich mit chinesischen Werten gut hält, oder?

  

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>Wem interessiert die ytd-Entwicklung?

mich, siehe opportunitätskosten... von der vergangenheit kann ich mir nix kaufen... da warte ich lieber auf ein kaufsignal im chart... weglaufen tut mir die ja wohl kaum.

Schau dir
>mal JOHNSON & JOHNSON oder
>Coca Cola die letzten Jahre
>an, auch eher eine Seitwärts-Bewegung!

den schrott brauch ich eh nicht am depot. der dollar verliert ja fast mehr als die gewinnen.


>Raiffeisen hat seit dem IPO eine
>Entwicklung, die sich im Vergleich
>mit chinesischen Werten gut hält,
> oder?

war das jetzt eine drohung?! RIBH ist schon ein guter wert, das KGV kommt durch die gute unternehmensentwicklung auch brav runter (kaufen solltens aber halt was mit der kohle aus der KE)... aber wie oben erwähnt, die story stimmt aber es schaut halt "derzeit" wenig fürs geldbörsl raus.

so jetzt aber wieder zurück zur berkshire (welche ich allerdings nicht habe).

  

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10.04.2008 09:38
10.04.2008 09:38
Warren Buffett beteiligt sich an Münchener Rück


Frankfurt (BoerseGo.de) - Der US-Milliardär Warren Buffett hat sich mit seiner Holding-Gesellschaft Berkshire Hathaway (News/Aktienkurs) an der Münchener Rück AG (News/Aktienkurs) beteiligt. Innerhalb der vergangenen sechs Monate habe der Investor, der Bill Gates jüngst als reichsten Mann der Welt abgelöst hat, mehr als 1 Million Aktien erworben, berichtet die "Frankfurter Allgemeine Zeitung (FAZ) unter Berufung auf Finanzkreise. Das entspricht einer Beteiligung von mindestens 0,5 Prozent im Wert von rund 125 Millionen Euro.

Es sei allerdings nicht klar, ob Buffett die Papiere noch hält. Berkshire Hathaway, zu der der große amerikanische Rückversicherer General Re gehört, hatte jüngst auch eine Beteiligung von 3 Prozent am Weltmarktführer Swiss Re erworben. Die Beteiligung von Berkshire an den Konkurrenten gilt in Branchenkreisen als positives Signal für die Wachstumsaussichten der Unternehmen, da Buffett für Anlagen in unterbewertete Aktien bekannt ist.
(© BörseGo AG 2007 - http://www.boerse-go.de, Autor: Gansneder Thomas, Redakteur)


Frankfurt (BoerseGo.de) - Der US-Milliardär Warren Buffett hat sich mit seiner Holding-Gesellschaft Berkshire Hathaway (News/Aktienkurs) an der Münchener Rück AG (News/Aktienkurs) beteiligt. Innerhalb der vergangenen sechs Monate habe der Investor, der Bill Gates jüngst als reichsten Mann der Welt abgelöst hat, mehr als 1 Million Aktien erworben, berichtet die "Frankfurter Allgemeine Zeitung (FAZ) unter Berufung auf Finanzkreise. Das entspricht einer Beteiligung von mindestens 0,5 Prozent im Wert von rund 125 Millionen Euro.

Es sei allerdings nicht klar, ob Buffett die Papiere noch hält. Berkshire Hathaway, zu der der große amerikanische Rückversicherer General Re gehört, hatte jüngst auch eine Beteiligung von 3 Prozent am Weltmarktführer Swiss Re erworben. Die Beteiligung von Berkshire an den Konkurrenten gilt in Branchenkreisen als positives Signal für die Wachstumsaussichten der Unternehmen, da Buffett für Anlagen in unterbewertete Aktien bekannt ist.
(© BörseGo AG 2007 - http://www.boerse-go.de, Autor: Gansneder Thomas, Redakteur)

----------

Auf die Meldung wart ich schon ein Jahr, hat aber heute nicht gerade für Furore gesorgt.

  

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Onkel Warren legt bei US-Aktien im ersten Quartal ordentlich nach

Wie Bloomberg vor kurzem meldete, hat Warren Buffets Berkshire Hathaway die tiefen Preise im ersten Quartal 2008 dazu genutzt, einige Aktienpositionen auszubauen. So legte er beispielsweise bei Kraft Foods und Wells Fargo nach, aber auch Pakete in Ingersoll-Rand (u.a. Kältetechnik, Biometrische Systeme), den Krankenversicherern UnitedHealth Group und WellPoint wurden zum Positionsaufbau nachgekauft.


Warren Buffets Holding ist größter Aktionär bei Coca Cola, Wells Fargo, Kraft und American Express. Der 77-jährige Financier hat aber auch den Kreditmarkt für sich entdeckt und nutzt dort Verwerfungen, die im Zuge der Kreditkrise entstanden. 4 Milliarden US-Dollar etwa wurden in den darniederliegenden Auction-Rate Bond Market investiert, wo Returns von 10 Prozent zu holen waren, nachdem die klassischen Angebotsleger ausfielen. Der Markt war dermaßen aus dem Gleichgewicht, dass Bonds desselben Schuldern einmal sechs, das andere Mal elf Prozent Zinsen boten.



Angebote von solcher Attraktivität lässt sich ein alter Fuchs wie Onkel Warren, der auf einem Berg Cash sitzt, eben nicht entgehen.... (kb)

Quelle:
http://www.institutional-money.com/cms/news/uebersicht/artikel

******************

http://chart4.onvista.de/h.html?ID_NOTATION=269058&TYPE=HISTORICAL&TICK=1&PERIOD=5&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=8.png

http://chart4.onvista.de/h.html?ID_NOTATION=269058&TYPE=HISTORICAL&TICK=1&PERIOD=1&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=1&IND2=15.png

http://chart4.onvista.de/i.html?ID_NOTATION=269058&DISPLAY=2&SCALE=1&GRID=1&VOL=1&SUPP_IN FO=0&PREV_CLOSE=1.png

  

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Heibel meinte diese Woche:

"Anders als in Deutschland gibt es in den USA eine ganze Reihe
von Eisenbahngesellschaften. CSX, Burlington Northern, Kansas
City Southern, Union Pacific, Norfolk Southern heißen die
verschiedenen Eisenbahngesellschaften. Im weiten Land der USA
sind noch wesentlich mehr LKWs (Trucks) unterwegs, als bei uns
im engen Deutschland. Mit dem steigenden Spritpreis werden
diese LKWs verstärkt auf die Schiene gebracht, die
Eisenbahngesellschaften freuen sich also über volle
Auftragsbücher und gelten zudem noch als umweltfreundlich. Die
Aktienkurse dieser alten, langweiligen Unternehmen sind in
diesem Jahr durch die Bank weg um über 50% angesprungen. Von
Rezession keine Spur."


Warren Buffet ist vor ca. 1 Jahr in die "BURLINGTON NOR. SANTA FE CORP." eingestiegen. Mich hat damals das für Warren Buffet "hohe" KGV von ca. 14 gestört. Dachte der Alte hält sich nicht mehr an seine Value-Kritierien.

1 Jahr später: Buffet hat Recht, Ottakringer hat net Recht...

Jetzt hoffe ich auf einen Rücksetzer zum Einstieg in eine Eisenbahnaktie:

Daher die Charts:

BURLINGTON NOR. SANTA FE CORP. US12189T1043

http://chart4.onvista.de/h.html?ID_NOTATION=256628&TYPE=HISTORICAL&TICK=1&PERIOD=5&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=8&IND2=10.png

http://chart4.onvista.de/h.html?ID_NOTATION=256628&TYPE=HISTORICAL&TICK=1&PERIOD=1&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=8&IND2=10.png

http://chart4.onvista.de/i.html?ID_NOTATION=256628&DISPLAY=2&SCALE=1&GRID=1&VOL=1&SUPP_IN FO=0&PREV_CLOSE=1.png

***********

Andere Eisenbahnaktien (da ist Onkel Warren aber nicht investiert):

1. CSX CORP. REGISTERED SHARES US1264081035

http://chart4.onvista.de/h.html?ID_NOTATION=256878&TYPE=HISTORICAL&TICK=1&PERIOD=5&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=8&IND2=10.png

http://chart4.onvista.de/h.html?ID_NOTATION=256878&TYPE=HISTORICAL&TICK=1&PERIOD=1&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=8&IND2=10.png



2. Kansas City Southern US4851703029

http://chart4.onvista.de/h.html?ID_NOTATION=270399&TYPE=HISTORICAL&TICK=1&PERIOD=5&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=10&IND2=8.png

3. UNION PACIFIC CORP. REGISTERED SHARES US9078181081

http://chart4.onvista.de/h.html?ID_NOTATION=288229&TYPE=HISTORICAL&TICK=1&PERIOD=5&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=8&IND2=10.png


4. NORFOLK SOUTHERN CORP. REGISTERED SHARES US6558441084

http://chart4.onvista.de/h.html?ID_NOTATION=276749&TYPE=HISTORICAL&TICK=1&PERIOD=5&DISPLA Y=2&SCALE=1&GRID=1&VOL=1&SUPP_INFO=0&IND1=10&IND2=8.png









  

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Leg Dir Geld auf die Seite, die ÖBB Cargo soll auch bald privatisiert werden.

Und die anderen ÖBB-Gesellschaften erst, da kommt wieder massenhaft Material auf den Markt, was unsere Anlegerherzen heller schlagen läßt

  

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>Leg Dir Geld auf die Seite, die ÖBB Cargo soll auch bald
>privatisiert werden.
>
>Und die anderen ÖBB-Gesellschaften erst, da kommt wieder
>massenhaft Material auf den Markt, was unsere Anlegerherzen
>heller schlagen läßt

Eisenbahnaktien sind mA DER nächste grosse Trend. Lt. WB baut die Strabag sogar eigene Schienen bzw. baut ein eigenes Eisenbahnunternehmen um 100 Mio Euro auf. Der Haselsteiner ist ein alter Fuchs. Der wird schon wissen warum...

Werde mir in den nächsten Tag eine (oder zwei) Eisenbahnaktien kaufen. Entweder die Santa Fe von oben oder zumindest den Weichen und Schienenhersteller "Voest Alpine" oder die Deutsche "Schaltbau Holding" oder die Deutsche "Vossloh".

Zur Zeit wird diese Sau noch nicht durchs Dorf getrieben. Das könnte in ein paar Monaten aber ev. sein...



LG

Ottakringer

  

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>Warren Buffet ist vor ca. 1 Jahr in die "BURLINGTON NOR.
>SANTA FE CORP." eingestiegen. Mich hat damals das für
>Warren Buffet "hohe" KGV von ca. 14 gestört. Dachte
>der Alte hält sich nicht mehr an seine Value-Kritierien.
>
>1 Jahr später: Buffet hat Recht, Ottakringer hat net Recht...
>


Ich habe mir genau das gleiche gedacht. Ausgerechnet Eisenbahnen!??
Aber der Mann ist und bleibt einfach ein Genie. In einer der letzten IFR-Ausgaben stand z.b. auch er hat in großem Ausmaß Protection auf Super-Senior Tranchen von Corporate Portfolios verkauft, weil die Preise dafür im März im Zuge der ganzen Panik völlig irrationale Levels erreicht hatten.

Jahrelang parkt er das Geld zu 1% in Cash, und wenn es dann kracht ist er der Einzige der aus dem Vollen schöpfen kann. Ich bin immer wieder aufs Neue fasziniert.

  

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Die Hardcore-Fans werden es ja kennen, für alle anderen: Auf der Homepage www.berkshirehathaway.com kann man alle Letter an die Shareholders die Buffett seit 1977 geschrieben hat nachlesen. Einfach ein Muß für jeden Anleger.

  

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Wenn dieser Investor spricht, reagiert Buffett sofort
von Dr Steve Sjuggerud

"Das ist die stärke bullishe Einschätzung, die ich je von Charlie gehört habe," sagte der legendäre Warren Buffett seinen Zuhörern.

"Ich werde mir diese Aktien sofort nach dieser Veranstaltung anschauen."

Mein Kollege Tom Dyson hörte das "Gespräch" aus erster Hand. Er war letzten Monat in Omaha, bei der Jahresversammlung von Berkshire Hathaway .

Warren Buffett ist natürlich der berühmteste Kapitalanleger aller Zeiten. Aber Charlie? Wenn er spricht, springt Buffett ... Wer ist dieser Mann?

Es ist der Milliardär Charlie Munger, Buffetts einziger Investment-Partner bei Berkshire Hathaway. Er sagte folgendes...

Laut den Notizen von Tom Dyson fragte ein Reporter den Milliardär Charlie Munger, was er momentan über Regionalbanken denke. Charlie antwortete: "Für jemanden, der sehr sorgfältig ist, haben Sie ein viel versprechendes Territorium gefunden... Der Fragesteller ist einer Sache auf der Spur und scheint auf der richtigen Fährte."

Diese Sätze bezeichnete Buffett in seiner Rede als die bullishste Aussage, die er je von Charlie gehört hat.

Wollen wir das einmal interpretieren... Die Presse (der Mainstream) sagt uns, dass Rohstoff-Preise in den Himmel gehen werden, und dass das Ende der Banken eingeläutet sei. Inzwischen sieht Charlie Munger, Buffetts Partner, etwas "viel versprechendes" bei amerikanischen Regionalbanken. Wem sollten Sie glauben?

Richard Pzena glaubt Charlie. Pzena ist ein herausragender Money Manager. In einem seiner vierteljährlichen Schriften platzierte er einen sehr interessanten Chart... Er vergleicht Bank-Aktien mit Rohstoff-Aktien.


http://enl.fid-newsletter.de/imgproxy/img/801769283/20080616_bank.gif.png


Rohstoff- gegen Bank-Aktien - Kurs zu Buchwert-Verhältnis




Wenn Sie diesem Chart gefolgt wären, hätten Sie Ihre Bankaktien vor ein paar Jahren verkauft, als dieses Verhältnis einen Boden bildete, und hätten Rohstoff-Aktien gekauft. Sie hätten ein Vermögen verdient...

Aber jetzt sagt uns der Chart das Gegenteil... Es sagt uns, dass Banken- gegenüber Rohstoffaktien preiswerter sind, als sie es in den letzten 50 Jahren gewesen sind. Sie können es auch umgekehrt ausdrücken ... Rohstoffaktien werden gegenüber Finanzaktien höher bewertet als zu jedem Zeitpunkt in den letzten 50 Jahren.

Vor ein paar Jahren war es richtig, Rohstoffe zu kaufen und Bankaktien zu verkaufen. Aber wie steht's heute?

Wenn der Chart stimmt..., wenn Pzena richtig liegt (und er hat einen riesigen Trade darauf platziert) ..., und wenn Munger Recht hat ..., können Sie mit amerikanischen Regionalbanken im Laufe der nächsten Jahre richtig Geld machen.

Der zähe Teil des Trades ist, auf den richtigen Zeitpunkt zu warten. Der Trend ist bislang nicht Ihr Freund gewesen. Bankaktien sind gefallen. Aber ich denke, dass dies ein Mega-Trade werden kann. Es gibt also keinen Grund zur Eile... Warten Sie den Beginn eines Aufwärtstrends ab, um dann zuzuschlagen. Sie verpassen nicht viel, wenn Sie die ersten 20 % einer Markterholung abwarten, um dann ihren Einsatz zu vervielfachen.

Noch ist es nicht soweit. Aber Sie sollten schon mal ein paar Euro beiseite legen...

  

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>
>Wenn der Chart stimmt..., wenn Pzena richtig liegt (und er hat
>einen riesigen Trade darauf platziert) ..., und wenn Munger
>Recht hat ..., können Sie mit amerikanischen Regionalbanken im
>Laufe der nächsten Jahre richtig Geld machen.
>
>Der zähe Teil des Trades ist, auf den richtigen Zeitpunkt zu
>warten. Der Trend ist bislang nicht Ihr Freund gewesen.
>Bankaktien sind gefallen. Aber ich denke, dass dies ein
>Mega-Trade werden kann. Es gibt also keinen Grund zur Eile...
>Warten Sie den Beginn eines Aufwärtstrends ab, um dann
>zuzuschlagen. Sie verpassen nicht viel, wenn Sie die ersten 20
>% einer Markterholung abwarten, um dann ihren Einsatz zu
>vervielfachen.
>
>Noch ist es nicht soweit. Aber Sie sollten schon mal ein paar
>Euro beiseite legen...
>

Ich war zu früh - mein Portfolio besteht mittlerweile zu fast 50% aus Financials (Allianz, Deutsche Bank, Erste Bank usw), mehr möchte ich nicht machen, das ist ohnehin schon eine gewaltige Übergewichtung. Aber ich bin mir ziemlich sicher, daß sich dieser Teil des Portfolios in den nächsten fünf Jahren mindestens verdoppeln wird. Dazu kommt eine sehr hohe Dividendenrendite.

  

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DIE GEFAHR AUS DEM FINANZSEKTOR

Sie kennen das Theater inzwischen: Immer wieder treten die CEOs
der großen Finanzhäuser vor die Presse und behaupten, dass sie
ausreichend Liquidität besitzen, um einen ordentlichen
Geschäftsbetrieb sicherzustellen. Und am nächsten Tag wird dann
eine Kapitalerhöhung von 4 Mrd. USD bekannt gegeben, eine
Wandelanleihe über 7 Mrd. USD ausgegeben oder sogar eine
gemischte Finanzierung über 20 Mrd. USD gesichert.

Hätte der CEO am Vortag bekannt gegeben, dass die Finanzlage
des Unternehmens angespannt sei, dann hätte das Unternehmen
keinen Investor gefunden. Und da dies bereits mehrfach
geschehen ist, ich meine jetzt: Mehrfach innerhalb ein und
derselben Bank, muss ich noch eine andere Befürchtung
hinzufügen: Entweder die Banken brauchen zwar mehr, bekommen
aber nicht mehr, oder aber die Banken wissen noch immer selber
nicht, wie viel sie brauchen.

Immer wieder gibt es die „Überraschung", dass neue
Abschreibungen notwendig sind. Ich habe mir die
Analystenkonferenz von Lehman Brothers angehört, nachdem das
Unternehmen 2 Mrd. USD frisches Kapital von Value-Investoren
eingesammelt hat, wurden die Immobilienderivate im direkt
anschließend folgenden Quartalsbericht im Wert um 2 Mrd. USD
berichtigt, also abgeschrieben. Meine ketzerische Behauptung:
Hätte Lehman es geschafft, 4 Mrd. USD einzusammeln, dann hätte
Lehman eben 4 Mrd. USD abgeschrieben. Da dies nicht gelang,
warten wir auf die nächste Finanzierungsrunde.

In den anschließenden Analystengespräch stellt der Analyst der
Deutschen Bank, Mike Mayo, die richtigen Fragen. Die Antworten
durch den CFO Lowitt sind erschreckend und lassen mich
vermuten, dass Lehman nicht mutwillig Fakten unterschlägt,
sondern einfach keine Ahnung hat.

Mayo spricht den CFO von Lehman Brothers direkt auf die
Abschreibung der 2 Mrd. USD an. In dem Wust von verschiedenen
Immobilienderivaten wurden die AAA-eingestuften
Immobilienderivate von 6 auf 4 Mrd. USD im Wert vermindert.
Mayo fragt, wie viel von dieser Wertberichtigung Papieren
zuzurechnen ist, die Lehman direkt ausgegeben hat und wie viel
von Partnerbanken übernommen wurde.

Sie wissen, das Grundproblem der Finanzkrise ist, dass niemand
weiß, was in den einzelnen Immobilienderivaten versteckt ist.
Seit nunmehr einem Jahr sind die Banken daran, die einzelnen
Immobilienderivate zu durchleuchten, damit das darin enthaltene
Risiko besser einzuschätzen ist.

Im ersten Schritt, also noch bevor man sich irgendeine
Vorgehensweise ausdenkt, wird man die Immobilienderivate des
eigenen Hauses von denen aus anderen Häusern trennen. Dann kann
man den einzelnen Papieren gezielter auf den Grund gehen.

Die Antwort des CFOs: „Ich weiß es nicht."

Lehman hat in den vergangenen Wochen 10 Mrd. USD
Marktkapitalisierung eingebüsst, weil aus diesem Bereich der
Immobilienderivate Ungemach drohte. Und nun antwortet der CFO,
dass er sich diesen Bereich noch nicht angesehen hat?

Ich kann das nicht glauben. Soviel Inkompetenz gehört wirklich
bestraft und der Ausverkauf der Lehman Aktien ist absolut
gerechtfertigt. Erst diese Woche fragte mich ein Leser, warum
die Banken so viel mehr Risiko bei Milliardeninvestitionen
einzugehen bereit sind, als bei der Vergabe eines
Konsumentenkredits über 15.000 Euro. Ich kann es nicht
beantworten, ich kann nur sagen, dass der Finanzsektor am Ende
dieser Korrektur deutlich weniger wert und weniger wichtig sein
wird, als in der Vergangenheit. Da haben die Banken das
Vertrauen, das in sie gesetzt wird, mächtig missbraucht.

Doch nun erzähle ich Ihnen das wirklich Ärgerliche: Trader und
Spekulanten können die Börsenkurse kurzfristig beeinflussen, ja
sogar verzerren. Langfristige Trends werden von Value-
Investoren begründet. Denn die Milliarden der Superreichen
werden nur zu einem sehr geringen Teil durch Hedgefonds
spekulativ eingesetzt, der weitaus größte Teil wird langfristig
angelegt. Und wenn man langfristig anlegt, dann will man einen
guten Gegenwert für sein Geld bekommen. Daher suchen sich diese
Multimilliarden gerne günstig bewertete Aktien aus, in denen
sie nach vielen Jahren gute Profite erzielen.

Und um die Aktien zu bewerten gibt es Faustregeln. Diese sind
von Branche zu Branche unterschiedlich. So gilt im
Technologiesektor für Intel, Dell und Microsoft ein KGV unter
20 als günstig. Das war die vergangenen 15 Jahre immer so, also
wird es auch immer so bleiben, oder?

Und der Gipfel der günstigen Bewertung ist derzeit der
Finanzsektor mit KGVs von 7 oder gar 4. Da kann sich kaum ein
Value-Investor zurück halten.

Und da diese Anleger nicht mit Millionen, sondern häufig mit
Milliarden hantieren, sind solche Aktienplatzierungen, wie sie
derzeit kontinuierlich aus der Finanzbranche kommen, genau das
Richtige für sie: Dort werden die Milliarden hinein investiert,
denn Finanzaktien notieren ja stets um ein KGV von 10. Und das
wird doch hoffentlich auch in ein oder zwei Jahren wieder der
Fall sein, oder?

Sie merken schon: Immer wenn ich „oder?" schreibe, stimme ich
mit der Aussage nicht überein. Finanzaktien haben auf absehbare
Zeit keine Möglichkeit, Gewinne einzufahren. Das Vertrauen ist
futsch und alles, womit bislang Geld verdient wurde, also das
Derivategeschäft, existiert kaum noch.

Und dennoch sind die Bewertungskennziffern, insbesondere das
günstige KGV, wie eine Droge für Value-Investoren. Da können
sie nicht widerstehen. Dort werden die flüssigen Mittel
investiert. Und was im Finanzsektor nicht unterkommt, das wird
nun noch im alten Technologiesektor investiert, denn auch
dieser sieht optisch günstig aus.

Und genau das ist das Problem: Mit KGVs von 25 oder 30 sind die
neuen Technologieaktien ungewohnt teuer. Aber genau diese
Aktien haben Wachstumspotential, haben es in der Hand, die
Preise anzuheben und haben Marktpositionen, bei denen die
Markteintrittsbarrieren kurzfristig zu groß für den Wettbewerb
sind. Aber das glauben die Anleger nicht. Für sie sind das
alte, schwerfällige Unternehmen, gegen die die Bits und Bytes
getriebene Finanz- und Computerwelt nichts zu melden hat.

Wenn sich diese Ansicht gedreht hat, dann ist die Hausse im
Rohstoffsektor zu Ende. Doch das dauert noch einige Jahre.

Ich habe versucht, Ihnen die Denkstrukturen der verschiedenen
Teilnehmer aufzuzeigen, damit Sie das ständige Auf und Ab der
Börse besser verstehen. Der langfristige Trend ist klar: Weg
von alter Technologie, weg von Finanzen, hin zu Energie, neuer
Technologie und Rohstoffen.


********

Diese Überlegungen aus einem Börsenbrief finde ich ziemlich gut... - ich halte mich bei Banken noch zurück. Habe nur Swiss RE als Discount-Zertifikat.... -

lg
Ottakringer

  

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>
>Ich war zu früh - mein Portfolio besteht mittlerweile zu fast
>50% aus Financials (Allianz, Deutsche Bank, Erste Bank usw),
>mehr möchte ich nicht machen, das ist ohnehin schon eine
>gewaltige Übergewichtung. Aber ich bin mir ziemlich sicher,
>daß sich dieser Teil des Portfolios in den nächsten fünf
>Jahren mindestens verdoppeln wird. Dazu kommt eine sehr hohe
>Dividendenrendite.



Hallo Warren,

ich hab jetzt nicht alles gelesen. Wie siehst Du denn Deine Bank Engagements für die nächsten 5 Jahre per Heute ?

Grüsse

  

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>Hallo Warren,
>
>ich hab jetzt nicht alles gelesen. Wie siehst Du denn Deine
>Bank Engagements für die nächsten 5 Jahre per Heute ?


Per heute ist denke ich wieder 100% möglich, dazu muß aber ein vollständiges
Abklingen der Krise passieren. Erste Bank und Co notieren immer
noch alle unter Buchwert, thesaurierte Gewinne und eine leichte
Multiple-Expansion würden ausreichen.

  

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WAREN BUFFETT Entzauberung einer Legende


Der US-Investor muss sich heute vor dem US-Kongress für seine Rolle in der Finanzkrise rechtfertigen. Vor allem die Rettung von Goldman-Sachs im Krisenjahr 2008 kratzt am Image der Investorenlegende. Die Kritik am "Orakel von Omaha" wächst.
von Rolf Benders




NEW YORK. Die Reputationskrise der Wall Street erreicht nun auch Warren Buffett, die große Lichtgestalt des US-Kapitalismus aus dem entlegenen Nebraska. Bislang hatte sich die Wut der US-Öffentlichkeit über die "gierigen Banker" an den New Yorker Geldmanagern von Goldman Sachs & Co. abgearbeitet. Buffetts zahlreiche öffentliche Auftritte und sein Erscheinen auf der volksfestartigen Hauptversammlung seiner Firma Berkshire Hathaway umwehte hingegen trotz seiner enormen Krisengewinne unverändert etwas Messianisches. Wie gebannt hingen die Gläubigen bislang an den Lippen des "Heiligen Orakels von Omaha", das aus der Provinz heraus den rechten Weg wies.
Pünktlich zur für Buffett unangenehmen heutigen Anhörung vor dem Kongress über die Rolle der Ratingagentur Moody's, zu der der Investor als Großaktionär erst unter Strafandrohung gezwungen wurde, beginnt sich die öffentliche Stimmung gegen ihn zu drehen.
"Dieser Zirkus einer Jahreshauptversammlung, die Darstellung, er tue nichts anderes, als Cherry-Coke zu trinken und Online-Bridge mit Bill Gates zu spielen, das ist alles eine Masche, mit der er sich als altmodischer Außenseiter geriert. Schaut man hindurch, ist er einfach ein Wall-Streeter", schreibt Duff MacDonald, angesehener Wirtschaftsautor in der jüngsten Ausgabe des "New York Magazins".
Vor allem die zunächst als Genie-streich gefeierte Rettungsaktion Buffetts für Goldman Sachs aus dem Krisenherbst 2008 beginnt anderthalb Jahre später das Image der Investorenlegende zu belasten. Damals pumpte er nicht nur fünf Mrd. Dollar in die Investmentbank. Er lieh damit den mittlerweile bestgehassten Finanzmarktjongleuren der USA auch seine Reputation. Für Goldman, die damals nach dem Kollaps von Lehman Brothers im Strudel der Finanzkrise unterzugehen drohte, war dies der perfekte Rettungsanker. "Wenn Buffett sein Geld auf die Bank wettet, muss die gesund sein", folgerten damals die Märkte. Tatsächlich stabilisierte sich der Kurs der Goldman-Aktie nach Buffetts Einstieg zügig. Schätzungen zufolge verdient Buffett an dem Investment bis heute jede Minute 900 Dollar.
Spätestens jetzt, da sich Goldman einer Zivilklage wegen Kundenbetrugs ausgesetzt sieht, werden diese Gewinne aber zu einer Belastung für sein Image. "Vergangenen Monat hat er Goldman auch noch verteidigt", schimpft MacDonald. Zudem wirft er Buffett vor, zuletzt wie ein schnöder Banker bei seinem Abgeordneten dafür gekämpft zu haben, dass Berkshire Hathaway von der sich abzeichnenden Finanzmarktregulierung befreit wird. "Als einer von Goldmans größten Investoren ist Buffett faktisch Goldman. Er ist im Herzen ein Bewohner der Wall Street", sagt der viel beachtete Autor einer Biografie über JP-Morgan-Chef Jamie Dimon und gibt damit eine inzwischen weit verbreitete Stimmung in den US-Medien wieder.
Heute muss sich Buffett nun zudem öffentlich für das Verhalten von Moody's, einer seiner Lieblingsbeteiligungen der Vergangenheit, rechtfertigen. Der Untersuchungsausschuss zur Finanzkrise, die Financial Crisis Inquiry Commission, will wissen, welchen Anteil Moody's an der Entstehung der Finanzkrise hatte. Vorgeworfen wird den Ratingagenturen Moody's, Fitch und S&P, ihr Oligopol missbraucht und schlechten Kreditpapieren (Subprimedarlehen) zu lange zu gute Bonitätsnoten verliehen zu haben.
Buffett verdient kräftig an den Gewinnen der Ratingagenturen
Buffett, der seine Beteiligung an Moody's zuletzt auf 13 von zuvor 20 Prozent heruntergefahren hat, steht dabei mit in der Kritik. Denn einerseits predigt er seit langem, Banken und Investoren sollten die Risikobewertung nicht an Ratingagenturen ausgliedern. Gleichzeitig verdient er aber mit an deren Oligopolgewinnen. "Er sagt zwar, dass das System besser werden müsse, aber solange es so ist, wie es ist, verdient er daran", sagte George Cohen, Professor an der Universität von Virginia.
Ob Buffetts Investments in Goldman und Moody's seine Reputation in der breiten Öffentlichkeit dauerhaft beschädigen, wird man vermutlich erst nach der heutigen Anhörung wissen. Vieles wird davon abhängen, ob er es besser versteht als die Vorstandschefs der Wall Street, mit den aufgebrachten Abgeordneten und Kommissionsexperten in Washington umzugehen.
Buffett und der Wall Street bleibt aber noch eine Hoffnung: Wenn die Ölkatastrophe im Golf von Mexiko nicht bald beendet werden kann, werden die Chefs von BP , Shell & Co. die Top-Banker als Paria Nummer eins in der US-Öffentlichkeit ablösen. Dann könnte Buffett dem Schicksal entge-hen, wie zuvor die Chefs der Wall-Street-Banken öffentlich als unver-schämter Krisengewinnler an den Pranger gestellt zu werden.

________________________________________


1930 Warren Edward Buffett wird am 30. August in Omaha (Nebraska) geboren.
1951 macht er seinen Master-Abschluss an der Columbia University Business School.
1962 erwirbt er die marode Textilfirma Berkshire Hathaway und formt das Unternehmen schrittweise zur operativen Zentrale seiner Anlage-Investitionen um.
2006 vereinbart Buffett mit der Gates-Stiftung, dass er an diese schrittweise den Großteil seiner Aktien an Berkshire Hathaway im Wert von damals rund 40 Mrd. Doll überschreiben wird.


http://www.handelsblatt.com/unternehmen/koepfe/waren-buffett-entzauberung-einer-legende;2592747;0

  

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"Dieser Zirkus einer Jahreshauptversammlung, die Darstellung, er tue nichts anderes, als Cherry-Coke zu trinken und Online-Bridge mit Bill Gates zu spielen, das ist alles eine Masche, mit der er sich als altmodischer Außenseiter geriert. Schaut man hindurch, ist er einfach ein Wall-Streeter", schreibt Duff MacDonald,

Hat er bis jetzt gebraucht, um das zu durchblicken?

>ablösen. Dann könnte Buffett dem Schicksal entge-hen, wie
>zuvor die Chefs der Wall-Street-Banken öffentlich als
>unver-schämter Krisengewinnler an den Pranger gestellt zu
>werden.

Jeder geschickte Investor ist ein Krisengewinnler. Was auf Buffett natürlich hoch 10 zutrifft, weil er ein einzigartig guter Investor ist.
Das Gelaber enthüllt auf jeden Fall nichts, was nur in die Nähe eines strafrechtlichen Tatbestands käme.

  

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>>ablösen. Dann könnte Buffett dem Schicksal entge-hen, wie
>>zuvor die Chefs der Wall-Street-Banken öffentlich als
>>unver-schämter Krisengewinnler an den Pranger gestellt zu
>>werden.
>
>Jeder geschickte Investor ist ein Krisengewinnler. Was auf
>Buffett natürlich hoch 10 zutrifft, weil er ein einzigartig
>guter Investor ist.


Genau - die wirklich großen Gewinne werden durch den Mut zu Käufen
in Krisenzeiten gemacht, wenn alle anderen in Panik sind.

"We try to be greedy when others are fearful".

  

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>"Dieser Zirkus einer Jahreshauptversammlung, die
>Darstellung, er tue nichts anderes, als Cherry-Coke zu trinken
>und Online-Bridge mit Bill Gates zu spielen, das ist alles
>eine Masche, mit der er sich als altmodischer Außenseiter
>geriert. Schaut man hindurch, ist er einfach ein
>Wall-Streeter", schreibt Duff MacDonald, angesehener
>Wirtschaftsautor in der jüngsten Ausgabe des "New York
>Magazins".

Er tut natürlich auch anderes, aber ein "Wall-Streeter" ist er sicher
nicht, z.b. sein Gehalt von 100.000 Dollar, wohnhaft seit 50 Jahren
im gleichen Haus, usw.

>Spätestens jetzt, da sich Goldman einer Zivilklage wegen
>Kundenbetrugs ausgesetzt sieht, werden diese Gewinne aber zu
>einer Belastung für sein Image. "Vergangenen Monat hat er
>Goldman auch noch verteidigt", schimpft MacDonald. Zudem
>wirft er Buffett vor, zuletzt wie ein schnöder Banker bei
>seinem Abgeordneten dafür gekämpft zu haben, dass Berkshire
>Hathaway von der sich abzeichnenden Finanzmarktregulierung
>befreit wird. "Als einer von Goldmans größten Investoren
>ist Buffett faktisch Goldman. Er ist im Herzen ein Bewohner
>der Wall Street", sagt der viel beachtete Autor einer
>Biografie über JP-Morgan-Chef Jamie Dimon und gibt damit eine
>inzwischen weit verbreitete Stimmung in den US-Medien wieder.

Sein Verteidigen von Goldman Sachs sehe ich auch kritisch, aber
man kann auch nicht erwarten daß er einem wesentlichen Investment
öffentlich in den Rücken fällt. Ich würde annehmen er dringt hinter
den Kulissen darauf die Sache in Ordnung zu bringen.

Was die Sache mit dem Abgeordneten betrifft ist der Herr Journalist
wie bei seinesgleichen üblich (der Seitenhieb mußte sein ) ahnungslos.
Buffett hat darauf gedrängt daß bestehende Derivat-Transaktionen nicht
von der vorgesehenen Pflicht zur Sicherheitenleistung erfaßt werden.
Die Argumentation ist mE völlig rational: Buffett war intelligent genug
auf keinerlei Sicherheitenleistung seinerseits zu bestehen, somit können
Marktbewegungen ihm liquiditätsmäßig nichts anhaben. Er sagt nun
völlig zu recht daß er kein Problem damit hat bei neuen Transaktionen
dies nun aufzunehmen, aber dann würde er für diese potenziellen
Opportunitätskosten einen Preis in Rechnung stellen. Eine Änderung
von bestehenden Geschäften käme einem Verschlechtern seiner Position
mit echten Kosten gleich - ein derartiger nachträglicher Eingriff in
private Verträge kann wohl nicht rechtmäßig sein.


>Buffett verdient kräftig an den Gewinnen der Ratingagenturen
>Buffett, der seine Beteiligung an Moody's zuletzt auf 13 von
>zuvor 20 Prozent heruntergefahren hat, steht dabei mit in der
>Kritik. Denn einerseits predigt er seit langem, Banken und
>Investoren sollten die Risikobewertung nicht an
>Ratingagenturen ausgliedern. Gleichzeitig verdient er aber mit
>an deren Oligopolgewinnen. "Er sagt zwar, dass das System
>besser werden müsse, aber solange es so ist, wie es ist,
>verdient er daran", sagte George Cohen, Professor an der
>Universität von Virginia.

So what?

  

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>Vor allem die Rettung von Goldman-Sachs im Krisenjahr 2008 kratzt am Image der Investorenlegende.


Rettung ist wohl etwas übertrieben, GS hätte es wohl auch ohne WB geschafft. Aber natürlich war es für GS nach WBs Einstieg leichter, auch andere Investoren bei der Stange zu halten.
Warum das am Image kratzen soll, ist mir aber nicht klar. GS ist die erfolgreichste Investmentbank der Welt, da passt es doch ganz gut, daß sich der erfolgreichste Investor der Welt daran beteiligt.

  

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>Warum das am Image kratzen soll, ist mir aber nicht klar. GS ist die erfolgreichste Investmentbank der Welt, da passt es doch ganz gut, daß sich der erfolgreichste Investor der Welt daran beteiligt.<



Darin liegt auch das Problem. Obama brauchte die "bad boys", allen voran Lloyd Blankfein, als zeitgenaue Unterstützung für seine Finanzmarktreform. Als der Coup schon fast gelungen schien, machte ihm Buffet mit seiner Rehabilitierung Blankfeins einen Strich durch die Rechnung, dafür bekommt er jetzt eine aufs Dach. Putin schickte Chodorkowskij nach Sibirien, Obama zerrt Buffet vor den Senat.
Alles ein Kampf um die Macht...

  

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Ein typisches Buffett-Zitat


Warren Buffett Says Sell to Me, Not `Porn Shop,' as Growth Dips

Warren Buffett is in Toronto,

fielding questions from a crowd of 300 executives. One asks what

makes people want to sell their companies to him.

The Berkshire Hathaway Inc. chief executive officer replies

that he tells a prospective seller to think of the company as a

work of art.

``You can sell it to Berkshire, and we'll put it in the

Metropolitan Museum; it'll have a wing all by itself; it'll be

there forever,'' he says at the February meeting. ``Or you can

sell it to some porn shop operator, and he'll take the painting

and he'll make the boobs a little bigger and he'll stick it up in

the window, and some other guy will come along in a raincoat, and

he'll buy it.''


Buffett, 77, can afford to throw a little mud on his

competitors in the private equity industry. Wall Street's

acquisition machine has seized up, while Buffett, in the

valedictory chapter of a career stretching back more than 60

years, is on a buying spree.

He has $35.6 billion in cash to spend, and he's looking for

companies that he can buy at a reasonable price, that have

experienced managers he trusts, products with strong market

positions or other competitive advantages.

Buffett's biggest catch so far in 2008 was Marmon Holdings

Inc., a conglomerate owned by Chicago's Pritzker family. On March

18, Berkshire announced it had bought 60 percent of Marmon from

the Pritzkers for $4.5 billion. Buffett is buying the rest in

increments during the next five to six years.



Needle-Moving Events



In April, he agreed to pay $2.1 billion for an undisclosed

stake in Chicago's Wm. Wrigley Jr. Co. as part of McLean,

Virginia-based Mars Inc.'s $23 billion purchase of the gum maker.

Buffett, who already owns See's Candies, is helping to fund the

deal with $4.4 billion in subordinated debt.

``This is the kind of market where you would expect the pace

of Berkshire acquisitions to pick up,'' says Keith Trauner,

senior analyst of Fairholme Capital Management LLC in Short

Hills, New Jersey. ``In a weaker business environment, sellers

moderate their expectations.''

At the same time, Berkshire is now so big that Buffett is

having a hard time turning acquisitions into growth. Most of

Berkshire's more than two dozen purchases since 2000 are too

small to have much impact. ``The larger the company becomes, the

harder it is to find needle-moving events,'' Citigroup Inc.

analyst Joshua Shanker says.

Buffett agrees. ``Anyone who thinks we will come close to

repeating our past performance should sell their stock,'' Buffett

told investors at Berkshire Hathaway's annual meeting in May. He

declined to comment for this story.



Affinity for Insurance



The Sage of Omaha, by his own count, now owns 76 companies

outright, a number that rises to about 200 if Marmon's 125

subsidiaries, which make everything from water treatment gear to

brake drums, are taken into account. Among the Buffett companies

are names familiar to most Americans: Geico car insurance, best

known for the Cockney-accented gecko in its television

commercials; Dairy Queen restaurants; Benjamin Moore paints; and

Fruit of the Loom underwear.

Berkshire also owns 8.6 percent of Coca-Cola Co., 13.1

percent of American Express Co. and 8.8 percent of Wells Fargo &

Co. Those three investments alone amounted nearly $25 billion on

June 24.

Insurance firms dominate the list of Berkshire-owned

companies. Buffett controls a dozen of them -- Berkshire Hathaway

Reinsurance, General Re Corp. and Geico Corp. are the biggest --

accounting for 31 percent of Berkshire's 2007 revenue.

``I would say we have a special affinity for insurance,''

Buffett said at the 2007 annual meeting's news conference.



Competitive Advantage



One reason is that Buffett loves float -- the premiums

collected from policy holders that can be invested at a profit

until claims need to be paid. As of the end of December,

Berkshire had $58.7 billion of float.

In May, an acquisition-minded Buffett took a tour of Europe

-- stopping in Germany, Italy, Spain and Switzerland -- where the

media and business establishment treated him like a rock star.

``I'm not looking for Pet Rock or Hula Hoop businesses,'' he said

at a Frankfurt news conference. ``I'm hoping to make big deals,

whether it's in the United States or Germany or Italy or

Denmark.''

In Europe, Buffett repeatedly praised the company headed by

the man who sat beside him during his European tour, Eitan

Wertheimer, chairman of Tefen, Israel-based Iscar Metalworking

Cos. Buffett bought an 80 percent stake in Iscar, a maker of

metal-cutting tools, in 2006 for $4 billion, his first big

overseas acquisition.

Loyal Customers



A close look at Iscar's main factory complex in northern

Israel shows why Buffett took an immediate interest when

Wertheimer faxed him a letter declaring that Berkshire would be

an ideal home for Iscar. The company has the ``durable

competitive advantage'' Buffett told the Europeans he always

looks for. It's a market leader in the design and production of a

variety of metal-cutting tools.

And Iscar has loyal customers. A disposable tungsten carbide

insert used to slice steel can wear out in 20 minutes or less,

meaning that Iscar must deliver a steady supply of new blades to

every customer that uses them.

Buffett's purchase of Iscar made the Wertheimers celebrated

billionaires, so it's no surprise that he receives hundreds of

letters from other entrepreneurs offering to be bought out.

Among those that have made the grade in the past 10 years

are: MidAmerican Energy Holdings Co., which can generate a set

return on equity of 10-11 percent from its regulated utilities;

electronic parts distributor TTI Inc., which has never posted an

annual loss nor laid off an employee; and Business Wire, one of

two companies that dominate the niche of sending news and

financial releases around the world.



Quick Dividends



Becoming a Berkshire company can pay quick dividends. On

June 30, 2005, Berkshire purchased Medical Protective Corp., a

Fort Wayne, Indiana-based malpractice insurer, from General

Electric Co. for $825 million. The next day, Standard & Poor's

raised the firm's A financial rating to AAA. ``It's hard to

imagine how MedPro could have done any better than being owned by

Berkshire,'' CEO Tim Kenesey, 41, says.

Sometimes the benefit is more subtle. ``There's definitely a

halo effect,'' says Steve McKenzie, CEO of Norcross, Georgia-

based Larson-Juhl Inc., a custom picture frame maker Buffett

acquired in 2002 for $223 million. ``It's realized in the higher-

quality recruits we hire and in potential acquisitions' readiness

to talk to us,'' says McKenzie, 46.



Buying on Faith



Buffett often decides to buy a company after what looks like

a cursory examination of its operations. He agreed to purchase

Larson-Juhl after a 90-minute talk with its founder, Craig

Ponzio. During his European tour, Buffett told questioners that

he had bought Iscar without any due diligence and after just a

few days of talks with its top executives, who traveled to the

U.S. three times to meet with Buffett and his investing partner,

Charles Munger.

No one from Berkshire ever stepped inside an Iscar factory

before the deal was done, Buffett says.

``He's buying on faith, and especially with larger

acquisitions, that's certainly perilous,'' says analyst Chuck

Hamilton, who follows insurance at FTN Midwest Securities Corp.

``If he were to spend $20 billion-$30 billion on a major company,

without due diligence, that would really be cause for

heartburn.''

With a staff of only 19 at Berkshire headquarters in Omaha,

Nebraska's Kiewit Plaza, Buffett says he won't buy a company

without management in place that he's sure of.



Modest Backgrounds



``We have to see it in their eyes,'' he said at the May 3

annual meeting, where 31,000 investors converged on Omaha's Qwest

convention center to hear Buffett and Munger, 84, answer

shareholder questions between mouthfuls of See's candies.

In the case of Victor Mancinelli, CEO of CTB Inc., a maker

of poultry feeding systems and other agricultural equipment in

Milford, Indiana, Buffett could see it on the balance sheet.

Mancinelli had paid off nearly $80 million in leveraged buyout

and other debt in just three years. Berkshire bought CTB in 2002

for about $180 million.

One quality Buffett firms usually have in common: CEOs from

modest backgrounds, often without Ivy League degrees on their

resumes. Mancinelli's father was a truck driver, and his mother

was an autoworker.

MidAmerican Chairman David Sokol worked his way through the

University of Nebraska at Omaha as a night manager at a grocery

chain. TTI's Paul Andrews is a former oil rig roughneck who once

sold Bibles door-to-door. Business Wire's Cathy Baron Tamraz is a

former taxi driver.



Wagering Billions



Buffett is famous for his lack of pretension. He has honed

the fine art of ukulele playing. He still lives in the Dutch

colonial home he bought for $31,500 with his late first wife,

Susan, in 1958, according to ``Of Permanent Value: The Warren

Buffett Story'' by Andrew Kilpatrick (self-published, 2008).

When he eats out, it's often at Gorat's Steak House on

Center Street in Omaha, where a luncheon steak will set you back

$8.25 -- including soup and a side of mostaccioli pasta. Buffett

personally drives visitors to and from the airport. He prefers

Cherry Coke to fine wine and saves money buying it by the case.

Buffett's just-plain-folks posture is a bit of a feint. His

father, Howard, was an investment banker and a Republican U.S.

congressman. Warren attended the Wharton School of the University

of Pennsylvania and got a master's degree in economics from

Columbia University.

In terms of the businesses he buys, Buffett never tires of

telling questioners that he invests only in simple,

straightforward industries whose operations he can grasp. Yet he

wagers billions on everything from hedge funds to junk bonds.

Through December, Buffett had made $2.3 billion in pretax

earnings during the past five years on foreign-exchange bets.



Put Options



And as of March, he had tens of billions of dollars riding

on two kinds of derivatives -- instruments he dubbed ``financial

weapons of mass destruction'' in his 2002 letter to shareholders.

The first is a variety of credit-default swap guaranteeing

payment on certain high-yield bonds. Credit-default swaps, which

are contracts to protect against or speculate on default, pay the

buyer face value if a company fails to adhere to its debt

agreements.

Buffett also has sold put options -- contracts that provide

the right, but not the obligation, to sell a security, currency

or commodity at a set price within a set period -- on four stock

indexes. In his 2007 shareholder letter, Buffett wrote that

because Berkshire holds the cash connected to the derivatives,

there is no risk the parties on the other side of the transaction

won't pay.



Slow to Sell



Buffett's investment choices have yielded a conglomerate

that's profitable in all kinds of weather. Through May,

Berkshire's Class A stock, which traded on June 24 for $122,700 a

share, has returned an average of 19.3 percent annualized in the

past 20 years, nearly double the 11.2 percent return of the S&P

500 Index. From June 30, 2007, through June 24, Berkshire stock

rose 12.1 percent, while the S&P 500 Index returned a negative

10.8 percent.

As of Feb. 29, Buffett himself owned 28.1 percent of the

combined value of Berkshire's Class A and B shares, worth $53.44

billion on June 24. Class B shares have 1/30th of the value of

Class A shares' value and 1/200th of their voting rights.

Buffett could be even richer if he had bent some of his own

rules. For instance, he prides himself on buying and holding

companies forever -- and is slow to sell his stocks. That has

cost him and his shareholders' money. Berkshire's 8.6 percent

stake in Coca-Cola was worth $17.6 billion when it hit its high

in July 1998. Nearly a decade later, it's valued at just $10.67

billion -- and Buffett hasn't sold a share.



Underwriting Losses



Buffett has stumbled, most notably in 1998, when he spent

$22 billion in Berkshire stock to buy Stamford, Connecticut-based

General Re, one of the world's biggest reinsurance companies.

``General Re's name has stood for quality, integrity and

professionalism in reinsurance,'' Buffett wrote in that year's

shareholder letter. He lauded CEO Ronald Ferguson for his

leadership.

Yet, as Buffett has pointed out in several annual reports

since, the company was selling insurance way too cheaply. From

1999 through 2005, Gen Re ran up a total of $7.69 billion in

underwriting losses. FTN Midwest's Hamilton estimates that those

losses have been largely offset by investment income.

In 2001, Ferguson stepped down, replaced by executive vice

president Joe Brandon. In that year's letter, Buffett compared

Brandon to former General Electric CEO Jack Welch. ``He is smart,

energetic, hands-on,'' Buffett wrote.



`A Sinkhole'



In 2006, prosecutors accused Ferguson, former CFO Elizabeth

Monrad and two other former General Re executives of helping

American International Group Inc. inflate reserves by writing

sham, no-risk reinsurance contracts beginning in late 2000.

Jurors convicted all four of fraud in February, along with

one former AIG executive. They are still awaiting sentencing. Two

other former Gen Re executives pleaded guilty to their role in

the fraud in 2005.

Buffett was interviewed by prosecutors in connection with

the case. He wasn't charged with any crime. Brandon, named by

prosecutors as an unindicted co-conspirator, resigned on April

14, and was replaced by Gen Re President Tad Montross.

``It's been a sinkhole,'' Hamilton says. ``Buffett's lost

more than a shred of reputation.''

General Re isn't Berkshire's only regulatory entanglement.

Connecticut Attorney General Richard Blumenthal said in May that

he's investigating whether Moody's Investors Service, which was

19.6 percent owned by Buffett as of March 31, was guilty of a

conflict of interest when it gave a AAA rating to Berkshire's new

municipal bond insurance firm.



`Purse Strings'



``It is one symptom of a system rife with possible conflicts

of interest and problematic relationships,'' Blumenthal said in a

May 1 interview with Bloomberg News.

Buffett says his company deserves its rating. ``If Berkshire

isn't AAA, I'm not sure what company would be,'' he told

Bloomberg Television.

As pressure has grown for Berkshire to spend its cash,

Buffett has been willing to travel farther afield in search of

companies to buy, says David Carr, chief investment officer of

Oak Value Capital Management Inc.

``I think in the past five years, he's loosened his purse

strings,'' Carr says. ``There's nothing off limits as long as he

understands the model.''

Analyst Hamilton says Buffett is finding it hard to

replicate his previous returns. ``The returns on equity and

capital are not what they were in years past,'' he says.



Intrinsic Value



Berkshire's growth is slowing. The annual median increase in

per share book value, or net worth, averaged 10.3 percent in the

eight years ended on Dec. 31, 2007, compared with 26.1 percent in

the 1990s and 28.8 percent in the '80s, according to Citigroup's

Shanker. He says Buffett is turning Berkshire into a conservative

capital preservation vehicle.

``If you're interested in capital appreciation, you have to

ask yourself whether Berkshire Hathaway is the right

investment,'' Shanker says.

Buffett says there's only a limited number of good, big

companies for sale at reasonable prices. As he put it in a May

2007 interview with TV host Charlie Rose, ``The real goal at

Berkshire is just to keep building more and more earning power

from operating companies.''

What makes Buffett want to buy? He himself says there's no

secret formula, because each company's dynamic is unique.

Berkshire is most active when markets go awry and companies'

market capitalizations dip below their true worth -- their

``intrinsic value'' in Buffett-speak.



`Deal Velocity'



MidAmerican Energy's Sokol turned to Buffett during the

stock market bubble of 1999. Investors, infatuated with Internet

and technology stocks, were undervaluing the shares of relatively

staid utilities such as Des Moines, Iowa-based MidAmerican, which

looked especially pallid next to booming energy trader Enron

Corp.

``You do two to three deals a year,'' Sokol recalls one

analyst telling him. ``Your competitors are doing two to three a

month; they have deal velocity.''

Shares of MidAmerican slumped to less than $27 in late 1999

from $42 in '97. ``The irrational behavior was driving me

crazy,'' Sokol says.

What Buffett saw in MidAmerican was a company positioned to

take advantage of utility deregulation and grow through a string

of acquisitions. It now operates regulated utilities in 10

states, plus the U.K. It also owns plants in Australia and the

Philippines. State regulatory commissions typically allow returns

on equity of 10-11 percent.



`A Fool's Game'



``Warren thinks of our business as a good place to invest

money on a long-term basis,'' Sokol says.

Sokol didn't need to join a long line of company owners

trying to get Buffett's attention. One investor in MidAmerican

was Walter Scott Jr., a Berkshire director and Buffett friend. He

is chairman emeritus of Omaha-based construction contractor Peter

Kiewit Sons' Inc.

Scott suggested the meetings that resulted in the sale.

Berkshire paid $1.7 billion for 85 percent of MidAmerican. Sokol,

Scott, now 77, and MidAmerican President Gregory Abel paid some

$310 million for the rest.

Midamerican dips into Berkshire's till for acquisitions,

while keeping true to Buffett's reputation for thrift by scooping

up companies on the cheap.

``With regulated assets, overpaying is a fool's game,''

Sokol says.



Deep Pockets



In 2002, the company paid $450 million for Salt Lake City-

based Kern River Gas Transmission Co. Also in 2002, it bought

Northern Natural Gas Co. from Dynegy Inc. for $928 million.

Dynegy had purchased the pipeline company, now based in Omaha,

less than nine months earlier from a collapsing Enron for $1.5

billion.

``It was a brilliant acquisition,'' says Gordon Howald of

Calyon Securities (USA) Inc. ``Using standard industry multiples,

we could see these assets worth more than $2 billion in today's

market.''

Sokol has kept up his buying. He paid $5.1 billion for

PacifiCorp, a Portland, Oregon-based utility, in March 2006. That

month, Berkshire also agreed to give him up to $3.5 billion in

cash for new purchases or other purposes, in exchange for

MidAmerican stock.

NetJets Inc.'s Richard Santulli also had Buffett's deep

pockets in mind when he made a call to Omaha. The year was 1998,

and his partner, Goldman Sachs Group Inc., which owned 20 percent

of the company, was pushing for a public offering. In 1986,

Santulli had invented the notion of ``fractional'' jet ownership,

in which individuals and companies buy shares of a private

plane's flying time in lieu of buying the entire jet.



`25-Year-Old Kids'



By 1998, several other companies, including Montreal-based

Bombardier Inc. and Waltham, Massachusetts-based Raytheon Co.,

had crowded into the field. To keep his dominant market share,

Santulli expanded both the number and variety of aircraft in his

fleet.

Santulli balked at the idea of an IPO for Woodbridge, New

Jersey-based NetJets because going public would subject his

company to the scrutiny of Wall Street analysts. ``I wasn't going

to answer to 25-year-old kids telling me how to run my

business,'' he says in his thick Brooklyn accent.

Like Sokol, Santulli had ready access to Buffett, who was a

customer and had told him in the past to give Berkshire a call if

he ever wanted to sell. Less than a week after he made the call,

Buffett picked Santulli up at Omaha's Eppley Airfield in his Town

Car and took him to his office. ``The deal was done in 5 minutes,

maybe 10 minutes,'' he says. Berkshire paid about $725 million in

cash and stock.



Expanding to Europe



Berkshire not only bankrolled NetJets' fleet of Boeings,

Citations and Gulfstreams, it also underwrote the company's

expansion to Europe. From 2000 to '05, NetJets lost $212 million

building up a European fractional jet ownership program. ``If I

were public, I would have had to close the European business

down,'' Santulli says, adding that today the unit is profitable.

``If I were to sell that business -- which of course we're

not -- I would start at more than a billion and go from there,''

he says. According to Jetnet LLC, a Utica, New York-based

research firm, NetJets now has more than 50 percent of the U.S.

fractional jet market and virtually no competition in Europe.

Business Wire's Tamraz, 54, had no special entree to

Buffett's office when she faxed him a letter, along with

financial data, in November 2005. Eight days later, her

receptionist buzzed her.

``Warren Buffett's on line 2,'' she said.

``Hello, Mr. Buffett,'' Tamraz said, as she scrambled to

find her copy of the letter.

``Call me Warren,'' he responded.



Job Security



Tamraz says Buffett asked for more financial information on

New York- and San Francisco-based Business Wire and for an idea

of the price she was asking for the enterprise.

What appealed to Buffett about Business Wire was its

business model, Tamraz says. The firm, founded in 1961, delivers

250,000 news releases a year for 25,000 corporate clients around

the world. In 2007, it had more than $125 million in sales, which

have been growing about 8 percent a year for the past three

years, according to Tamraz.

One reason: Regulation Fair Disclosure, a U.S. Securities

and Exchange Commission rule implemented in October 2000 that

requires companies to disclose market-moving information to all

investors simultaneously.

Tamraz is thrifty. She has no secretary and decorates her

office with posters. She's been known to pitch in to format press

releases when earnings season picks up. Another feature Buffett

liked is that Business Wire has only one significant rival,

London-based United Business Media Plc's PR Newswire, which had

an operating margin of 35 percent in 2007.



`Cheap Parts'



Tamraz had spent four years trying to sell her business. No

private equity or media firm would agree to her roster of

demands, including job security for her 500 employees and a free

hand to run the company. Two weeks after she talked to him,

Buffett agreed to all of her conditions. The price he paid was

``more than several hundred million dollars,'' Tamraz says.

Fort Worth, Texas-based TTI, which Buffett bought in 2007,

is also in the distribution business. It buys components that are

used in an array of electronic devices and sells them to

manufacturers around the world. ``We sell cheap parts better than

anyone,'' CEO Andrews declares in his Texas drawl, before

correcting himself: ``We sell inexpensive parts better than

anyone.''



No Losses



TTI has carved out a niche in so-called passive components

-- connectors, capacitors and resistors. They sell for an average

of less than 4 cents each. With 2007 revenue of $1.4 billion, TTI

operates in an industry with thin margins. Everything about TTI

is low cost: Its Spartan headquarters is tucked inside a 276,000-

square-foot (25,600-square-meter) warehouse.

Andrews, 65, started TTI in his living room in 1971 after

being laid off from a purchasing job at General Dynamics Corp.

Over the years, he plowed profits back into inventory and rode

out the cycles of the electronics industry that forced many

rivals to sell or fold. Andrews says TTI has never posted an

annual loss and has never laid off an employee.

Today, TTI's inventory is enormous. An Apple iPod may have

about 500 components, and TTI says it stocks 450 of them. All

told, the company sells more than a million different kinds of

parts. TTI buys them from manufacturers such as Malvern,

Pennsylvania-based Vishay Intertechnology Inc. and Greenville,

South Carolina-based Kemet Corp. ``When you come down to it, they

are an extension of our sales force,'' Kemet CEO Per-Olof Loof

says.



Hamburgers and Cokes



Receiving, ``picking'' and packaging orders at TTI is

largely automated. For high-volume items, automatic lifts pluck

the appropriate bar-coded part -- say, a reel of capacitors --

from a revolving carousel and send it off on a conveyor to be

combined with the balance of the order. Given the company's low-

priced goods, any error in the process will eat up TTI's profits.

Andrews got his foot in Berkshire's door through John Roach,

a friend of Andrews's who had sold Justin Industries Inc., a Fort

Worth building supply maker, to Berkshire in 2000 for $600

million. Roach overnighted TTI's 3-inch (7.6-centimeter) thick

book of financial information to Buffett and set up a meeting.

Andrews arrived with Roach at Buffett's offices at 10 a.m.

on Nov. 15, 2006, for a scheduled two-hour meeting. It lasted

twice as long, with Buffett peppering Andrews with questions

about his business and family. Buffett treated his visitors to

hamburgers and Cokes at a country club, and then they returned to

his office.

``Warren made an offer, and Paul made a quick response,''

says Roach.

``OK, let's do it,'' Buffett said and called in CFO Marc

Hamburg to work out the details. The price wasn't disclosed.



Katyusha Rockets



Andrews agreed to stay at TTI for at least three years.

``There's nothing in writing, except a handshake and a

gentleman's agreement that I'm going to be here to do what I said

I was going to do,'' he says.

One reason Andrews says he sold to Buffett was he had no

desire to see his company loaded with debt by a private equity

firm or gutted by a cost-cutting rival. Iscar's Wertheimer, 56,

had the same notion. ``We are very proud of what we've built,''

he says. ``We want it to continue.''

In buying an Israeli company, Buffett took on the kind of

geopolitical risk he's accustomed to as an insurer. Within days

after the deal closed in July 2006, fighting broke out between

Israel and the Shiite Hezbollah group that dominates southern

Lebanon.

Wertheimer called Buffett to tell him that Katyusha rockets

were slamming into the sun-baked hills around his plants and

there was a chance his machinery would be damaged and that his

employees would lose workdays.



20-Year Perspective



``I'm not interested in what happens next quarter,''

Wertheimer says Buffett told him. ``I'm interested in the next 20

years.'' Some of Wertheimer's staff did move south while the

rockets were falling. Iscar didn't miss a shipment.

Wertheimer says that in the eight months and three face-to-

face visits leading up to the Iscar deal, he and the Omaha

investor had wide-ranging discussions about everything from

philanthropy to ``how to look on life,'' in Wertheimer's words.

At one point, Buffett sent him a biography of the Jewish-American

educator Abraham Flexner, who helped found the Institute for

Advanced Study in Princeton, New Jersey. Both Buffett and

Wertheimer have a longstanding interest in education.

``I love talking to him,'' Wertheimer says. ``For me, he's a

teacher.''

Wertheimer took over as CEO of Iscar in 1984, when his

father, Stef, now 81, who founded the company after fleeing Nazi

Germany, was injured in a car accident.



Jews, Arabs and Druse



He transformed it from a local exporter of metal-cutting

tools into an international enterprise with 7,500 employees,

plants from Barcelona to Bangkok and more than $1 billion in 2007

sales. In 1995, he turned over the CEO position to his colleague,

Jacob Harpaz, 57.

``I was just getting in Jacob's way, so I fired myself,''

says Wertheimer, who remains chairman.

On a rainy day in March, Wertheimer leads a tour through

some of the 20 buildings that comprise the company's hillside

campus. The company's Israeli workers are a combination of Jews,

Arabs and Druse, many of whom Wertheimer greets by name.

Iscar's tools are used by makers of cars, appliances and

other durable goods to cut metal to exacting specifications. The

inserts, as they're called, sell for anywhere from a few dollars

to more than $100 each. Teams of Iscar designers are at work

every day looking for ways to make them cut faster and more

efficiently.



Sharper Tools



One customer is Bolton, Ontario-based Husky Injection

Molding Systems Ltd. In April, manufacturing engineer Noel Pinto

was looking for a way to improve the milling of the steel platesHusky makes at its Milton, Vermont plant. They are used in

plastic bottle manufacturing, among other processes. Iscar's

Thomas Raun devised a new tooling process, improving the speed of

the operation by 40 percent.

``They find ways to implement new technology,'' says Pinto.

Wertheimer says he's very comfortable linking up with

Buffett. ``Warren has a message to the world,'' he says. ``It's

balance.'' He points with his index finger to his head, to his

heart and finally to his wallet. ``And he does it in a fair,

clean and nice way,'' he says.

One of the companies Buffett owns is expected to yield a new

Berkshire top executive if the Omaha investor passes from the

scene anytime soon. Buffett updates shareholders regularly on the

subject of succession and did again at the annual meeting in May.

Berkshire's board, he said, has identified three candidates with

the qualifications to succeed him as CEO, and one has been

selected.



`Nobody Replaces Warren'



Analysts, including Citigroup's Shanker, say based on their

ages and accomplishments, the most likely candidates are NetJets'

Santulli, 63; MidAmerican's Sokol, 51; Berkshire Re head Ajit

Jain, 56; and Geico CEO Tony Nicely, 65.

Four money managers have also been selected as candidates to

replace Buffett in his role as chief investor. The board and new

CEO will decide which of those candidates he will work with.

These plans could change if Buffett remains in place for an

extended period, and men like Santulli and Nicely are seen as too

old to don his mantle. The new CEO could end up being the head of

a Berkshire company that has yet to be acquired.

Sokol doesn't let the issue trouble him. ``There is more

than adequate talent to keep the Berkshire Hathaway way of doing

things going forward,'' he says. ``But nobody replaces Warren

Buffett.''

Buffett treats the issue of his mortality with

characteristic wisecracking humor. One Saturday morning several

months ago, CTB's Mancinelli says he called Buffett, as he

occasionally does. Buffett asked to call him back, saying he had

an appointment with his barber.

``The way I figure it, I have just so many haircuts left in

my life,'' Buffett said. ``I don't want to miss any of them.''

  

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Warren Buffett, chief

executive of Berkshire Hathaway BRKa.N BRKb.N, sees some opportunities for

investing in the subprime mortgage business, he told Reuters in an interview on

Wednesday.

Buffett said Berkshire Hathaway had already made some subprime investments

through its Clayton Homes manufactured housing unit.

Buffett, who is famous for investing in businesses in beaten-down industries,

said he also sees indirect investments in this area through a municipal bond

insurer Berkshire set up earlier this year.

As Buffett wades in, others are sure to follow. Some already have -- giant bond

fund Pacific Management Co, a unit of Allianz SE ALVG.DE, and Swiss insurer

Zurich Financial Services ZURN.VX are among those trawling through distressed,

subprime assets, looking for bargain price opportunities.

"We have bought some subprime paper in the open market, as people have wanted to

sell portfolios," Buffett said of the investments Clayton Homes has made to

date. Other investments are possible, he added.

"We listen to anything we hear about," said Buffett. "If it is big and unusual,

and carries the proper premium, we listen."

And Buffett said Berkshire's monoline insurer may

indirectly invest in some distressed areas, including subprime.

"Some of that may be a factor in what we are doing in bond

insurance -- it is an indirect fall-out from that," he said.

Buffett said last month that he was generally hoping to

make big investment deals, "the bigger the better."

The subprime mortgage crisis has been the main driver of

the credit market turmoil that has gripped worldwide markets

since last year, and has led financial institutions around the

globe to record losses and write-downs exceeding $300 billion.

Zurich Financial Services, which largely skirted these

risky investments in the run up to the crisis, is now looking

at investing in such distressed assets, said Chief Investment

Officer Martin Senn.

"That is one asset class we are looking at, particularly

indirectly through hedge fund (investments)," said Senn, in an

interview earlier this month.

And Newport Beach, California-based Pimco, with about $128

billion in assets under management, has recently stepped up its

holding of risky mortgage debt.

  

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Lone Star, the Dallas-based buyout fund, will purchase CIT's

home lending unit for $1.5 billion and take on $4.4 billion of

debt and other liabilities, New York-based CIT said today.

Berkshire will buy CIT's portfolio of loans backing factory-built

homes for $300 million.

  

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Buffett Has $2.1 Million Lunch Date With Hedge-Fund Manager

A lunch date with billionaire investor Warren Buffett

was sold to a Chinese hedge-fund manager yesterday for more than $2.1 million

during an online auction, more than tripling last year's record of $650,100.



Zhao Danyang, who manages the Pureheart China Growth Investment Fund in

Shenzhen, won the auction by bidding $2,110,100, said Denise Lamott, a

spokeswoman for Glide Foundation. Glide, a San Francisco charity, will receive

all proceeds from the auction.



It was Buffett's ninth annual auction to benefit Glide, and the fourth

consecutive time the winning bid set a record. A total of nine bidders placed 78

offers over five days this week, according to the EBay Inc. auction site. Lamott

said a crowd of Glide employees, board members, donors and others gathered to

watch the results at a San Francisco hotel last night, and were jubilant.



``There were screams, shouts -- it was amazing in here,'' Lamott said in a phone

interview.



Buffett, chairman of Berkshire Hathaway Inc., will entertain Zhao and seven

companions at a New York steakhouse and answer virtually any question except

what he is buying and selling. He praised Glide, which provides services

including job training, medical care and 750,000 meals a year to the poor.



``It takes people who've hit bottom and brings them back,'' Buffett, 77, said in

an interview before sitting down earlier this week with last year's winners.

``That's why we're here.''



No one answered the phone at the Pureheart offices in Shenzhen after the auction

closed on Saturday morning local time.



World's Richest



Buffett built Berkshire Hathaway from a failing textile manufacturer into a $200

billion holding company. Berkshire has a $72 billion stock portfolio and owns

businesses including Geico car insurance, Dairy Queen restaurants, Benjamin

Moore paints and Fruit of the Loom underwear.



Buffett owns about 28 percent of Omaha, Nebraska-based Berkshire, making him the

world's richest man, according to Forbes magazine. Two years ago, he pledged

most of his stock to the Bill & Melinda Gates Foundation.



Susan Buffett, the billionaire's late first wife, volunteered at Glide, founded

in the 1960's by the Rev. Cecil Williams in the blighted Tenderloin district of

San Francisco.



``He went to a dying inner-city church,'' Buffett said in the June 25 interview.

``He was a young black minister at the time. He worked, starting with nothing,

and he basically built one of the great organizations I've seen for helping

people that are really down and out. I'm a huge admirer of Cecil Williams and

Glide.''



`Thank God for Warren'



Williams is equally appreciative of Buffett. He said the foundation is about 15

percent behind last year's fundraising, even as costs soar and lines of people

waiting for services get longer.



``Thank God for Warren Buffett,'' Williams said in an interview earlier this

week. ``We're going through trying times, that's why it's so important for

people like Warren Buffett and others to respond.''



Buffett exhorted government and individuals to do more to help.



``You have 20 percent of the households in the United States with almost 60

million people in them that have $21,000 a year or less of income,'' Buffett

said. ``And I'd just invite anybody to try to live on $21,000 a year for their

household.''



Past winners have discussed a wide range of topics with the legendary investor.



Lessons, Mistakes



``We talked about how to pick good people, how to educate the children, how to

donate money,'' said former winner Yongping Duan, a California investor and

founder of a consumer- electronics company in China. ``He talked about his

opinion on some industries'' and shared lessons he learned from his mistakes,

Duan said after his lunch meeting last year. Duan won in 2006 with a bid of

$620,100.



David Einhorn, founder of hedge fund Greenlight Capital LLC, won with a bid of

$250,100 in 2003, the first year the auction was conducted on San Jose-based

EBay's online site.



Alan Stillman, founder of steakhouse Smith & Wollensky, pledged $10,000 and the

meal for the right to host the event.



The following table lists the winners from previous years and the price paid,

according to Glide.







Winner Final Bid

2000 Anonymous $25,000

2001 Anonymous $18,000

2002 Edward Jones Co. and 2 Anonymous $25,000

2003 David Einhorn, Greenlight Capital $250,100

2004 Jason Choo, Singapore $202,100

2005 Anonymous $351,100

2006 Yongping Duan, California $620,100

2007 Mohnish Pabrai, Guy Spier, Harina Kapoor $650,100

  

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Buffett's Berkshire Suffers Worst First-Half Slide Since 1990

2008-07-02 00:01 (New York)





By Josh P. Hamilton

July 2 (Bloomberg) -- It must be a bear market because even

billionaire Warren Buffett's Berkshire Hathaway Inc. has slumped

almost 20 percent since December.

The decline exceeds the 15 percent drop of the Standard &

Poor's 500 Index from Dec. 10 through yesterday. It's the worst

first half for the Omaha, Nebraska-based investment and holding

company since 1990, as price competition drove down revenue at

Berkshire's insurance units, which account for about half of its

income.

Berkshire is ``close to getting more fairly priced,'' said

Charles Hamilton, a Nashville, Tennessee-based analyst at FTN

Midwest Securities Corp., who has a ``neutral'' rating on

Berkshire. ``I wouldn't say it presents a buying opportunity

right now.''

After reporting record 2007 earnings of $13.2 billion, the

77-year-old Buffett told shareholders in February that profit

margins from insurance will drop.

``That party is over,'' Buffett wrote in his annual letter

to shareholders in February. ``It is a certainty that insurance

industry profit margins, including ours, will fall significantly

in 2008.''

Berkshire also has been hurt by the declines of Wells Fargo

& Co., American Express Co. and U.S. Bancorp, three of the

company's 10 biggest equity holdings at the end of March. Wells

Fargo, Berkshire's second-largest holding, dropped 18 percent in

the second quarter, while American Express and U.S. Bancorp

slipped 14 percent.

Berkshire closed at $120,100 yesterday in New York Stock

Exchange composite trading, down from their all-time high of

$151,650 in December. That's the sharpest drop in more than five

years. Berkshire spokeswoman Jackie Wilson didn't respond to a

request for comment.



Buffett Bulls



The slide hasn't deterred Buffett devotees, who think

Berkshire's decline represents a buying opportunity.

``I'd put a new client in Berkshire right now,'' said Frank

Betz, a partner at Warren, New Jersey-based Carret Zane Capital

Management, which oversees $800 million, including Berkshire

shares. ``It's probably the highest-quality collection of

individual companies that's ever been assembled. Long slides are

not in the Berkshire Hathaway lexicon.''

Berkshire bulls are betting with history on their side: the

shares advanced in 17 of the past 20 years. The last annual

decline was 3.8 percent in 2002. The company had record earnings

last year as Buffett booked a $3.5 billion profit on a $500

million investment in oil producer PetroChina Co., and insurance

units made money selling coverage against storms that never came.

The decline in financial shares may provide Buffett an

opportunity to boost holdings, said Whitney Tilson, a principal

at New York-based hedge fund T2 Partners, which counts Berkshire

among its investments.



`Chaotic Markets'



``Where Buffett makes his money is taking advantage of weak,

chaotic markets,'' Tilson said. ``The odds that Buffett could do

a large transformative deal have gone up substantially.''

Buffett built Berkshire over four decades from a failing

maker of men's suit linings into a $185 billion company. He plows

revenue into companies whose management he trusts and whose

business models he deems superior. The billionaire's Berkshire

stake makes him the world's richest person, according to Forbes

magazine.

With Berkshire's $35 billion in cash, Buffett can scoop up

bargains on beaten-down securities and make acquisitions while

near-frozen credit markets curb purchases by leveraged buyout

firms, Tilson said.

Tilson calculates the so-called intrinsic value of

Berkshire's assets and operations at $157,000 a share. The stock

reached intrinsic value in 11 of the past 12 years, Tilson said.

The discount was about 24 percent at yesterday's close.



Insurance Rates



This year's gap emerged amid a drop in commercial property

rates from their peaks after Hurricane Katrina in 2005. Property

and casualty prices in the U.S. fell 14 percent in the first

quarter from the same period a year earlier, according to a

survey by the Council of Insurance Agents and Brokers.

Berkshire, which owns National Indemnity, General Re Corp.

and Geico Corp., saw first-quarter earnings from underwriting

insurance policies fall 70 percent to $181 million. Pretax

underwriting profit at Berkshire Hathaway Reinsurance Group,

which sells catastrophe coverage, dropped 95 percent.

Also damaging to Berkshire's earnings is the biggest housing

slump since the Great Depression, which slowed the company's

building-related businesses, including Acme Brick, wallboard

maker Johns Manville and Shaw Industries, the world's largest

carpet manufacturer.



`Stagflation'



Buffett says the U.S. is mired in ``stagflation,'' a period

of slowing economic growth and accelerating inflation.

``We're right in the middle of it,'' Buffett said in a June

25 interview. ``I think the `flation' part will heat up, and I

think the `stag' part will get worse.''

An economic recovery isn't ``going to be tomorrow, it's not

going to be next month, and may not even be next year,'' he said.

Tilson and Carret Zane's Betz say they'll wait. Berkshire

gained 26-fold since 1988 in NYSE trading -- a return more than

three times greater than the S&P 500.

``I sleep well,'' Tilson said. ``It's not going to double

overnight, but we think it will in five years, which is a 15

percent compounded annual rate. It's the stock you want to own.''

  

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Tilson calculates the so-called intrinsic value of
Berkshire's assets and operations at $157,000 a share.
(...)
The discount was about 24 percent at yesterday's close.



Abschläge auf den NAV wohin man schaut ... selbst des Meisters Firma wird unter Wert gehandelt. Eigentlich hätte ich ja Lust, mir einmal so eine Aktie zu kaufen.

  

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>Tilson calculates the so-called intrinsic value of
>Berkshire's assets and operations at $157,000 a share.
>(...)
>The discount was about 24 percent at yesterday's close.

>
>
>Abschläge auf den NAV wohin man schaut ... selbst des Meisters
>Firma wird unter Wert gehandelt. Eigentlich hätte ich ja Lust,
>mir einmal so eine Aktie zu kaufen.

Kannst ja auch die Class B kaufen, die kostet nur 1/30

  

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so einen vergleichbaren Put würde ich auch gerne schreiben - über 5% Prämie im Fall eines schweren Sturms im zweiten Halbjahr einen Bond von z.B. Niederösterreich zu kaufen

Buffett's Berkshire Paid to Buy Bonds If Storm Hits


By Erik Holm

July 3 (Bloomberg) -- Billionaire investor Warren Buffett's

Berkshire Hathaway Inc. will collect $224 million from Florida in

exchange for an assurance that he'll provide capital to the state

if a major hurricane strikes this year.

Berkshire agreed to buy $4 billion in tax-free state bonds

should the state's catastrophe program need to raise money after

a major storm, said Dennis MacKee, a spokesman for the State

Board of Administration, in an interview today.

The deal may erase some of the uncertainty about Florida's

ability to raise money after a hurricane. The state sells

coverage to homeowners and private companies at below-market

rates, and plans to fund cash shortfalls in the bond market.

Raising money could be a ``very challenging task,'' Fitch Ratings

said in March.

``Given the state of the financial markets today, this

addresses a possible need we have to place a pretty substantial

bond issue,'' MacKee said. ``We were looking for a liquidity

product that would allow us to move quickly after a major

storm.''

Fitch said the state's homeowners insurance market could

``effectively collapse'' if a major storm hits. About 25 percent

of U.S. coastal property in hurricane-prone areas is in Florida,

Fitch said.

Berkshire will have to purchase the debt if the state's fund

incurs $25 billion in losses this year, MacKee said. The state

predicts a single storm can cause losses of that magnitude once

every 32 years, he said. The most-expensive disaster in U.S.

history, Hurricane Katrina in 2005, cost the industry $41.1

billion.



6.5 Percent Interest



Omaha, Nebraska-based Berkshire would collect 6.5 percent

annual interest over the 30-year life of the bond, MacKee said.

Florida would charge assessments to policyholders in the state to

repay the debt.

The Miami Herald reported the transaction earlier today.

Buffett has said Berkshire is prepared to lose as much as $6

billion on a single catastrophe if the company is paid for the

risk. Berkshire typically gets about half its profit from

insurance. Company spokeswoman Jackie Wilson didn't immediately

return a call seeking comment.

Berkshire's stock declined about 15 percent in the first

half of the year, the worst performance in the period since 1990.

After reporting record 2007 earnings of $13.2 billion, the 77-

year-old Buffett told shareholders in February that profit

margins from insurance will drop this year as prices decline

industrywide and claims costs rise.

  

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In our latest Kiplinger’s column, Why We Own Berkshire (www.tilsonfunds.com/WhyWeOwnBerkshire.pdf), we share our analysis of one of our largest positions, Berkshire Hathaway.

  

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Dow Chemical Co., the biggest U.S.

chemical maker, agreed to buy Rohm & Haas Co. for about $18.8

billion to add specialty chemicals that are less vulnerable to

economic cycles.

Rohm & Haas investors will receive about $78 in cash for

each share they hold, Midland, Michigan-based Dow Chemical said

today in a statement. The price is 74 percent higher than Rohm &

Haas's closing price yesterday. Financing for the transaction

includes equity investments of $3 billion by Berkshire Hathaway

Inc. and $1 billion by the Kuwait Investment Authority, the

company said.

Rohm & Haas, based in Philadelphia, is the world's largest

producer of acrylic paint ingredients and also makes chemicals

used in adhesives, packaging materials and personal-care

products.

``The acquisition of Rohm and Haas is a defining step in our

transformational strategy to shape the `Dow of Tomorrow' -- a

high value, diversified chemicals and materials company,'' Dow

Chief Executive Officer Andrew Liveris said in the statement.

Berkshire spokeswoman Jackie Wilson didn't immediately reply

to a call and an e-mail seeking comment.

  

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Warren Buffetts Aktie muß Federn lassen - Ich gebe es zu ...

Warren Buffetts Aktie muß Federn lassen - Ich gebe es zu ... Datum 24.07.2008 - Uhrzeit 00:00 (© BörseGo AG 2007, Autor: Weygand Harald, Technischer Analyst, © GodmodeTrader - http://www.godmode-trader.de/)
WKN: 854075 | ISIN: US0846701086 | Intradaykurs:
... es bereitet mir Freude, die Aktie des bekanntesten Value Investors charttechnisch kommentieren zu dürfen. Da Buffetts Portfolio ziemlich bankenlastig ist, verwundert es nicht, dass auch seine Aktie seit Dezember 2007 korrigiert. Ca. 25% gab der Kurs ab. Auf dem aktuellen Niveau zeigen sich Bodenbildungstendenzen.

Wer BERKSHIRE HATHAWAY auf kurz- bis mittelfristige Sicht beabsichtigt zu traden, der sollte sich das Papier jetzt ganz genau anschauen. Zugegebenermaßen ein rein theoretisches Konstrukt ... Ich werde Warren aber mal eine Grußbotschaft übermitteln und ihm kommunizieren, dass seine Aktie derzeit charttechnisch ein Trading Buy ist.

BERKSHIRE HATHAWAY - Kürzel: BRK.A - ISIN: US0846701086

Börse: NYSE in USD / Kursstand: 118.450 $

Rückblick: Die Aktie hat ca. 25% ihres Werts seit Ausbildung des Allzeithochs bei 151.650 $ am 11.12.2007 eingebüßt. Das bewegt sich im Rahmen des normalen mittel- bis langfristigen Kursrauschens.

Wir wollen nicht vergessen, dass diese Aktie seit 1991 um über 900% gestiegen ist. Die Performance seit 2000 beträgt immerhin über 400%. Der Mann hat nicht nur einen legendären Ruf, er leistet tatsächlich großes und ist dabei immer bescheiden geblieben.

Zurück zur aktuell laufenden Korrektur ...

Im Rahmen der Korrektur wurde die Unterstützung bei 126.340 $ gebrochen. Das dadurch initiierte Verkaufssignal führte zu einer Korrekturausdehnung bis auf die benannte Unterstützung bei 114.500 $. Hier stabilisieren sich die Notierungen. Auf Candlestickbasis bildet sich ein Boden aus, der Basis für eine kurz- bis mittelfristige Kurserholung sein dürfte.

Charttechnischer Ausblick: Aus charttechnischer Sicht ist eine umfassende Kurserholung möglich. Das Mindest-Kursziel für diese proklamierte Erholung liegt bei 126.340 $, anschließend bis zu 130.400 $. Letztere Marke ergibt sich über die mittelfristige Abwärtstrendlinie. Eine Stoplossabsicherung sollte unterhalb des Tiefs der vergangenen Woche, also unter 112.000 $, vorgenommen werden.

Greifen wir noch weiter in die Zukunft. Bei 135.500 $ hat die BERKSHIRE HATHAWAY Aktie einen relevanten Widerstand. Sofern dieses Niveau wieder erreicht werden sollte, wäre die Aktie temporär ein Short. Die Wahrscheinlichkeit ist aufgrund der Prominenz dieses Widerstands deutlich erhöht, dass die Notierungen hier zunächst nach unten abprallen.

Herzlichst,
Ihr Harald Weygand


http://img.godmode-trader.de/charts/3/2005/llo165.gif.png

  

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>Warren Buffetts Aktie muß Federn lassen - Ich gebe es
>zu ...


>... es bereitet mir Freude, die Aktie des bekanntesten Value
>Investors charttechnisch kommentieren zu dürfen.

Ich glaube es würde den Mann weniger freuen zu hören wie Buffett seine Charttechnik kommentieren würde

  

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>>Warren Buffetts Aktie muß Federn lassen - Ich
>gebe es
>>zu ...

>
>>... es bereitet mir Freude, die Aktie des bekanntesten
>Value
>>Investors charttechnisch kommentieren zu dürfen.
>
>Ich glaube es würde den Mann weniger freuen zu hören wie
>Buffett seine Charttechnik kommentieren würde

Gähn, du hörst dich auch gerne reden, nicht?

  

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>>Ich glaube es würde den Mann weniger freuen zu hören wie
>>Buffett seine Charttechnik kommentieren würde
>
>Gähn, du hörst dich auch gerne reden, nicht?

Danke für die konstruktive Kritik, es kann natürlich nicht jeder so qualitativ hochwertige Beiträge verfasssen wie du.
Lies es halt einfach nicht, bekanntlich steht bei jedem Beitrag der Name dabei.

P.S: Der Kommentar sollte eine Anspielung darauf sein daß Buffett Charttechnik für Humbug hält.

  

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>>>Ich glaube es würde den Mann weniger freuen zu hören
>wie
>>>Buffett seine Charttechnik kommentieren würde
>>
>>Gähn, du hörst dich auch gerne reden, nicht?
>
>Danke für die konstruktive Kritik, es kann natürlich nicht
>jeder so qualitativ hochwertige Beiträge verfasssen wie du.
>Lies es halt einfach nicht, bekanntlich steht bei jedem
>Beitrag der Name dabei.
>
>P.S: Der Kommentar sollte eine Anspielung darauf sein daß
>Buffett Charttechnik für Humbug hält.

Na ja, wissen hier scheinbar nicht alle ... Ich glaube auch, daß Buffett Kritik egal von wem nicht wirklich interessiert. Ich kann mich an viele Situationen in den letzten 20 Jahren erinnern, in denen er kritisiert wurde. Mit dem Ergebnis, daß er am Ende doch wieder die höchste Rendite von allen hatte ...

  

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>Na ja, wissen hier scheinbar nicht alle ... Ich glaube auch,
>daß Buffett Kritik egal von wem nicht wirklich interessiert.

Klar, bei dem Track Record...

>Ich kann mich an viele Situationen in den letzten 20 Jahren
>erinnern, in denen er kritisiert wurde. Mit dem Ergebnis, daß
>er am Ende doch wieder die höchste Rendite von allen hatte
>...

Und wenn er das Glück hat nochmal 10 Jahre Chef bleiben zu können bin ich sicher daß er den Markt wieder um Längen schlägt.
Der Mann ist einfach ein Genie, ich bin immer wieder aufs Neue fasziniert - z.b. seine Aussage Derivate seien "Weapons of Financial Mass Destruction" vor ein paar Jahren: Damals haben alle gesagt, na jetzt übertreibt er aber. Und drei Jahre später ist der GAU da.

  

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>>Warren Buffetts Aktie muß Federn lassen - Ich
>gebe es
>>zu ...

>
>>... es bereitet mir Freude, die Aktie des bekanntesten
>Value
>>Investors charttechnisch kommentieren zu dürfen.
>
>Ich glaube es würde den Mann weniger freuen zu hören wie
>Buffett seine Charttechnik kommentieren würde

leute mit derartiger stellung hören oft mehr zu als manche kleine zu glauben scheinen.

  

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>>>Warren Buffetts Aktie muß Federn lassen -
>Ich
>>gebe es
>>>zu ...

>>
>>>... es bereitet mir Freude, die Aktie des
>bekanntesten
>>Value
>>>Investors charttechnisch kommentieren zu dürfen.
>>
>>Ich glaube es würde den Mann weniger freuen zu hören wie
>>Buffett seine Charttechnik kommentieren würde
>
>leute mit derartiger stellung hören oft mehr zu als manche
>kleine zu glauben scheinen.

Da schreibst jetzt aber an kompletten Schwachsinn, tschuidige ... Also wann der Warren Buffett wirklich auf so Typen wie die hearn miassat, warat er genau so a armes Wirschtl wie Du (finanziell gseng, ohne Dir nahetreten zu wollen) und miassat net do so an Bledsinn posten ...

  

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>>leute mit derartiger stellung hören oft mehr zu als
>manche
>>kleine zu glauben scheinen.
>
>Da schreibst jetzt aber an kompletten Schwachsinn, tschuidige
>... Also wann der Warren Buffett wirklich auf so Typen wie die
>hearn miassat, warat er genau so a armes Wirschtl wie Du
>(finanziell gseng, ohne Dir nahetreten zu wollen) und miassat
>net do so an Bledsinn posten ...

was der echte warren postet hier auch? cool!

ohne dir nahetreten zu wollen... du hast mein posting einfach nicht verstanden. der warren hört wohl oft mehr bzw. sieht mehr als viele glauben, das war ein lob... wie sonnst konnte er schon so früh erkennen das derivate moderne kapitalvernichtungswaffen sind... aus den fingern gesaugt wird er sich das nicht haben.

wir würschtel können an vielen tagen von seiner taktik lernen, aber eines weiß auch er... es gibt viele wege nach rom und seine gegner will er schlagen, wie alle anderen auch...

...um bei der oben erwähnten CT zu bleiben, es ist nicht verboten seine aktie zu analysieren denn man glaubt es kaum, auch die hat schwankungen... ob ihm CT schnurz ist oder nicht spielt dabei keine rolle. so das wars dann wohl zu diesem thema.

  

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>...um bei der oben erwähnten CT zu bleiben, es ist nicht
>verboten seine aktie zu analysieren denn man glaubt es kaum,
>auch die hat schwankungen... ob ihm CT schnurz ist oder nicht
>spielt dabei keine rolle. so das wars dann wohl zu diesem
>thema.

Natürlich ist es nicht verboten - ich fand es nur Ironie, einen charttechnischen Kommentar zu einem Unternehmen zu verfassen, dessen Chef auf der diametral entgegengesetzten Seite des Spektrums steht.

Übrigens hat es Buffett zu Beginn auch mit Charttechnik versucht (Magee-Charts), aber relativ erfolglos.

  

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Buffett Builds Berkshire Holdings as Earnings, Stock Decline

Devotees of Warren Buffett's investing

strategy may need to look no farther for a bargain than the

battered stock of the billionaire's Berkshire Hathaway Inc.

``Regardless of what's happening to earnings, the cash is

still rolling in and asset prices are down,'' which will help

Berkshire add holdings, said Frank Betz, a partner at Warren, New

Jersey-based Carret Zane Capital Management, which oversees $800

million, including Berkshire shares. ``It's Buffett time.''

Berkshire may post a 32 percent decline in second-quarter

profit today to $2.13 billion as falling prices crimp insurance

earnings and building-related businesses slow with the housing

slump, said Charles Hamilton, an analyst at FTN Midwest

Securities Corp. The Omaha, Nebraska-based investment and holding

company's stock had its worst first half since 1990 and is down

18 percent this year through yesterday.

Buffett, 77, has been seeking acquisitions and funding

takeovers while buyout firms struggle to borrow. Last month he

pledged $3 billion to Dow Chemical Co.'s $15.4 billion buyout of

Rohm & Haas Co. In April, Buffett agreed to put up $6.5 billion

to help Mars Inc. buy Wm. Wrigley Jr. Co. in a deal that gives

Berkshire a discounted stake in the chewing gum maker.

Berkshire had about $35 billion in cash as of March 31 and

competing insurers including American International Group

Inc. and MBIA Inc. have had to raise capital to cushion against

losses from bad bets on the housing market. Buffett toured four

European cities in May, drumming up potential acquisitions to

boost earnings while U.S. insurance operations decline.

A profit drop would be the third straight for Berkshire, the

company's worst streak since 2004. AIG has been unprofitable

three straight quarters.



Bricks, Corporate Jets



Buffett, ranked the richest person by Forbes magazine, built

Berkshire over four decades from a failing textile maker into a

$175 billion company by buying out-of-favor stocks and businesses

whose management he deemed superior. Subsidiaries provide

products from bricks to corporate jets.

Buffett said at Berkshire's annual meeting in May that his

company will ``make some extra money'' from the credit crisis.

``If a market goes down, it's more attractive than before,''

Buffett said.

Berkshire entered bond insurance in December as the largest

companies in the industry, MBIA and Ambac Financial Group Inc.,

struggled to maintain their credit ratings. CIT Group Inc., the

lender that lost about 64 percent of its market value this year,

said last month a Berkshire subsidiary agreed to pay $300 million

for a loan portfolio backed by factory-built homes.



`Caution Flag'



Berkshire's stock may stumble another 6.5 percent in 12

months to $108,000, said FTN's Hamilton, who rates the shares

``neutral.'' They closed at $115,475 yesterday on the New York

Stock Exchange.

``He's given the caution flag and people are ignoring it,''

said Hamilton, based in Nashville, Tennessee. Buffett has said

insurance profits will slip as rates fall amid competition for

market share and the pace of natural disasters returns to normal

after two uneventful U.S. hurricane seasons.

Berkshire investors are betting with history on their side:

the shares advanced in 17 of the past 20 years.

When markets are in turmoil, Buffett's offers become more

attractive because he has cash available, said Michael Revy, a

portfolio manager at Froley Revy Investment Co. in Los Angeles.

The Dow investment was trumpeted by the chemical company as

an endorsement of the business, even as Chief Financial Officer

Geoffery Merszei said on a conference call with investors that

Buffett is ``going to demand very good conditions.''



Private Placement



Berkshire agreed to buy Dow preferred stock paying 8.5

percent annual interest and convertible to common stock. The

stake may make Berkshire the biggest shareholder of the Midland,

Michigan-based company. Dow paid less than a 6.5 percent coupon

on recent bond offerings, according to Bloomberg data through

yesterday.

``In a private placement you get an anchor investor'' and

don't have to disclose as much financial information as in a

public offering, Revy said.

Buffett agreed not to hedge or sell his position for five

years, a commitment that most investors may have been unwilling

or unable to make, Revy said.

Some investors in convertible securities will short the

company's common stock, selling borrowed shares that they can

replace cheaper if the company falters. A jump in short selling

can unnerve investors, Revy said.

Also last month, Buffett struck a deal with the state of

Florida, which agreed to pay $224 million in exchange for an

assurance he'll buy $4 billion in tax-free state bonds paying 6.5

percent should a hurricane cause more than $25 billion in losses

to the state's catastrophe reinsurance program this year.

Florida sells coverage to homeowners at below-market rates,

and plans to fund cash shortfalls in the bond market

Said Carret Zane's Betz, ``Warren probably gets up every

morning and licks his chops wondering `where's the next bargain

going to come from?'''

  

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Ein Must-Read für jeden Value-Investor würde ich sagen.


Long-awaited Buffett book due out in September
Monday August 11, 11:03 am ET
Long-awaited book about billionaire investor Warren Buffett is due out in September


OMAHA, Neb. (AP) -- The first book about billionaire investor Warren Buffett that he cooperated with is due out next month.
The Bantam Dell Publishing Group says it plans to release Alice Schroeder's book on Sept. 29. It is tentatively titled "The Snowball: How Warren Buffett Collected Friends, Wisdom and Wealth."

Schroeder met Buffett when she worked as an insurance analyst at Morgan Stanley and wrote a report about Buffett's company, Berkshire Hathaway.

Buffett spent thousands of hours talking with Schroeder, and he gave her access to his files and friends.

Schroeder has been working on the book at least since 2005, when she signed the deal with Bantam Dell.

The book had originally been scheduled to be released before this year's Berkshire meeting in May, but the release was delayed until September.

  

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Buffett's Q2 Moves Include A Major Head Scratcher
Friday August 15, 8:35 am ET
By the tickerspy.com Staff


Investors have been watching and waiting to see, in this down market, where Warren Buffett, perhaps the greatest value investor alive, is finding bargains these days. But as it turns out, it was Buffett's sale of shares during the quarter the was more interesting than any of the buys he disclosed.


A look at Buffett's top-15, U.S.-listed, equity holdings at the and of Q2 shows that he was dramatically lowering his stake in Anheuser-Busch (NYSE: BUD - News) during the quarter, but his sales came before Belgian brewer InBev made an unsolicited bid for the beer giant. InBev's initial offer of $65 per share was made on June 11th and rejected on June 26th. InBev came back with a $70 per share offer that Anheuser-Busch ultimately accepted on July 13th. Shares of Anheuser-Busch never traded above $62.99 during Q2, when Buffett was unloading his shares. Put it all together, and it looks like Buffett left a pretty big sum of money on the table in Q2.

The Anheuser-Busch sale aside, 2008 hasn't exactly been a banner year for Warren Buffett and his legendary firm Berkshire Hathaway (NYSE: BRK-A - News, BRK-B - News), though Buffett would be the first to caution against focusing on short-term performance. The stock is down nearly -18% year to date, and the company recently reported underwhelming Q2 earnings, as price competition in most insurance markets is expected to reduce underwriting profits throughout the year.

Digging further into Berkshire's Q2 moves, the company increased its stake in Ingersoll-Rand (NYSE: IR - News). Former Berkshire holding Trane, an air conditioner manufacturer, was acquired by Ingersoll-Rand, in a deal that closed during the quarter, and it's likely that at least a portion of the increase in the Ingersoll-Rand holdings were as a result of the Trane acquisition closing and shares of Trane being converted into shares of Ingersoll-Rand.

While Buffett didn't disclose much else in the way of buying during Q2, he did open a new position in NRG Energy (NYSE: NRG - News). The power wholesaler made an unsolicited bid for CalPine (NYSE: CPN - News) in May that was rejected.

Meanwhile, Buffett held steady in many of his long-time holdings, well-known American brands like Coca Cola (NYSE: KO - News), American Express (NYSE: AXP - News), Johnson & Johnson (NYSE: JNJ - News), and Nike (NYSE: NKE - News). We'll have an overview of those holdings on Monday.

If you want to see how your performance stacks up to Warren Buffet's and see the rest of Berkshire Hathaway's holdings, visit tickerspy.com to see the Oracle of Omaha's stocks and a chart of their combined performance.

  

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hi,

hab mal ein bisschen rumgespielt und ein paar Daten zusammengeführt.
(Quelle Google Finance)





Gruß

  

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Buffett: Fannie, Freddie too big to fail
Friday August 22, 10:43 am ET
By J.W. Elphinstone, AP Business Writer
Buffett says a bailout of Fannie and Freddie could wipe out common shareholders


NEW YORK (AP) -- Billionaire investor Warren Buffett said Friday he believes mortgage giants Fannie Mae and Freddie Mac are too big to fail, but shareholder equity in those companies could be wiped out.
ADVERTISEMENT


During a live appearance on CNBC, Buffett predicted the federal government eventually will have to step in to help because the troubles of Fannie Mae and Freddie Mac seem to be growing and feeding on themselves.

"They're looking for help, obviously. And the scale of help is such that I don't think it can come from the private sector," Buffett said.

Though the timing was not clear, Buffett acknowledged that he had been approached by the government-sponsored enterprises for help and passed on getting involved.

The Wall Street Journal reported Friday that Freddie Mac has been talking with private-equity firms and other investors about possibly buying common or preferred stock in the company. Calls to Freddie by The Associated Press for comment weren't immediately returned.

Freddie Mac promised in May to raise $5.5 billion to shore up its finances, but hasn't yet and its declining share price makes raising that money far less feasible.

Fannie and Freddie's shares have lost more than 90 percent of their value this year.

The pair hold about half of outstanding U.S. mortgage debt and are the largest source of funding for home loans. But defaults in their portfolios are mounting. Losses between April and June for the two totaled $3.1 billion, and investors fear they will continue to grow.

Investors appear to believe existing common stockholders would get nothing if there is a government bailout. What remains unclear is whether investors in preferred shares -- a type of investment that incorporates elements of both stocks and bonds -- will also be wiped out.

Fannie shares rose 7 cents to $4.92 in midmorning trading and Freddie increased 2 cents to $3.18. Both shares earlier surged about 5 percent higher.

  

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Wenn das nicht bullish für Berkshire ist - jedesmal wenn irgend ein Clown Buffett für seine Anlagestrategie kritisiert kommt danach unvermeidlich eine Riesenperformance.

---------------

Warren Buffett is justifiably lionized by investors and mainly fawned over by the press. But beneath the fanfare, some critics say the "Oracle of Omaha" has lost his magic touch, and point to the recent slide in Berkshire Hathaway's stock as evidence.

The short case against Buffett, or more specifically Berkshire shares, rests largely on the following:

Berkshire's stock is too linked to the cult of Buffett, who is irreplaceable and approaching 80 years old. "Should he decide to begin to delegate responsibilities (sooner than later), it can be expected that many long-term investors in Berkshire will likely consider cashing out," noted short-seller Doug Kass opined earlier this year.
Berkshire is over-exposed to the housing market, via its holdings in Clayton Homes, Acme Brick, Nebraska Furniture, and others.
Berkshire is overexposed to financial via its holdings in Wells Fargo, US Bancorp, American Express, Bank of America, Moody's, and others.
Berkshire is saddled with the aftermath of both scandal and a bad derivatives portfolio at General Re, plus faces a generally less favorable insurance cycle for that and other insurance holdings.
But don't bet against Buffett or Berkshire stock, says James Altucher, managing director of formula capital and author of Trade Like Warren Buffett.

Altucher says Buffett's financial holdings are best poised to survive the current downturn and thrive when the cycle inevitably turns. The investor and author also has tremendous confidence in Buffett's ability to "reenergize his portfolio" and play demographic trends, in this case via holdings in healthcare names like Sanofi-Aventis and Glaxosmithkline.

Finally, Altucher notes that every time in history Berkshire shares have fallen more than 25% from a peak -- as they did in the recent peak-to-trough decline -- they have risen at least 37% in the ensuing 12 months.

  

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>Wenn das nicht bullish für Berkshire ist - jedesmal wenn
>irgend ein Clown Buffett für seine Anlagestrategie kritisiert
>kommt danach unvermeidlich eine Riesenperformance.

Sehe ich auch so; über kurz oder lang hat Buffett doch immer recht! Das ist ja das unsympathische an ihm ...

  

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>>Wenn das nicht bullish für Berkshire ist - jedesmal wenn
>>irgend ein Clown Buffett für seine Anlagestrategie
>kritisiert
>>kommt danach unvermeidlich eine Riesenperformance.
>
>Sehe ich auch so; über kurz oder lang hat Buffett doch immer
>recht! Das ist ja das unsympathische an ihm ...

Er macht schon auch Fehler, aber halt nur sehr wenige bzw. in
Relation zu dem was er richtig hinbekommt unbedeutende. Er sagt
seine Fehler ja auch offen, das macht ihn wieder sympathisch

  

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Buffett Becomes Vulture as HomeServices Gets Deals Black Can't

Sept. 2 (Bloomberg) -- Ron Peltier runs HomeServices of

America Inc., the second-largest U.S. real estate brokerage, and

unlike No. 1 NRT Inc., his company is making money in the worst

housing slump since the Great Depression.

HomeServices also has a parent, Warren Buffett's Berkshire

Hathaway Inc., with $28 billion of cash to help finance the

purchase of brokerages that can't weather the housing recession.

By contrast, NRT's parent Realogy Corp., owned by Leon Black's

Apollo Management LP, has at least $875 million of debt that has

an 89 percent chance of defaulting within five years, credit-

default swaps tracked by London-based CMA DataVision indicate.

Three years of tumbling U.S. home sales and prices may give

Peltier, who says he fields as many as three calls a week to his

Minneapolis office from desperate brokerages seeking a buyer, a

chance to grab market share. NRT's pace of acquisitions has

dropped to four this year from an annual average of 20 since 2002

as its debt ratio -- borrowing relative to earnings before

interest, taxes, depreciation and amortization -- increased to 4.9

in June from 3.8 at the end of 2007.

``Cash is king,'' Peltier said in an interview. ``If you've

got cash available, you have the opportunity to take advantage of

some great buying opportunities.''

NRT's options are limited by the growing debt of its parent,

said Steven Kaplan, a finance professor at the University of

Chicago Graduate School of Business. Realogy, based in Parsippany,

New Jersey, said it will pay interest in October on $550 million

of 11 percent notes due in 2014 by borrowing $32 million. The

company had total debt of $6.4 billion at the end of June.



Capital Structure



``If you are paying debt with new debt, you're not in a

position to be making acquisitions,'' Kaplan said. ``Unless a move

puts extra cash on their balance sheet right away, it's not

happening.''

Richard Smith, chief executive officer of Realogy, said in an

Aug. 25 interview that NRT is buying fewer brokerages because

``sellers have not been quick to drop their prices to keep pace''

with the industry's decline in revenue.

``The capital structure to handle all of our needs is in

place,'' Smith said. ``We are still acquisitive, if the deal makes

sense for us.''

Peltier said he expects to spend $200 million in the next two

years paying 20 cents to 25 cents on the dollar for distressed

brokerages to get HomeServices into new markets. The HomeServices

chief executive officer said he couldn't give details on pending

deals, though he expects at least one to close by the end of the

year. HomeServices spent about $10 million buying companies in the

past year, Peltier said.



`Tuck-in' Purchases



``Since mid-2006, we've been focusing on tuck-in

acquisitions: smaller companies that can be folded into an

existing primary market,'' the 59-year-old Peltier said. ``We

think we are starting to see signs of the end of the downturn, so

our interest is growing in making some very noteworthy

acquisitions going forward.''

HomeServices is part of Berkshire Hathaway's Des Moines,

Iowa-based MidAmerican Energy Holdings Co. When the housing slump

started in 2006, Buffett, who declined to be interviewed for this

story, said the market's woes ``should lead to additional

acquisition possibilities.'' He said in his annual shareholders

letter that year that HomeServices would probably be ``far larger

a decade from now.''

Currently, HomeServices is in 24 of the 60 largest U.S. real

estate markets. NRT is in 35 markets.

``Last year was a slow year for residential sales, and 2008

probably will be slower,'' Buffett said in his annual letter to

investors published six months ago. ``We will continue, however,

to acquire quality brokerage operations when they are available at

sensible prices.''



Buffett's Approach



That opportunistic view of the worst housing recession in

seven decades is ``classic Buffett,'' said Charles Hamilton, an

analyst at FTN Midwest Securities Corp. in Nashville, Tennessee.

``When you have Buffett's long-term investment philosophy,

you can wait for things to go on sale,'' Hamilton said. ``In the

real estate brokerage business, this is the perfect time to be a

buyer and a terrible time to be a seller.''

Peltier's purchases follow the Buffett pattern. He looks for

strong management, keeps the local brand name and the top

executives, and lets them run the company with little

interference, just as Buffett tends to leave him alone.

The real estate business ``is highly cyclical, yet one we

view quite enthusiastically,'' Buffett wrote in his February 2004

letter to investors. ``We have an exceptional manager, Ron

Peltier, who through both his acquisition and operational skills

is building a brokerage powerhouse.''



Local Brands



When NRT buys a business, it relaunches it under one of

Realogy's franchises, such as Coldwell Banker or ERA, said Smith,

55, in last week's interview.

``We substantially improve the bottom line by collapsing new

companies under one brand,'' Smith said. ``We believe consumers

are more and more leaning toward national brands.''

HomeServices's pretax profit fell 71 percent to $42 million

last year from the peak of $145 million in 2005, according to

President Robert Moline. In the first seven months of this year,

pretax profit was $2 million, helped by $90 million of cost-

cutting since 2007, Moline said.

Peltier said he's got enough money to weather the housing

decline. If an opportunity is too big to handle in-house, Peltier

can tap Berkshire's cash.

Omaha, Nebraska-based Berkshire Hathaway has the highest AAA

rating from Moody's Investors Service.



Credit Rating Cut



Moody's downgraded Realogy's debt this month by one grade to

Caa1 from B3, citing the dangers of the real estate recession and

its ``highly leveraged capital structure.'' Moody's assessed the

rating outlook as ``stable.'' Caa1 is the seventh-lowest

speculative, or junk, grade.

Realogy had a net loss of $27 million in the second quarter,

with the brokerages at the NRT unit reporting an 8 percent year-

over-year decline in average sale price as they handled a growing

number of foreclosures. NRT's expansion plans are focused on

``walkovers,'' recruiting top producers from other brokerages,

Smith said on an Aug. 14 conference call with investors and

analysts.

``The vast majority of brokerages contemplating a sale are

probably going to wait until the market improves a little bit so

they have some earnings,'' Smith said in last week's interview.

NRT has access to Realogy's $750 million revolving line of

credit put in place when Apollo acquired the company for $6.8

billion in April 2007, Smith said. Apollo financed the purchase

with $2 billion of equity and $4.4 billion of debt, in the form of

bank loans and bonds. Realogy, not NRT, is carrying the debt,

Smith said.



Air Balloon



During the Aug. 14 conference call, Smith told investors that

Realogy had a balance of $205 million on the revolving line of

credit as of June 30. The company expects to keep its debt ratio

below the maximum cited in the credit agreement, which currently

is 5.6, Smith said on the call.

If the housing slump continues into next year, Realogy may

have difficulty meeting the loan terms, said Lenny Ajzenman, a

Moody's Investors Service analyst. The ratio will tighten to 5 by

next September, according to an Aug. 8 report from Moody's.

Apollo's Black ``is a smart guy,'' said Paul Schaye, managing

director of New York-based Chestnut Hill Partners LLC, which helps

private-equity funds identify investments. ``If the underpinnings

of a deal make sense, he will financially engineer it. But if a

deal doesn't support the bottom line, it's not going to happen.''



Edina Roots



Measuring so-called transaction sides, a standard industry

gauge that counts the involvement of a selling and a buying agent

for every deal, NRT was ahead of all its peers. The company had

326,323 sides in 2007, down 17 percent from the prior year,

according to research and publishing firm Real Trends in Denver.

That was more than twice as many as HomeServices's 152,826

sides in 2007, which fell 16 percent from a year earlier, Real

Trends said.

While NRT's acquisition pace has slowed this year, one

purchase hit close to HomeServices's turf: NRT's Coldwell Banker

Burnet in Edina, Minnesota, bought the four offices of RHS Realty

in surrounding towns of the western Minneapolis suburb.

Edina, where Peltier got his 1977 start in real estate after

a two-year stint as a history teacher and hockey coach, is also

the town where he first started moving up the management ranks at

Edina Realty, now owned by HomeServices. Peltier said his company

wasn't interested in buying RHS Realty.

``It wasn't a beneficial acquisition for us to go after

because we already dominate that market,'' Peltier said.

  

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... klassisches antizyklisches handeln, schaut wieder mal nach einem perfekten Deal für Buffett aus, genial wie immer ... Der Mann geht einfach seinen Weg und zieht seine Strategie unbeirrbar und beinhart durch.

  

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Berkshire Unit to Phase Out Bank-Deposit Insurance

Warren Buffett's Berkshire Hathaway

Inc. will stop selling insurance through its Kansas Bankers

Surety Co. unit to banks for deposits beyond the Federal Deposit

Insurance Corp. limits.

``Eventually, we aren't going to be covering any deposits in

banks,'' said Chuck Towle, a senior vice president at Kansas

Bankers, in an interview today.

The move reduces Omaha, Nebraska-based Berkshire's risk from

bank failures, which are occurring at the fastest pace in 14

years. Eleven U.S. lenders have been seized by state and national

regulators this year as mortgage markets collapsed. The world's

biggest financial firms have suffered more than $500 billion of

writedowns and credit losses.

The FDIC covers accounts of up to $100,000 per depositor per

bank, and up to $250,000 for some retirement accounts at about

8,500 institutions. The FDIC counted 117 banks as ``problem''

lenders in the second quarter. The agency typically doesn't say

which companies are on its list.

Towle said there was no set period for phasing out the

business and wouldn't comment on existing relationships with

banks. The Wall Street Journal reported earlier today that the

unit was scaling back, saying the order came from Buffett.

Towle declined to comment on Buffett. Jackie Wilson, a

spokeswoman for Buffett, didn't immediately return an e-mail

seeking comment.

Kansas Bankers has 18 employees, making it the second-

smallest of Berkshire's operating companies, according to the

company's annual report.

  

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Nur eine Prämie von 7% auf den Kurs - da frage ich mich was die anderen immer denken wenn sie +30% und mehr Aufschlag zahlen...

Buffett's MidAmerican Energy to Buy Constellation

Warren Buffett's MidAmerican Energy Holdings Co. agreed to buy Constellation Energy Group Inc. for about $4.7 billion, snapping up the largest U.S. power marketer at less than half its market value prior to this week.

The cash deal is worth $26.50 a share, the companies said today in a statement. That's 7 percent higher than yesterday's close. The stock plunged 58 percent this week in New York trading on concern turmoil in financial markets would wreck Baltimore-based Constellation's energy-trading business.

``Warren's got the cash and he's got the platform to fold it into at MidAmerican Energy,'' said Greg Phelps, who oversees $3.5 billion at MFC Global Investment Management in Boston.

MidAmerican, which has utilities in the U.S. Midwest and West, will gain three nuclear plants and other power stations in the East, as well as Constellation's Baltimore Gas & Electric unit. Greg Abel, MidAmerican's chief executive officer, said his company was already familiar with Constellation's assets and was able to pull the deal together in 48 hours.

Constellation hired Morgan Stanley and UBS AG to explore strategic alternatives as its shares plunged. Lehman Brothers Holdings Inc.'s bankruptcy, the sale of Merrill Lynch & Co. and the government takeover of American International Group Inc. heightened concern over Constellation's ``undercapitalized'' trading business, according to analyst Paul Fremont of Jefferies & Co. in New York.

MidAmerican, based in Des Moines, Iowa, and Constellation expect to complete a definitive merger agreement later today, the companies said. Once that's done, Constellation will issue $1 billion in preferred equity yielding 8 percent to MidAmerican, according to the statement.

Credit Concern Eased

That new capital will resolve concerns by Standard & Poor's over Constellation's creditworthiness, said James Halloran, who helps manage $34 billion in assets, including Constellation shares, at National City Private Client Group in Cleveland.

S&P said yesterday it was evaluating Constellation's BBB credit rating, the second-lowest investment grade, with the outcome resting in part on whether the company could raise $1 billion in as little as a week.

Constellation rose 13 cents to $24.90 at 12:33 p.m. in New York Stock Exchange composite trading. Class B shares of Buffett's Berkshire Hathaway Inc., based in Omaha, Nebraska, fell $93 to $4,072.

``With the deep pockets Berkshire Hathaway's got, credit risk will be a thing of the past for the trading business,'' said Phelps of MFC Global.

`Wonderful Steward'

Berkshire Hathaway has the highest of 10 investment-grade credit ratings by both S&P and Moody's Investors Service. S&P rates MidAmerican at A-, four levels above junk status.

``MidAmerican has been a wonderful steward of its energy assets and the acquisition of Constellation Energy, when completed, will prove beneficial to all constituents,'' Buffett said today in the statement.

Buffett, 78, built Berkshire Hathaway by investing in out- of-favor securities and buying businesses whose prospects and management he deemed superior. He disclosed a 1.4 percent stake in U.S. power producer NRG Energy Inc. in a regulatory filing last month.

Earnings from Berkshire's energy and utilities unit were $208 million in the second quarter, a decline of 10 percent from a year earlier.

Berkshire Bought MidAmerican

Berkshire bought 85 percent of MidAmerican for $1.7 billion in 2000 and later acquired the rest. The unit now operates regulated utilities in 10 states, plus the U.K. It also owns plants in Australia and the Philippines, as well as pipeline operator Northern Natural Gas.

U.S. nuclear plants like the three owned by Constellation have become more profitable in the past year as power prices rise and costs of competing generation fuels increase.

``Warren was looking to buy nuclear plants at dirt-cheap prices and now he has them,'' Phelps said. ``They deliver positive cash flow from the first moment you own them.''

Constellation CEO Mayo Shattuck III had been seeking a partner to share the risk in the company's energy-trading business. Shattuck, 53, told investors at a meeting last month that Constellation would sell natural-gas production assets to raise as much as $1 billion, improving its ability to post collateral for energy trades.

French Suitor

Electricite de France SA, Constellation's top shareholder, was considering buying a larger stake or the whole company, the Wall Street Journal reported yesterday. The Paris-based power producer, which is controlled by the French government, missed out on the deal, a person familiar with the matter said prior to the announcement of the takeover by MidAmerican.

Florida's FPL Group Inc. agreed to buy Constellation for $12.4 billion in 2005. Maryland lawmakers scuttled that deal.

The sale to MidAmerican will require approval from the Maryland Public Service Commission, said Shaun Adamec, a spokesman for Governor Martin O'Malley. He declined to comment further on the deal.

State regulators and lawmakers may be more receptive to the latest sale agreement, said Michael Worms, an analyst at BMO Capital Markets in New York.

Approval Expected

``Given all the concerns about Constellation's non- regulated businesses now, I'd think the regulators may be a bit more accommodative than they were back then,'' Worms said.

MidAmerican's Abel said he thinks the transaction will be well received in Maryland.

``Constellation will continue as the business it is today,'' Abel said in a telephone interview. ``Baltimore Gas & Electric has been around for 200 years, and with Berkshire as an owner, that insures it will be around for another 200 years.''

Shattuck became Constellation's CEO in 2001 after a career in investment banking, most recently as head of Deutsche Bank AG's U.S. securities unit.

Constellation derived 83 percent of its revenue and profit last year from its so-called merchant energy business, which includes energy trading and power-supply contracts with large electricity users.

  

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Greg Abel, MidAmerican's chief executive officer, said his company was already familiar with Constellation's assets and was able to pull the deal together in 48 hours.

Das ist einer der Trümpfe Buffets: Während andere ewig überlegen und ein Kaufobjekt von schwindlichen Investmentbanken prüfen lassen, entscheidet er praktisch sofort.

  

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>Greg Abel, MidAmerican's chief executive officer, said his
>company was already familiar with Constellation's assets and
>was able to pull the deal together in 48 hours.

>
>Das ist einer der Trümpfe Buffets: Während andere ewig
>überlegen und ein Kaufobjekt von schwindlichen
>Investmentbanken prüfen lassen, entscheidet er praktisch
>sofort.

Ja... Charlie Munger (der Partner) hat mal gesagt zu einem Pitch-Book
einer Investmentbank zu einem Unternehmen: "Ich würde dafür zahlen nur
damit ich es nicht lesen muß" (sinngemäß)

  

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Buffett's Berkshire Accelerates Pace of Acquisitions (Update2)
By Erik Holm

Sept. 18 (Bloomberg) -- Billionaire investor Warren Buffett's Berkshire Hathaway Inc., which today agreed to buy Constellation Energy Group Inc., is increasing the pace of deals as debt markets freeze up and stocks fall.

The deal to pay $4.7 billion for Constellation is Buffett's eighth acquisition announced since October, compared with six in the prior 12 months, when the largest was a $350 million purchase of an underwear and pajama company. Omaha, Nebraska-based Berkshire, which had $31.2 billion in cash on June 30, is acting as buyouts by competitors slow amid a worldwide credit crunch.

``This is the kind of environment that opens up more opportunities for someone like Berkshire who does still have a lot of cash,'' said Gary Ransom, an analyst with Fox-Pitt Kelton Cochran Caronia Waller. ``Opportunities to put it to work are expanding right now.''

Berkshire's recent deals include the $4.5 billion purchase of Marmon Holdings Inc., the Pritzker family's collection of 125 companies, completed in March. Buffett agreed in April to provide $6.5 billion to help Mars Inc. buy Wm. Wrigley Jr. Co. in a deal giving him a discounted stake in the chewing gum maker and in July he pledged $3 billion to Dow Chemical Co.'s $15.4 billion purchase of Rohm & Haas Co.

Buffett is making deals at a time when others can't. A yearlong contraction in global credit markets has choked funding for leveraged buyouts and reduced corporations' ability to acquire rivals, shrinking the value of announced mergers 29 percent to $2.29 trillion this year from the same period in 2007, Bloomberg data show.

`Extra Money'

``When there are market dislocations, we're always going to take advantage of them,'' Buffett said during the company's annual meeting in May. ``Berkshire will make some extra money out of this.''

The Constellation deal, struck by Berkshire's MidAmerican Energy Holdings Co., was announced as American International Group Inc., the largest U.S. insurer, tries to sell assets to repay an emergency $85 billion loan from the government. Berkshire typically gets about half its revenue from its insurer units, and Buffett said last year he's interested in acquiring ``a great business in any industry that we would understand.''

Investors have been speculating Buffett might bid on financial companies as their market value plunged on losses tied to home loans.

``When the world is zigging, you can count on Buffett to zag,'' said Frank Betz, a partner at Warren, New Jersey-based Carret Zane Capital Management, which holds Berkshire shares. ``While everybody is looking in one direction, Buffett's over in another corner making a deal.''

Energy Trading

Buffett agreed to pay $26.50 a share for Constellation, the largest U.S. power marketer. Until this week, Constellation hadn't traded at a price that low since March 2003. The shares plunged 58 percent this week before today on concern that turmoil in financial markets would wreck Baltimore-based Constellation's energy-trading business.

The deal came together in the past two days, said MidAmerican CEO Greg Abel. ``When there was some financial duress, we could engage quickly,'' he said.

Buffett, 78, bought 85 percent of MidAmerican for $1.7 billion in 2000 and later acquired the rest. He disclosed a 1.4 percent stake in U.S. power producer NRG Energy Inc. in a regulatory filing for the first time last month. NRG has fallen about 30 percent this month.

`Tuck-In' Deals

Buffett welcomes ``tuck-in'' deals when he can acquire businesses and place them under managers ``who have already shown their stuff at Berkshire,'' he said in a letter to shareholders last year.

Earnings from Berkshire's own energy and utilities unit were $208 million in the second quarter, a decline of 10 percent from a year earlier.

Berkshire gained $3,210, or 2.6 percent, to $128,010 at 4:01 p.m. in New York Stock Exchange composite trading. The company has declined 9.6 percent this year.

Buffett transformed Berkshire from a failing textile maker into an enterprise with businesses ranging from ice cream and underwear to corporate jet leasing.

  

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EDF, KKR, TPG Capital Made Takeover Proposal to Constellation


By Paul Dobson

Sept. 22 (Bloomberg) -- Electricite de France SA, Europe's

biggest power producer, said it made a proposal on Sept. 19 to

buy Constellation Energy Group Inc. with KKR & Co. LP, a U.S.

buyout firm, and TPG Capital.

The proposal included a takeover approach at $35 a share

for the Baltimore, Maryland-based utility, Electricite de France

said today in a U.S. Securities and Exchange Commission filing.

EDF said the Constellation board had not responded to the

proposal.

  

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Der wohl prominenteste Stock-Picker, Warren Buffet, hat wieder einmal zugeschlagen. Seine Holding Berkshire Hathaway investiert fünf Milliarden Dollar in Vorzugsaktien der ins Trudeln geraten Investmentbank Goldman Sachs. Der 78-jährigen Multi-Milliardär erhält zudem die Option, in den nächsten fünf Jahren für weitere fünf Milliarden Dollar (3,4 Milliarden €) Stammaktien zum Preis von 115 Dollar kaufen zu können. Aktuell notiert das Papier bei 125,05 Dollar, knapp die Hälfte desssen, was es vor einem Jahr wert war.

Goldman Sachs (Börsewert 53,5 Milliarden Dollar) ist damit die Sorgen los. Wie CEO Lloyd Blankfein ankündigte, sollen zudem erstmals seit 2000 auch junge Stammaktien ausgegeben werden, was weitere 2,5 Milliarden Dollar in die Kassa füllen wird. Ein erster Interessent für die Kapitalerhöhung hat sich bereits gemeldet. Er kommt, einmal mehr bei den Aufräumarbeiten nach dem Desaster des US-Finanzmarktes, aus Japan: Die Großbank Sumitomo Mitsui Financial Group will rund 950 Dollar in Goldman Sachs investieren.

  

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>Der wohl prominenteste Stock-Picker, Warren Buffet, hat
>wieder einmal zugeschlagen. Seine Holding Berkshire Hathaway
>investiert fünf Milliarden Dollar in Vorzugsaktien der ins
>Trudeln geraten Investmentbank Goldman Sachs. Der 78-jährigen
>Multi-Milliardär erhält zudem die Option, in den nächsten fünf
>Jahren für weitere fünf Milliarden Dollar (3,4 Milliarden €)
>Stammaktien zum Preis von 115 Dollar kaufen zu können. Aktuell
>notiert das Papier bei 125,05 Dollar, knapp die Hälfte
>desssen, was es vor einem Jahr wert war.

Mittlerweile ist die Aktie bei 70, selbst der Meister ist beim Timing
nicht überragend...

  

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Bzw. eigentlich eine Biographie mit seiner Kooperation (zum ersten Mal):

The Snowball: Warren Buffett and the Business of Life

Ich hab es mal bestellt, bin gespannt!

  

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Buffett Craves Love, Makes Mistakes, Billions in Authorized Bio


Review by James Pressley

Sept. 29 (Bloomberg) -- Warren Buffett is a bundle of

paradoxes.

He's a tightwad whose personal fortune exceeded $60 billion

last year. A Wall Street scourge whose company, Berkshire Hathaway

Inc., just invested $5 billion in Goldman Sachs Group Inc. in a

deal that resembles his cash injection into Salomon Inc. years ago.

A folksy, Cherry Coke-drinking grandfather from Omaha whose

legions of admirers include porn star Asia Carrera, who called

Buffett her ``idol'' on her Web site.

All these facets of the billionaire investor emerge in Alice

Schroeder's ``The Snowball: Warren Buffett and the Business of

Life,'' an authorized biography that presents some even odder

contradictions about this ``not-simple man of simple tastes.''

Buffett, she says, is an ``endless well of neediness'' -- a

man hungry for affection who can't function without female

companionship and who flees anything that might expose him to

public criticism. When his first wife left him in 1977, ``he

wandered aimlessly around the house, barely able to feed and

clothe himself,'' writes Schroeder, a former insurance analyst who

spent more than five years on the book.

If you find that portrait hard to stomach, read on. The

occasional psychobabble didn't spoil the pleasure of this

surprisingly fast-paced tome, even if at 960 pages it's as thick

as a dictionary.

``The Snowball'' of the title alludes to how Buffett accrued

his wealth bit by bit from boyhood, until it became a boulder

crunching through a wintry landscape. The name also describes

Schroeder's narrative technique, which piles up story after story

to provide the most nuanced portrait of Buffett to date.



Goldman Introduction



The broad outlines of this life have been documented before,

notably in Roger Lowenstein's superb ``Buffett.'' When Buffett was

10 in 1940, his father introduced him to Wall Street legends

including Sidney Weinberg, the senior partner of Goldman Sachs.

Realizing that money could make him independent, Buffett became

determined to become a millionaire by the age of 35.

By the time he left high school, Buffett had delivered enough

newspapers and hatched enough money-making ventures to have saved

$5,000, or about $53,000 in 2007 dollars, Schroeder writes. He had

sold chewing gum, created a racetrack tip sheet and installed

pinball machines in barbershops. Yet his grand plan didn't click

until he discovered the writings of legendary value investor

Benjamin Graham.

Buffett is no clone, and some of his boldest moves involved

breaking Graham's rules. Schroeder excels at pinpointing other

influences on his investing technique. He taught himself how to

handicap horses, for example, and the mathematics of insurance

intrigued him so much that he considered a career in actuarial

science.



Conservative Father



The book accords Buffett the magisterial treatment normally

reserved for an Abraham Lincoln or Winston Churchill. Schroeder

adroitly weaves history into the background, partly through the

life of Buffett's father, a Republican Congressman so conservative

that he voted against the Marshall Plan and refused to endorse

Dwight D. Eisenhower as his party's presidential nominee.

Yet the pages are also leavened with a stream of anecdotes,

such as the day Buffett met the rock singer Bono.

``U2's music doesn't blow me away,'' he said later. ``What

interests me is that Bono splits the revenue of U2 among four

people absolutely equally.''

The writing is lively and mostly understated, though the book

contains far more than I wanted to know about Buffett's first wife,

who died in 2004. Most investors won't buy ``The Snowball'' for

details about her high-school crushes and her frustrations about

life with a man who just couldn't (or wouldn't) ever stop making

money.



Soap Opera



In places, the story borders on a soap opera, complete with

Susan installing her tennis coach in an apartment near her own in

San Francisco. Susan and Warren Buffett never divorced, and

Buffett wound up living with his longtime companion, Astrid Menks,

whom he married in 2006.

Far more interesting for many Buffett watchers will be the

brutally honest descriptions of the bad investments he has made

over the years. He sank money into Berkshire Hathaway, the fading

New England textile maker whose name still graces his company, and

into Salomon, whose brush with scandal in the early 1990s

threatened Buffett's squeaky-clean reputation.

The drawback to most authorized biographies is what is left

out; the trouble with this one is how much was left in, especially

when it comes to the speculation about Buffett's psychology. At

heart, we're told, the billionaire investor is ``nothing more than

a starstuck little kid, endearingly clueless in many ways about

his place in the pantheon.''

This is an odd appraisal to find in an authorized biography,

no matter how honest Buffett is. So I find myself wondering what

he's up to. Might ``The Snowball'' actually be a snow job?

  

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Fragt sich nur wozu General Electric das bei diesen Kursen notwendig hat??

GE Offers $12 Billion Shares, Buffett Buys $3 Billion Preferred

By Erik Holm and Rachel Layne

Oct. 1 (Bloomberg) -- General Electric Co. plans to offer $12 billion in common shares and billionaire investor Warren Buffett's Berkshire Hathaway Inc. will buy $3 billion stake of preferred shares.

Buffett's stake will pay an annual 10 percent dividend and are callable after three years at a 10 percent premium, Fairfield, Connecticut-based GE said today in a statement distributed by Business Wire. Buffett also gets warrants to buy $3 billion of common stock with a strike price of $22.25 a share for five years.

  

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Die Größenordnungen sind für GE ansich nicht weltbewegend. 12 Mrd. Dollar sind ca. der Gewinn von einem halben Jahr.

Vielleicht hilft Warren Buffett als Investor Vertrauen bei anderen Investoren zu schaffen, sodaß man dann Anleihen billiger verzinsen kann. Ein AAA-Rating alleine heißt heutzutage ja nicht mehr viel. Oder, GE will Geld für Zukäufe.

  

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>Die Größenordnungen sind für GE ansich nicht weltbewegend. 12
>Mrd. Dollar sind ca. der Gewinn von einem halben Jahr.
>
>Vielleicht hilft Warren Buffett als Investor Vertrauen bei
>anderen Investoren zu schaffen, sodaß man dann Anleihen
>billiger verzinsen kann. Ein AAA-Rating alleine heißt
>heutzutage ja nicht mehr viel. Oder, GE will Geld für
>Zukäufe.

Könnte tatsächlich sein. Heute gabs schon Rumors sie könnten ihr
Commercial Paper nicht rollen. Völliger Schwachsinn, aber der Markt
ist so unglaublich nervös...

  

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Warren Buffett steigt bei General Electric ein

http://www.institutional-money.com/cms/uploads/RTEmagicC_Warren_Buffet_02.jpg.jpg.png



Erfolgsinvestor Warren Buffett nutzt die Notlage vieler Unternehmen aus und verwendet seine seit vielen Jahren gehorteten Barreserven um im großen Stil in Corporate Amerika einzusteigen. Diesen Mittwoch war es wieder einmal so weit: Berkshire Hathaway Inc. gab bekannt, dass sie für rund drei Milliarden Dollar Vorzugsaktien des US-Mischkonzerns General Electric Co. erwerben wird.



Finanzsparte von GE braucht Geld



Auf Grund der aktuellen Finanzkrise und der sich abschwächenden Wirtschaft leidet der breit aufgestellte Mischkonzern General Electric an Ergebnisrückgängen. Erst vergangenen Donnerstag musste GE zur "Überraschung" der Märkte vor sinkenden Gewinnen, insbesondere in der großen Finanzsparte, warnen. General Electric will seine Abhängigkeit von dem Bereich stark verringern. An der Börse verlor GE im laufenden Jahr mehr als 30 Prozent an Wert, zählt aber noch zu den teuersten Unternehmen der Welt.



Um die immer wieder auftretenden Finanzlöcher zu stopfen und um die Kriegskasse zu füllen, will der die US-Amerikanische Wirtschaft repräsentierende Mischkonzern neue Stammaktien in Höhen von zwölf Milliarden US-Dollar begeben. Die Kapitalerhöhung ermögliche es GE, offensiv auf Übernahmesuche zu gehen, erklärte Konzernchef Jeff Immelt.



Buffett nutzt die Notlage zu seinem Vorteil



"Ich bin zuversichtlich, dass GE in den kommenden Jahren weiter erfolgreich sein wird", erklärte Buffett am Mittwoch. Marktauguren sehen den Einstieg der Investmentlegende als Beleg dafür, dass es mit dem US-Aktienmarkt bald wieder aufwärts gehen könnte. Offenbar wissen diese nicht, dass Buffett meistens zu früh kauft, sodass ein Anstieg noch auf sich warten lassen könnte.



Da zurzeit die Refinanzierungskosten extrem hoch und Kapitalerhöhungen äußerst schwer platzierbar sind, hat Buffett für sein begehrtes Geld eine für Berkshire Hathaway äußerst vorteilhafte Dividendenvereinbarung von zehn Prozent geschlossen. Zudem erhält die Beteiligungsgesellschaft des Milliardärs Warren Buffett Optionsscheine für Drei Milliarden Dollar mit einem Bezugspreis von 22,25 Dollar je Aktie. Diese sollen innerhalb von fünf Jahren eingelöst werden.



Erst vergangene Woche erst hatte Berkshire Hathaway eine vergleichbare Transaktion bei der US-Bankgesellschaft Goldman Sachs Group Inc. mit einem Volumen von fünf Milliarden Dollar vereinbart.


http://www.institutional-money.com

  

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Days before second-quarter earnings, Mr. Fuld called on the billionaire investor Warren E. Buffett, who would eventually purchase a stake in Goldman Sachs, but Mr. Buffett was demanding terms that Lehman considered too onerous.

I bet he’d love a do-over. Looking back on Fuld’s disastrous capital-raising world tour last month, one gets the distinct sense he didn’t get a deal done with the Koreans, the Chinese, General Electric, A.I.G., Berkshire Hathaway, or anyone else because, even at the eleventh hour, he stayed way too persnickety on price. Buffett’s terms for Lehman couldn’t have been too different from what he extracted from Goldman and G.E.: a 10% preferred, callable either right away or within a reasonable amount of time, and warrants with low exercise price. Expensive, but hardly the biggest stickup in Wall Street history. In return, Lehman would have gotten the Buffett imprimatur that would have gone a long way in restoring confidence in the firm. It’s easy to make the call in retrospect, of course. Still, Fuld’s reaction to the crisis sure seems like miscalculation on a grand scale.

  

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Buffett's Stock Picks Suffer One-Week Drop of $10.4 Billion

2008-10-13 04:01:01.30 GMT





By Erik Holm

Oct. 13 (Bloomberg) -- Berkshire Hathaway Inc., run by

billionaire Warren Buffett, may have suffered a $10.4 billion

decline in its U.S. stock holdings last week, led by the plunging

value of Coca-Cola Co. and Wells Fargo & Co.

Berkshire's portfolio fell about 17 percent, compared with

the 18 percent slump in the Standard & Poor's 500 Index. Soft-

drink maker Coca-Cola, Berkshire's top equity investment, lost

21 percent. Wells Fargo, which will become the bank with the most

U.S. branches through a deal to buy Wachovia Corp., slipped 18

percent. The two holdings declined by a total of about $4

billion, based on positions disclosed in a regulatory filing.

Not even Buffett, the world's preeminent stock picker, could

avoid losses as markets around the world tumbled amid concern the

financial crisis will drag the economy into a recession. The S&P

500 had its worst week since 1933, and the Dow Jones Industrial

Average closed below 8,500 for the first time since 2003.

``It was an historic week full of fear and anxiety,'' said

Michael Yoshikami, the president of YCMNet Advisors in Walnut

Creek, California, which manages $1 billion, including Berkshire

shares. ``Everything is getting hit, even Berkshire's equity

positions and its share price.''

Berkshire fell 18 percent to $113,100 in the week, reducing

Buffett's wealth by more than $10 billion. He owns about one

third of the A shares in Omaha, Nebraska-based Berkshire.

Berkshire's holdings as of June 30 were disclosed in a filing in

August. Investments as of Sept. 30 don't have to be disclosed

until next month, making exact calculations impossible.



Constellation, Goldman



Buffett has said he views market declines as opportunities to

invest, and is known for picking undervalued companies with

durable advantages over competitors. He's been making deals that

illustrate those principals the past two months while potential

rivals have been unable to act because of a global credit freeze.

Berkshire's MidAmerican Energy Holdings Co. agreed to buy

Constellation Energy Group Inc. for $4.7 billion, or $26.50 a

share, on Sept. 18. Until the week Buffett made the deal,

Constellation hadn't traded at a price that low since March 2003.

The shares plunged 58 percent in the three days before the

announcement of the acquisition on concern that turmoil in

financial markets would wreck Baltimore-based Constellation's

energy-trading business.

Buffett struck separate deals with Goldman Sachs Group Inc.,

the most profitable Wall Street firm, and General Electric Co. to

buy a combined $8 billion in preferred shares that pay a 10

percent dividend, allowing Berkshire to earn $800 million a year

unless the companies collapse.



Procter & Gamble



``That 10 percent guaranteed return sounded good when he

made the deal,'' Yoshikami said in an interview. ``When you

compare it to the return that you can find in the equity markets

now, it's looking better every day.''

Based on holdings as of June 30, Berkshire's investment in

Procter & Gamble Co., the biggest U.S. household goods maker,

fell by $1.21 billion last week. Its stake of American Express

Co., the largest U.S. credit-card lender, lost about $1.17

billion.

Buffett identified those companies along with Coca-Cola as

top performers in his most recent annual report, saying all

increased per-share earnings by at least 12 percent in 2007.

``Wells Fargo had a small decline in earnings because of the

popping of the real estate bubble,'' he wrote ``Nevertheless, I

believe its intrinsic value increased'' relative to competitors.

Buffett has added Wells Fargo shares this year. The lender has

declined about 23 percent in the past 12 months.



`Irrationality'



``There is a lot of irrationality out there,'' said Mohnish

Pabrai, founder of Irvine, California-based Pabrai Investment

Funds, who manages $600 million and holds Berkshire shares.

``These companies that he owns that are down today, like American

Express, are no longer trading on fundamentals. They are trading

on fear.''

American Express lost 25 percent last week, helping to push

the value of Berkshire's stock portfolio to about $50 billion.

Buffett has become a cult figure among investors, filling an

Omaha basketball arena with about 31,000 shareholders for the

annual meeting this year.

Mutual funds and individuals mimic his stock picks in an

effort to duplicate his success, and an academic study in 2007

found that using this strategy for 31 years would have delivered

annualized returns of about 25 percent, double the gains of the

S&P 500.

Berkshire shares, down 20 percent this year through Oct. 10,

haven't had an annual decline since they fell about 3.8 percent

2002.

  

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hi,

mit NRG

http://aktien.wallstreet-online.de/charts/instinformer.php?&inst_id=11118&market_id=10&sp id=popup&tr=1y&ct=jc&grid=on&gb=1w&log=0&redvol=0&gd1=0&gd2=0&size=tool&till=1224028800&1224017696.png

und Gannet

http://aktien.wallstreet-online.de/charts/instinformer.php?&inst_id=6542&market_id=10&spi d=ws&tr=1y&ct=jc&gb=1w&size=tool&till=1224028800&1224018283.png

hat der gute alte Warren wohl auch ein wenig daneben gegriffen - die zwei Werte gehören ua zu seinen top investments lt. Liste vom Sommer 2008

1. Nike Inc. (NYSE: NKE) 7.641 million shares
2. Costco Wholesale (NASDAQ: COST) 5.254 million shares
3. General Electric Corp. (NYSE: GE) 7.777 million shares
4. Norfolk Southern (NYSE: NSC) 1.933 million shares
5. NRG Energy (NYSE: NRG) 3.238 million shares
6. United Parcel Service (NYSE: UPS) 1.429 million shares
7. Gannett Co. (NYSE: GCI) 3.447 million shares
8. Coca Cola (NYSE: KO) roughly 200 million shares

gruß

ps: evtl. rebound bei NRG in Reichweite - schau ma mal

  

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>hat der gute alte Warren wohl auch ein wenig daneben gegriffen
>- die zwei Werte gehören ua zu seinen top investments lt.
>Liste vom Sommer 2008
>

wie beruhigend in zeiten wie diesen!

  

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>hi,
>
>aktuelle Aufstellung Berkshire Hathaway Holdings siehe hier
>
>
>http://finanzen.coart.de/BrsenlegendenBuffettCo/BerkshireHoldings-woechentlich

Interessanter Link. Aber ich glaube da sind auch Holdings dabei die
von Geico (einer Versicherungstochter) gehalten werden, deren
Portfolio wird nicht von Buffett gemanagt. Aber auch der Track-Record
dieses Portfolio-Managers über die letzten 30 Jahre ist sehr gut.

  

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>Aber auch der
>Track-Record
>dieses Portfolio-Managers über die letzten 30 Jahre ist sehr
>gut.

wie gut? 30 jahre ist ein ewigkeit, wo man mit simplen sachen eignetlich nur verdienen konnte. der S&P hat seit 1974 bis zur übertreibung satte +2400% gemacht... ist er darunter wäre er schwächer als ein simples indexzertifikat udgl.

  

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>wie gut? 30 jahre ist ein ewigkeit, wo man mit simplen sachen
>eignetlich nur verdienen konnte. der S&P hat seit 1974 bis
>zur übertreibung satte +2400% gemacht... ist er darunter wäre
>er schwächer als ein simples indexzertifikat udgl.

Natürlich Outperformance des S&P.

  

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Warren Buffett's Berkshire Hathaway Inc (NYSE:BRK-A - News; NYSE:BRK-B - News) said on Friday third-quarter profit fell 77 percent, the fourth straight quarterly decline, hurt by weaker results from insurance underwriting and a big loss on derivatives contracts.


Net income for the Omaha, Nebraska-based insurance and investment company declined to $1.06 billion, or $682 per Class A share, from $4.55 billion, or $2,942, a year earlier.

Operating profit fell 18 percent to $2.07 billion, or $1,335 per share, from $2.56 billion, or $1,655. It fell short of analysts' average expectation of $1,429 per share, according to Reuters Estimates. Revenue fell 7 percent to $27.93 billion.

Buffett, an economic adviser to President-elect Barack Obama, has this year committed more than $27 billion of Berkshire's money to make acquisitions, finance takeovers and invest in blue-chip companies as General Electric Co (NYSE:GE - News) and Goldman Sachs Group Inc (NYSE:GS - News) as the credit crisis drives asset values down and makes it harder for companies to borrow.

The investments give Berkshire new ways to grow as insurance operations, which generate about half its business, come under pressure. Last month, Buffett pledged to move all his personal holdings apart from Berkshire stock, which is pledged to charity, into U.S. stocks from government bonds, citing long-term optimism in corporate America.

Profit from insurance underwriting fell 83 percent to $81 million, hurt by increased price competition and about $1.05 billion of losses tied to Hurricanes Gustav and Ike. Berkshire had boosted insurance premiums following Hurricane Katrina in 2005, but prices and profit margins have since fallen.

Insurance investment income declined 12 percent in the quarter to $809 million, and profit from other businesses declined 8 percent to $1.08 billion.

Berkshire also had $1.01 billion of net losses from investments and derivatives.

The company has disclosed many derivative contracts tied to the performance of the Standard & Poor's 500 (^SPX - News) and three foreign stock indexes, and to the credit quality of high-yield bonds. Accounting rules require Berkshire to regularly report unrealized gains and losses on those contracts.

Berkshire's Class A shares closed Friday up $800 at $113,000, while its Class B shares fell $14 to $3,686. The company released results after U.S. markets closed.

  

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BRUSSELS (Reuters) – The insurance businesses of billionaire investors Warren Buffett and Wilbur Ross are close to buying all or part of the U.S. bond insurance unit of Dexia (DEXI.BR), Belgian business daily De Tijd said on Tuesday.

"The transaction is in the final stages, according to several sources," the newspaper said on its website.

Belgian-French financial services group Dexia, which received a 6.4 billion euro ($8.3 billion) bailout from the French, Belgian and Luxembourg governments in September, has said it will present the results of a strategic review on Friday.

This could include a decision on the fate of Financial Security Assurance (FSA), the U.S. bond insurance arm that made a first-half net loss of $752 million and whose triple A credit rating is under threat.

Dexia's board charged new Chief Executive Pierre Mariani with exploring options to reduce the risk associated with FSA's activities and had said he should do so by this Friday, when Dexia also presents its third-quarter results.

Reacting to what it called "rumors" that it would consider selling all or part of FSA, Dexia confirmed Mariani was looking at options for the unit and that the group would communicate further in due course.

Dexia, which has provided FSA with a $5 billion unsecured standby credit line, decided in August that FSA would exit the risky asset-backed securities market and focus on guaranteeing municipal bonds, though it still has a portfolio of riskier assets.

De Tijd said insurers Berkshire Hathaway Assurance and Assured Guaranty were particularly interested in the "healthy" part of FSA -- guaranteeing municipal bonds -- but there were also talks about its riskier activities.

The latter might be placed in a separate holding, De Tijd said.

Buffett started Berkshire Hathaway Assurance at the start of this year, while Ross is a large shareholder in Assured Guaranty (AGO.N).

WL Ross & Co holds 13.4 percent of Assured and agreed in September to buy up to 5 million additional shares, which would bring its holding up to 18.9 percent.

  

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Aktien von Buffett-Holding erstmals seit zwei Jahren unter 100.000 Dollar gedrückt
Sie bleiben aber die teuersten Anteilsscheine der Welt

Der jüngste Börsenrutsch hat die Aktien der Investmentgesellschaft Berkshire Hathaway von US-Börsenlegende Warren Buffett erstmals seit zwei Jahren unter 100.000 Dollar gedrückt.

-------

Einige seiner Holdings hat es gewalting zerissen, z.b. American Express. Aber er hat natürlich auch z.b. den einzigen Gewinner 2008 im Dow, Wal-Mart, im Portfolio.

  

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Zur Verdeutlichung - der Markt preist bei 388 bp eine Wahrscheinlichkeit (bei 0% Recovery) von ca. 18% ein daß Berkshire innerhalb von 5 Jahren pleite geht! Bei 50% Recovery entsprechend das Doppelte.
Das ist völliger Irrsinn.

------------------

Berkshire's Credit Risk Soars on Buffett's $37 Billion Bet

By Erik Holm and Shannon D. Harrington

Nov. 18 (Bloomberg) -- The cost of protecting against default by Warren Buffett's AAA-rated Berkshire Hathaway Inc. has almost tripled in two months, a sign of just how skittish investors have become amid the global financial crisis.

The cost to protect against Berkshire being unable to meet its debt payments, based on credit-default swaps, is more than four times that of rival insurer Travelers Cos. At those levels, the swaps are typical of companies rated Baa3 by Moody's Investors Service, one level above junk. The price may have risen on concern that the billionaire's firm could lose a $37 billion bet on world stock market values more than a decade from now.

``That's just so stupid,'' said Mohnish Pabrai, head of Pabrai Investment Funds and a Berkshire shareholder. The swap buyers are projecting ``present circumstances into infinity'' and concluding Buffett's bet will cost the company $40 billion, Pabrai said. ``It will never happen,'' he said.

For the swaps to pay off, Berkshire would have to exhaust its $33.4 billion cash hoard, and Buffett's decades-long record as the world's most successful investor would have to come to a cataclysmic end. President-elect Barack Obama seeks him out for advice and the world's biggest firms, including Goldman Sachs Group Inc. and General Electric Co., turned to Berkshire for capital and the prestige that comes with Buffett's backing.

Buyers of default protection are being charged 1.5 percentage points more for Berkshire swaps than for insurance against Allstate Corp. Allstate last month had its credit grade cut by Fitch Ratings after hurricane claims and declines in its investments caused a $923 million third-quarter loss. Berkshire has remained profitable amid the worst financial crisis since the Great Depression, and wouldn't pay out on its stock market bets, if it lost them, until at least 2019.

Unlikely Target

``If you were going to start picking companies that are going to default, you probably wouldn't put Berkshire at the top of the list, so it's totally unexpected to see them there,'' said Jeff Matthews, author of ``Pilgrimage to Warren Buffett's Omaha'' and founder of Greenwich, Connecticut-based hedge fund Ram Partners LP. Of the swaps, he said: ``I wouldn't buy them, and yet it's there.''

Standard & Poor's said Buffett's bet on the stock indexes wouldn't cause a liquidity crisis. Berkshire spokeswoman Jackie Wilson said she had passed along requests for comment to Buffett. The stock fell below $100,000 a share for the first time in two years last week and has dropped about 33 percent this year.

Buffett's Bets

The cost of protection on Berkshire debt has jumped to 388 basis points from 140 basis points two months ago, according to CMA Datavision in London. That translates to a cost of $388,000 a year to protect $10 million for five years. Credit-default swaps, used to hedge against losses or to speculate on the ability of companies to repay their debt, rise as investor confidence deteriorates.

The increase may be tied to a series of bets that Buffett has taken on four stock indexes across the globe, including the Standard & Poor's 500 Index, according to Berkshire shareholders. Buffett sold contracts to undisclosed buyers for $4.85 billion that protect the buyers against declines in those markets.

Under the agreements, Berkshire will pay as much as $37 billion if, on specific dates beginning in 2019, the market indexes are below the point where they were when he made the agreements. By Sept. 30, Omaha, Nebraska-based Berkshire had written down the contracts by $6.73 billion as the S&P declined for a fourth straight quarter.

`Greater Gains'

``I believe these contracts, in aggregate, will be profitable,'' Buffett said in a statement in May, reiterating comments from his letter to shareholders in February. ``We are always ready to trade increased volatility in reported earnings in the short run for greater gains in net worth in the long run. That is our philosophy in derivatives as well.''

A total of 2,444 credit-default swaps had been sold on Berkshire as of Nov. 7, protecting a net amount of $4.8 billion, according to data from the Depository Trust & Clearing Corp., which runs a central registry for the derivatives.

Buyers of derivatives typically aren't disclosed, and representatives at 20 potential buyers including insurers and pension funds either didn't know who was involved or declined to respond.

Buyers of the credit-default swap protection on Berkshire may include the companies that stand to gain if Buffett loses on the stock bets, said Matthews. They may be hedging their gains against Berkshire by entering into separate agreements to ensure they recover some funds if Berkshire is unable to pay, he said.

`Mass Destruction'

The increase in perceived credit risk contradicts Buffett's record of building Berkshire over 40 years from a failing textile maker into a $145 billion company with businesses ranging from carpet making to utilities.

Buffett has at times decried derivatives as ``financial weapons of mass destruction'' and criticized their complexity and popularity. Berkshire hasn't disclosed which stock indexes besides the S&P are covered under the contracts or how they're structured.

Berkshire's stock decline this year compares with the 42 percent slide in the S&P 500. The company, which typically gets about half its profit from insurance, on Nov. 7 posted its fourth straight profit drop, the longest streak of declines in more than a decade, on hurricane costs and investment losses. Berkshire shares rose in 17 of the past 20 years.

Not `Crazy'

Buffett may use the $4.85 billion paid to Berkshire in the derivative deals to buy stock or make acquisitions.

``Shareholders should rejoice that he was able to obtain that capital to invest on such attractive terms for years before the chance comes that he'll have to pay,'' said Tom Russo, a partner at Gardner Russo & Gardner, whose largest holding is Berkshire stock, in an interview this month. Still, he said, the increasing cost of Berkshire credit protection in the swaps market ``isn't crazy in light of the way the markets performed.''

American International Group Inc., the insurer that needed $150 billion from the U.S. government to stay afloat, nearly was forced into bankruptcy by derivatives. As credit rating firms lowered their grades on AIG, the New York-based firm was required to post collateral to show it could meet its obligations to the counterparties who took the opposite side on their bets.

Berkshire may have to post collateral on some derivatives ``under certain circumstances, including a downgrade of its credit rating below specified levels,'' the firm said in a regulatory filing this month. Damien Magarelli, a credit analyst for Standard & Poor's in New York, said the losses are merely an ``accounting loss.''

``They've had no collateral requirements to date and the losses are not viewed by us as a cash loss,'' Magarelli said. ``It is not something that would be creating any type of liquidity issues or near term cash payments.''

Berkshire's AAA rating is the highest available. ``If Berkshire isn't triple A, I'm not sure which company would be,'' Buffett said in May.

  

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>Zur Verdeutlichung - der Markt preist bei 388 bp eine
>Wahrscheinlichkeit (bei 0% Recovery) von ca. 18% ein daß
>Berkshire innerhalb von 5 Jahren pleite geht! Bei 50% Recovery
>entsprechend das Doppelte.
>Das ist völliger Irrsinn.

Ein sehr guter Artikel dazu:

http://seekingalpha.com/article/107153-berkshire-hathaway-credit-risk-index-puts-are-over blown-worries

  

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Und eine Präsentation zu Berkshire vom Autor (ein Hedge-Fonds Manager):

http://www.tilsonfunds.com/BRK.pdf

Er argumentiert Berkshire war noch so billig im Vergleich zum inneren Wert.

  

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Buffett's Berkshire Falls Most in at Least 23 Years (Update1)

By Linda Shen

Nov. 19 (Bloomberg) -- Warren Buffett's Berkshire Hathaway Inc. fell the most in at least 23 years, dropping for the eighth straight day since reporting a 77 percent decline in third- quarter profit.

The stock plunged $11,550, or 12 percent, to $84,000 in New York Stock Exchange composite trading at 4:01 p.m.

Berkshire has posted four straight profit declines, the worst streak in at least 13 years, on investment losses and falling returns at insurance businesses. Buffett, ranked by Forbes magazine at the richest American, has committed at least $28 billion this year to acquire companies, finance buyouts and purchase securities as prices fell and competitors were hobbled by limited access to credit.

``In the last few days, so much stuff in the market makes no sense to me that I've stopped thinking,'' said Mohnish Pabrai, head of Pabrai Investment Funds and a Berkshire shareholder. ``The Berkshire stock price really takes the cake on that front.''

Declines in equity and bond markets have pressured the stock of Omaha, Nebraska-based Berkshire after contributing to October's $9 billion decline in shareholders' equity, a measure of assets minus liabilities. Berkshire had a $76 billion stock portfolio as of Sept. 30, and has written down the value of derivative contracts tied to equity markets by $6.73 billion.

The stock has dropped 41 percent this year, compared with the 45 percent plunge in the Standard & Poor's 500 Index.

  

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Buffett’s Berkshire Will Give More Information on Derivatives

By Erik Holm

Nov. 24 (Bloomberg) -- Billionaire investor Warren Buffett will provide more information to investors on how he calculates losses on his Berkshire Hathaway Inc.’s derivative bets in the firm’s annual report early next year.

The report will disclose “all aspects of valuation” and cover “deficiencies in the formula” for pricing the derivatives, “which we nevertheless use,” Buffett said in an e- mail sent by his assistant, Debbie Bosanek.

The information may calm investors concerned about losses and potential ratings downgrades tied to Berkshire’s sale of derivative contracts. Buyers of the derivatives would be entitled to billions of dollars from Omaha, Nebraska-based Berkshire if four stock indexes drop below agreed-upon levels on dates beginning in 2019. Berkshire shares have fallen 20 percent since Nov. 7, when the insurer said writedowns on the contracts totaled $6.73 billion at the end of the third quarter.

Buffett’s e-mail said the four stock indexes, including the Standard & Poor’s 500, would all have to fall to zero for Berkshire to be liable for the entire $35.5 billion that’s at risk. The sum was last estimated at $37 billion in a Sept. 30 filing and shrank because of fluctuations in currency exchange rates, he said.

Speculation about the insurer’s liability drove up prices last week on credit-default swaps tied to Berkshire debt. Fixed- income investors buy credit-default swaps to protect themselves against the possibility that a company won’t meet its obligations and prices rose last week to levels typical of a company rated one level above junk.

No Questions

“The market is so panicked that even the most respected investor in the world can see the stock in his company fall more than 30 percent on no news, other than on rumors that are clearly false based on the disclosures he’s made,” said Whitney Tilson, managing director of T2 Partners LLC, a New York-based hedge fund with about $100 million under management. “We are in a sell first, ask questions later world.”

Tilson said his firm doubled its stake in Berkshire as the shares fell, increasing its holdings to 20 percent of assets under management from 10 percent, and buying some below $75,000 a share. The stock fell as low as $74,100 on Nov. 20, before rising to $90,000 the next day.

Investors also were concerned that Berkshire might have to put up collateral, draining cash and setting off a chain of events like those that brought American International Group Inc. to the brink of failure this year.

In his e-mail, Buffett said the collateral requirements are “under any circumstances, very minor.” Berkshire had $33.4 billion in cash at the end of the third quarter.

Terms of Contract

Buffett sold the derivative contracts to undisclosed buyers for $4.85 billion. Under the agreements, Berkshire must pay out if, on specific dates starting in 2019, the market indexes are below the point where they were when he made the agreements. In the meantime, Berkshire can use the cash to buy stock or make acquisitions.

The writedowns taken on the derivatives are accounting losses that reflect the falling value of the stock indexes, not cash that Berkshire has paid out. Chief Financial Officer Marc Hamburg told the U.S. Securities and Exchange Commission in July that the firm values the derivative contracts using a model that includes equity prices, interest rates, the dollar’s performance against other currencies and market volatility.

The SEC had asked for “more robust disclosure” on how Berkshire values the contracts.

  

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Journalisten sind doch wirklich meistens ahnungslos. (siehe Artikel unten)

Die Counterparties für die Puts wollen ihre Position sicher nicht
loswerden und haben auch nicht gegen Buffett gewonnen - die betreiben
schön Delta-Hedging die ganze Zeit und freuen sich daß sie relativ
wenig Prämie (implizite Vola) zahlen mußten, jedenfalls im Vergleich
zur Volatilität die wir jetzt sehen. Ob die Märkte rauf oder
runter gehen ist denen egal. Ihre Gesamtposition (Option + Hedge) sollte zu jedem Zeitpunkt ca. flat sein.

Buffett ist sich sicher am Ende der Laufzeit nichts bezahlen zu müssen und somit auch
zufrieden. In der Zwischenzeit kann er die vereinahmte Prämie
über ein Jahrzehnt investieren.

Oder dieser Absatz:

By some estimations, that $4.5 billion contract is now worth 10 times that - or $45 billion.

Notional size der zugrundeliegenden Indizes war USD 37 Mrd. - mehr können die Put-Optionen nicht wert werden, und selbst dazu müßten
alle Indizes auf Null fallen.

--------------------------

BUFFETT'S LIQUIDITY IS PINCHED
ORACLE OF OMAHA'S BET ON S&P FEELING PRESSURE

By RICHARD WILNER
WARREN BUFFETT
Bet on S&P 500
Last updated: 1:46 am
November 23, 2008
Posted: 12:45 am
November 23, 2008

WARREN Buffett, perhaps the world's greatest value investor, should be licking his chops just about now.

With his Berkshire Hathaway stockpiling billions in cash, the Oracle of Omaha should be in a perfect position to snap up some good investments - like the additional $400 million stake he bought in cash-strapped USG Corp. on Friday.

But Buffett is not as liquid as he would like to be.

Here's why.

Back in April, Buffett revealed that he sold put options against four stock indices, including the S&P 500. He claimed, in Berkshire's annual report, that the company got $4.5 billion in premiums for the contracts - which are exercisable only upon their expiration in 15 and 20 years.

Sure, Buffett was able to invest the $4.5 billion, but now that the S&P is tanking, Berkshire will have to hold cash in reserve to meet this potential monster obligation.

And that means less cash to invest. Which isn't a good thing for someone so adept at spotting bargain equities and so eager to pounce.

Buffett's potential constraints came to mind recently after On the Money spotted a rule-change proposal that was filed with the Securities and Exchange Commission - to increase to 15 years the maximum term for FLEX options.

While we don't know who is behind the rule-change proposal, it could very well be the company that bought the now-very-valuable 15-year S&P 500 put option from Buffett. Extending the terms for FLEX options would create a market for the options and allow the company to cash in on its bet.

By some estimations, that $4.5 billion contract is now worth 10 times that - or $45 billion. But the company is unable to cash in on the bet because the companies that, under more normal circumstances, would be able to buy the contract - Goldman Sachs, Morgan Stanley, JPMorgan Chase - have all had their wings clipped.

That's quite an incentive to change the rules. If the buyer of the S&P put is able to sell the contract at a huge profit, it will mark one of the few times someone has gotten the upper hand on Buffett.

  

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Waffen Buffett Die Kosten für die Absicherung gegen einen Default von Warren Buffetts Berkshire Hathaway haben in den letzten Wochen dramatisch zugenommen. Die 10-jährigen CDS-Spreads erreichten am 19. November einen neuen Rekordstand von 452 Basispunkten (bps). Zum Vergleich: Der Tiefstand lag am 17. Mai 2007 bei 14,50 bps - was eine Verdreißigfachung der Versicherungsprämie von Berkshire Hathaway bedeutet. Was sagen die Ratingagenturen? Berkshire Hathaway wird von diesen weiterhin mit „AAA" geratet.



Ist dieser CDS-Spread-Anstieg ein Branchenspezifikum? Mitbewerber Travelers Cos (Versichungsunternehmen und Asset Management, Rating „Baa3") hat auf seine zehnjährigen Senior Notes einen CDS-Spread von lediglich rund 88 bps, und dieser war mit rund 150 bps im Frühherbst höher. An der Branche kann es daher nicht liegen. Der Spreadanstieg liegt offenbar in Berkshire Hathaway selbst begründet.



Hat sich Warren Buffet verspekuliert?



Der Spreadanstieg hat Verwunderung unter den Buffett-Jüngern hervorgerufen, wie Jeff Matthews, Buchautor von „Pilgrimage to Warren Buffett´s Omaha" konstatiert: „Wenn ich eine Liste an Pleiteunternehmen auswählen würde, wäre Berkshire auf so einer Liste nicht ganz oben."



Der Markt legt sich mit einer Legende an, welche eine unvergleichliche Erfolgsgeschichte und mehr als 33 Milliarden US-Dollar an Barmittel zur Verfügung hat. Zusätzlich vereinnahmt Berkshire Hathaway laufend Dividenden seiner Versicherungsgesellschaften und anderer stabilen Ertragsbringern wie Coca Cola oder Gillette. Bis jetzt hat Warren Buffett was Aktieninvestments anbelangt, immer Recht bekommen - andererseits hat die Börse bekanntlich auch immer Recht - wer wird daher dieses Mal endgültig Recht bekommen?



Buffetts Wette auf steigende Kurse



Warren Buffett ist überzeugt, dass die Aktienbörsen in zehn Jahren wesentlich höher stehen als aktuell. Daher ging Berkshire Hathaway Wetten dahingehend ein, dass diese Kontrakte im Wert von rund 37 Milliarden Dollar gegen die Zahlung einer Prämie in Höhe von 4,85 Milliarden schrieb und vereinnahmte. Die Kontrakte haben eine Laufzeit bis 2019 und beziehen sich auf vier Indizes, wobei ein Index der S&P 500 ist, die drei anderen Indizes sind unbekannt. Sofern diese Indizes ab 2019 nicht höher stehen, muss Berkshire Hathaway rund 37 Milliarden Dollar zahlen. Genaue Details (Indizes, Strike, Stichtag) wurden der Öffentlichkeit nicht zugänglich gemacht. Bekannt ist nur, dass Buffett mit seiner Marktmeinung per Ende September 2008 vorläufig schief lag und daraus rund 6,7 Milliarden US-Dollar an Abschreibungen resultierten.



Buffett äußerte sich letzten Mai zu diesen Kontrakten: „ Ich glaube, dass diese Kontrakte in Summe profitabel sein werden. Wir nehmen kurzfristige Volatilität gerne in Kauf, um dafür langfristig profitieren zu können. Diese Philosophie nutzen wir auch bei unseren Derivategeschäften." Buffett findet im Alter offenbar Geschmack an Derivaten - vor einigen Jahren hat er diese noch als „financial weapons of mass destruction" bezeichnet.



Die Aktienbörse verliert langsam das Vertrauen, Berkshire Hathaway fiel nach zuletzt schlechten Unternehmenszahlen unter die 100.000 US-Dollar Marke. Der Markt preist potentielles Unheil ein - man wird sehen, ob Onkel Warren wieder Recht behält... (aa)

http://www.institutional-money.com/

  

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2) I'm sure the Berkshire rumormongers will get all fired up again when they see that Charlie Munger sold 2,000 of the Berkshire shares (13% of his total holdings) a week ago Thursday for $77,500 each ($155 million total): http://sec.gov/Archives/edgar/data/1067983/000118143108063602/xslF345X03/rrd224408.xml

So has Munger lost confidence in Berkshire or, like so many other CEOs, did he get caught with a margin call when his stock plunged? NOT A CHANCE! If you read footnote 3 of the filing ("This Form 4 is being filed to report a private sale of shares of Class A Common Stock to family members, in exchange for a promissory note."), you'll understand that precisely the opposite is true: he sold them to a family member in exchange for a promissory note. In other words, he found the stock so cheap that he decided to pass the stock along this way -- and pay taxes on the gains this year! -- rather than through his will. It would be hard to find a stronger statement of how cheap he thinks the stock is -- he must believe $77,500 is the lowest basis he will ever see again.

  

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Buffett Stock Picks Beat Financials Index as He Dodged Subprime


Billionaire Warren Buffett’s decision

to increase his stake in financial companies led by Wells Fargo &

Co. and U.S. Bancorp and avoid subprime lenders is paying off for

Berkshire Hathaway Inc.

Berkshire’s bank-related investments rose 36 percent in the

third quarter, while the 84-member Standard & Poor’s 500

Financials Index declined 0.1 percent. Berkshire, based in Omaha,

Nebraska, ranked as the biggest shareholder of Wells Fargo and

U.S. Bancorp at the end of September, according to data compiled

by Bloomberg.

“In one word, I can sum it up: patience,” said William

Frels, chief executive officer of Mairs & Power Inc. in St. Paul,

Minnesota, which owns shares of Wells Fargo and U.S. Bancorp and

has Berkshire stock in some client accounts. “Warren has the

luxury of being able to exercise patience, where most of the

other players are under the gun to make things happen and can’t

sit around and wait for opportunities.”

A weighted basket of Berkshire’s financial stocks rose at an

average quarterly rate of 2.3 percent during the past year

through September, Bloomberg data show. The S&P financials

dropped by an average 11.4 percent per quarter in the same

stretch. The index slumped 60 percent this year as new home sales

fell to the lowest in 17 years.

As chairman and chief executive officer of Berkshire, the

78-year-old Buffett makes most of the company’s investing

decisions. Buffett, whom Forbes magazine calls the country’s

wealthiest man, declined to comment for this story. Berkshire has

gained at an average annual rate of 21 percent over the past two

decades, exceeding the 12 percent advance of the S&P 500 Index.



Bank of America



Berkshire’s financial investments have dropped 32 percent

since Sept. 30, excluding a $5 billion investment in Goldman

Sachs Group Inc., reducing Buffett’s profits. The S&P financials

index fell 41 percent in the period.

Berkshire’s third-quarter holdings, released this month,

show the company trimmed its stake in San Francisco-based Wells

Fargo by a tenth of one percent since June to 290.4 million

shares, valuing the investment at $7.8 billion as of yesterday.

Berkshire increased its holdings of Minneapolis-based U.S.

Bancorp by 6.3 percent to 72.9 million shares. Berkshire kept its

stake in New York-based American Express Co. at 151.6 million

shares, remaining the credit-card company’s biggest investor.

The only financial company Berkshire moved away from in the

third quarter was Charlotte, North Carolina-based Bank of America

Corp., cutting its stake to 5 million shares from 9.1 million.

Bank of America did what Buffett refused to do -- buy Countrywide

Financial Corp., the subprime lender plagued by tumbling home

prices and record foreclosures.



Goldman Sachs Investment



Buffett said in October 2007 that he “never came close” to

acquiring Countrywide shares. He also has denied reports he

considered buying part of Bear Stearns Cos., the New York-based

securities firm later bailed out by JPMorgan Chase & Co.

“The fact that he was smart enough to take a pass on so

many deals that have gone sour indicates that he correctly saw

that things were going to get worse,” said Whitney Tilson,

managing director of New York-based hedge fund T2 Partners LLC,

which has been adding to its Berkshire holdings.

The Goldman Sachs investment has yet to bear fruit. Berkshire

agreed to buy $5 billion of the New York-based company’s

perpetual preferred shares on Sept. 23 and received warrants for

another $5 billion at $115 a share. The stock has since tumbled

43 percent to $71.78. Still, Buffett will get a 10 percent annual

dividend on the preferred securities.



Stock Plunges



Berkshire Class A shares dropped by 32 percent this year,

and 12 percent in October, the worst month since 2000, as the

company’s profit fell for four straight quarters. Berkshire

gained $8,900 yesterday to $96,400 in New York Stock Exchange

composite trading. The company’s other financial investments are

M&T Bank Corp., SunTrust Banks Inc., Torchmark Corp. and Wesco

Financial Corp.

Buffett wrote in a New York Times column that he’s buying

U.S. stocks and may shift his personal investments into equities.

“He’s right,” said Frels, 69, who entered the investing

business in 1962. “With the decline, U.S. stock prices appear

quite reasonable.”

  

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EDF Bids $4.5 Bln for 50% of Constellation Nuclear (Update2)

Dec. 3 (Bloomberg) -- Electricite de France SA, the world’s

biggest operator of nuclear reactors, bid $4.5 billion for half

of Constellation Energy Group Inc.’s nuclear power business to

thwart a competing offer from Warren Buffett.

EDF said its offer, through a proposed joint venture with

Constellation, values the whole of Constellation at $52 a share,

more than double yesterday’s closing price value of $25.15. The

offer includes $1 billion in upfront cash and an option for the

U.S. utility to sell to EDF non-nuclear assets of as much as $2

billion, Paris-based EDF said.

Constellation agreed earlier this year to be bought by

Berkshire Hathaway Inc.’s MidAmerican Energy Holdings Co. for

$4.7 billion and has called on shareholders to approve the deal

in vote on Dec. 23. EDF, which owns 9.5 percent of

Constellation, in October backed out of an earlier bid.

“Constellation is fundamentally strong and EDF, like many

others, believes that the proposed MidAmerican transaction

significantly undervalues Constellation and its future

opportunities,” EDF Chief Executive Officer Pierre Gadonneix

said in the statement. The offer provides “more than sufficient

liquidity” to allow it to remain a standalone company, he said.

EDF and Constellation have a joint venture to build new

reactors in the U.S. as part of the French utility’s strategy to

run atomic plants outside France. The French utility agreed in

September to take over British Energy Group Plc to become the

U.K.’s biggest power producer and gain control of eight sites to

build reactors.

  

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Relativ zur Marktkapitalisierung ist das noch immer sehr wenig.
Aber es gehört schon einiges dazu, gegen Buffett/Berkshire zu wetten -
mittel- bis langfristig sind die Quoten dafür nicht gerade berauschend.

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Berkshire Hathaway Short Selling Rises to Highest in Six Years
Posted by: guruek (IP Logged)
Date: December 10, 2008 07:09AM



Short-selling increased by 1,013 shares, or 29 percent, to 4,495 between Nov. 14 and Nov. 28, the most bet on Berkshire’s decline since 2002, according to data compiled by Bloomberg. That’s equal to 0.69 percent of all Berkshire shares available to trade, compared with the average 3.38 percent for insurers listed on U.S. stock markets.

  

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Rosenheim (aktiencheck.de AG) - Die Experten von "boerse.de-Aktienbrief" raten die Aktie von Berkshire Hathaway (ISIN US0846702076/ WKN 900567) zu kaufen.

Berkshire Hathaway sei die Holding des erfolgreichsten Investors der Erde. 1962 habe Warren Buffett erstmals Aktien des angeschlagenen Textilunternehmens gekauft und sei drei Jahre später Mehrheitsaktionär gewesen. Buffett habe Berkshire Hathaway komplett neu ausgerichtet und mit dem Kauf zahlreicher großer Aktienpakete - später ganzer Firmen - ein breit aufgestelltes Firmenkonglomerat geschaffen, dessen Schwerpunkt auf dem Finanz- und Versicherungsgeschäft liege.

Zu den bedeutendsten Berkshire Hathaway-Beteiligungen würden Coca-Cola, Fruit of the Loom und Nike, aber auch American Express, Anheuser-Busch, Altria, Johnson & Johnson, Procter & Gamble, Tesco, Wells Fargo und Wrigley zählen. Dabei gehe es Buffett im Gegensatz zu den meisten Finanzinvestoren niemals um schnelle Renditesteigerungen durch Zerschlagung übernommener Firmen. Stattdessen vertraue er auf die Fähigkeiten des bisherigen Managements und gelte dadurch als freundlichste "Heuschrecke" der Welt.

Nach dem simplen Credo "Reich wird, wer in Unternehmen investiert, die weniger kosten, als sie wert sind" gehe der Super-Investor am liebsten inmitten des stärksten Pessimismus auf große Einkaufstour. Dementsprechend nutze Buffett die globale Finanzkrise seit Monaten zur Schnäppchenjagd.

Zu seinen jüngsten Coups würden z.B. der Einstieg bei Dow Chemical sowie milliardenschwere Beteiligungen an General Electric und Goldman Sachs zu Sonderkonditionen zählen. So habe Berkshire Hathaway für 5 Mrd. US-Dollar ein Paket Goldman Sachs-Vorzugsaktien mit einer garantierten Dividende von 10% ergattert. Außerdem könnten die Anteile mit einem vereinbarten Gewinn von ebenfalls 10% an Goldman Sachs zurückveräußert werden und zudem habe Buffett die Option, innerhalb der nächsten fünf Jahre für 5 Mrd. weitere Aktien zu einem Fixpreis von 115 US-Dollar und damit 17% unter dem aktuellen Kurs zuzukaufen. Bei General Motors sehe die Vereinbarung ähnlich aus, sodass diese Deals auf lange Sicht satte Gewinne versprächen.

Natürlich habe die Subprime-Krise auch in der Berkshire Hathaway-Bilanz Bremsspuren hinterlassen. Denn während die Einnahmen im zweiten Quartal noch um 10% auf 25,1 Milliarden US-Dollar hätten gesteigert werden können, sei der Gewinn um 8% auf 2,9 Milliarden US-Dollar zurückgegangen.

Berkshire Hathaway sei ein Bilderbuchbeispiel dafür, wie aus einem kleinen Einsatz mit der Zeit ein stattliches Vermögen werden könne. Denn seit dem erstmaligen Einstieg Buffetts im Jahre 1962 habe sich die Aktie - die noch niemals gesplittet worden sei - von 7 US-Dollar auf mehr als 130.000 Dollar verteuert. Dies entspreche einem jährlichen Kursplus von 24%, das im aktuellen Zehn-Jahres-Vergleich zwar auf 7% p.a. zusammengeschmolzen sei, bei einer Gewinn-Konstanz von 87%. Doch die besonders niedrige Verlust-Ratio von 1,23 unterstreiche, dass es sich hier allen Finanz-Turbulenzen zum Trotz um eines der konservativsten Investments überhaupt handle.



Nachdem die acht bisherigen Empfehlungen der Experten von "boerse.de-Aktienbrief" im Schnitt 66% im Gewinn liegen, sollten sich Anleger jetzt ein Beispiel am Super-Investor nehmen und abermals die Berkshire Hathaway-Aktien einkaufen. Denn mit dem Überkreuzen der 200-Tage-Linie habe die Aktie gerade ein neues Kaufsignal generiert, das die Gelegenheit eröffne, mit einem Rabatt von 7% gegenüber den All-Time-Highs zuzugreifen. (Ausgabe 172 vom 09.10.2008) (10.10.2008/ac/a/a)

  

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EDF Said Close to Constellation Deal, Defying Buffett (Update1)
By Dan Lonkevich and Jim Polson

Dec. 16 (Bloomberg) -- Electricite de France SA is close to an agreement to buy half the nuclear power business of Constellation Energy Group Inc. for $4.5 billion, trumping a takeover bid by Warren Buffett’s MidAmerican Energy Co., people familiar with the situation said.

Approval by Constellation’s board is contingent on waivers of bank covenants and may be announced as early as this week, said one of the people, who declined to be identified because the talks are private. Paris-based EDF spokesman Francois Molho declined to comment today and Constellation spokesman Larry McDonnell couldn’t be reached yesterday.

Baltimore-based Constellation, the largest U.S. power marketer, accepted MidAmerican’s $4.7 billion offer in September to stave off a credit downgrade that it said may have led to bankruptcy. EDF, the world’s biggest nuclear-plant operator, made its bid on Dec. 3, saying Buffett was paying too little. Constellation agreed Dec. 8 to open talks with EDF.

“Of the two, EDF is looking at the long term, at expansion,” Daniele Seitz, a utility consultant for Seitz Research in New York, said in an interview. “They and Constellation’s management want a role in future nuclear generation in the U.S.”

EDF has offered $1 billion up front and $3.5 billion upon closing for a 50 percent stake in a joint venture owning Constellation’s five reactors. EDF also said it would be willing to buy as much as $2 billion of non-nuclear power plants at fixed prices should Constellation need the money. The companies already have a 50-50 venture to build nuclear reactors.

Plunging Stock

Constellation agreed in September to the cash deal with MidAmerican, a unit of Omaha, Nebraska-based Berkshire Hathaway Inc., after its stock plunged 58 percent in three days on credit concerns following the bankruptcy of Lehman Brothers Holdings Inc. Buffett agreed to buy $1 billion of preferred stock, averting a credit downgrade that “was likely to lead to bankruptcy,” Constellation said in a Nov. 25 filing.

EDF was trying to “cherry-pick” Constellation’s best assets without taking on any burdens in the rest of the business, MidAmerican Chairman David Sokol said in a Dec. 3 interview. A spokeswoman for Sokol, Ann Thelen, didn’t return a phone call seeking comment yesterday.

Available Cash

Terminating the agreement with MidAmerican would cut Constellation’s available cash and credit by $2.4 billion, EDF estimated. Buffett’s agreement called for MidAmerican, in the event the takeover was canceled, to walk away with $593 million in cash, a 9.9 percent stake in Constellation and $1 billion of senior notes paying 14 percent interest.

EDF said its offer, along with asset sales planned by Constellation, would provide the company with sufficient cash and credit to operate.

The French company said its bid for a nuclear stake reflects a value of $52 a share for all of Constellation. MidAmerican offered $26.50 a share for Constellation.

Constellation rose 13 cents to $27.30 yesterday in New York Stock Exchange composite trading. EDF rose 12.5 euro cents, or 0.3 percent, to 40.10 euros in Paris yesterday.

  

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Die Break-Up Fees haben sich gewaschen, der alte Fuchs hat ihnen wieder
mal die Haut abgezogen!

---------------------

Constellation Takes EDF Bid; Quits Buffett Takeover (Update2)
By Jim Polson and Tara Patel

Dec. 17 (Bloomberg) -- Constellation Energy Group Inc., the power producer that agreed to a takeover by Warren Buffett’s MidAmerican Energy Holdings, will instead sell a half stake in its nuclear plants to Electricite de France SA for $4.5 billion.

EDF agreed to invest $1 billion in Constellation by purchasing preferred stock, put up $600 million of backup financing and buy as much as $2 billion of other power plants if needed, Baltimore-based Constellation said today in a statement.

MidAmerican today terminated an agreement to buy the entire company for $4.7 billion, Baltimore-based Constellation and MidAmerican said today in a joint statement. It walks away with about $593 million in cash, including a termination fee, 10 percent of Constellation shares, and a $1 billion loan that pays 14 percent interest.

“The EDF offer was the best by far,” Patrice Lambert-de Diesbach said today in a report. EDF “needs to find sources of growth outside France to overcome domestic pressure on power prices.”

The takeover by MidAmerican, a unit of Omaha, Nebraska-based Berkshire Hathaway Inc., valued Constellation at $26.50 a share in cash. EDF said its offer for a nuclear stake reflected a value of $52 a share for all of Constellation.

Constellation agreed in September to the cash deal with MidAmerican after its stock plunged 58 percent in three days on credit concerns following the bankruptcy of Lehman Brothers Holdings Inc. Buffett agreed to buy $1 billion of preferred stock, averting a credit downgrade that “was likely to lead to bankruptcy,” Constellation said in a Nov. 25 filing.

Crucial Capital

“We were pleased to have been able to provide a significant amount of capital that was critical to Constellation,” MidAmerican Chief Executive Officer Greg Abel said in one of today’s statements.

Paris-based EDF, the world’s biggest nuclear-power producer, will own half of a 50-50 venture that will own Constellation’s five reactors. Constellation agreed Dec. 8 to talks on that offer.

Constellation fell 74 cents, or 2.6 percent, to $28 at 11:55 a.m. in New York Stock Exchange composite trading. EDF rose 2.2 percent to 42.56 euros in Paris.

Earlier today, Norges Bank Investment Management, a unit of Norway’s central bank, filed a lawsuit Maryland to block a shareholder vote. A Dec. 23 vote on the deal has been canceled.

  

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Die Transaktion habe ich weiter oben schon mal gepostet als sie
bekannt wurde - die Terms waren meiner Meinung nach extrem attraktiv
und jetzt hat er Glück auch noch gehabt.

------------------------

Buffett Wins $224 Million Storm Bet With Florida (Update2)
By Hugh Son

Dec. 29 (Bloomberg) -- Billionaire Warren Buffett’s Berkshire Hathaway Inc. won a $224 million bet that Florida would escape major damage from hurricanes this year.

Florida’s option agreement that would have compelled Buffett to buy $4 billion of bonds to finance storm recovery will expire Dec. 31, Dennis MacKee, a spokesman for the State Board of Administration, said in an interview today. The state earlier paid Buffett $224 million in return for his commitment to buy the debt if needed. The calm season meant Florida had no need to raise the money.

Florida turned to Omaha, Nebraska-based Berkshire to erase doubts about the state’s ability to raise money after a hurricane. The state sells coverage to homeowners and private companies at below-market rates, and plans to fund cash shortfalls in the bond market. Finding investors could be a “very challenging task,” Fitch Ratings said in March.

“It would’ve been difficult to issue bonds in this environment, so I do think it ended up working out well for everyone involved,” MacKee said. “We were fortunate to have a mild hurricane season.”

Under the terms of the deal disclosed in July, Berkshire agreed to buy the debt if the state’s fund incurred $25 billion in losses by yearend. Berkshire would have collected 6.5 percent annual interest over the 30-year life of the bond.

Texas, Louisiana

The state predicted a single storm could cause losses of that magnitude once every 32 years. The most-expensive disaster in U.S. history, Hurricane Katrina in 2005, cost the insurance industry about $41.1 billion. Florida was hit by four hurricanes in 2004 for the first time since record-keeping began in 1851, according to the U.S. National Oceanic and Atmospheric Administration.

This year’s hurricane season, which ended Nov. 30, was among the five worst since 1944, according to the NOAA, with the damage in the U.S. concentrated in Texas and Louisiana. The season was the first to have a major hurricane form in each of five straight months. Ten of the past 14 years have had above-average storm activity in the Atlantic, the NOAA said Nov. 26.

Berkshire, which gets about half its profit from insurance, is willing to risk a payment of as much as $6 billion on a single storm if the risk was adequately compensated, Buffett has said. The firm had more than $30 billion in cash as of Sept. 30.

Jackie Wilson, a spokeswoman for Berkshire, didn’t immediately return a call seeking comment.

MacKee said the state would evaluate reinsurance contracts before deciding whether to pursue a similar deal for the 2009 hurricane season, which begins June 1.

  

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Buffett and China banks top cash-rich list

Twenty of the largest listed companies in the world are sitting on a combined cashpile of $570bn, demonstrating how some of the world’s biggest groups retain substantial firepower in the current downturn.

However, only 29 of the top 100 global companies by market value have net cash, according to analysis by the Financial Times. But those that do should be in a strong position in a severe downturn that is causing companies to scramble to conserve cash.

The list is led by four financial institutions with Warren Buffett’s Berkshire Hathaway at the top with $106bn in net cash, defined as cash and short-term investments or marketable securities minus debt. Strikingly, the next three positions are filled by Chinese banks with Bank of China, ICBC and China Construction Bank having $101bn, $89bn and $82bn, respectively, according to data from Bloomberg.

Executives and analysts are divided on what cash-rich companies are likely to do with their money. Some believe that with company valuations at a relative low compared with recent years the time is ripe for acquisitions.

“If you have the cash, there are some unparalleled opportunities out there. You have rock-bottom prices and some very willing prices,” said Steve Frobisher, a senior strategy consultant at PA Consulting.

But Philip Isherwood, European equity strategist at Dresdner Kleinwort, disagreed: “Obviously the banks are hoarding cash, so why shouldn’t the corporates?” He argued that acquisitions tended to be pro-cyclical and relied on the strength of the equity market. “It is all about confidence. Will banks remain cautious? Probably. Will corporates remain cautious? Probably too,” he added.

Berkshire is one of the exceptions, having already invested in blue chips such as General Electric and Goldman Sachs.

Some other cash-rich companies have looked to take advantage of the relatively low valuations by boosting share buybacks or trying to buy rivals. Microsoft has done both while Roche, the Swiss pharmaceuticals company, is currently bidding to take over Genentech.

However, investors, who were only recently crying out for cash to be returned to them through buy-backs, are now more ­sanguine. “It is the understatement of the year to say I would rather have a company with a high net cash position than with debt, and we’re being more relaxed with managements in that situation,” said a leading European investor.

The FT analysis was based on the 100 largest companies by market capitalisation and did not include privately owned or smaller groups.

http://www.ft.com/cms/s/0/d726654e-d5d5-11dd-a9cc-000077b07658.html

  

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Berkshire Has ‘Nowhere to Hide’ in Worst Drop in Three Decades
By Hugh Son

Jan. 2 (Bloomberg) -- Billionaire Warren Buffett’s Berkshire Hathaway Inc. slumped 32 percent last year, the worst performance in more than three decades, as the U.S. recession forced down the value of the firm’s equity holdings and derivative bets.

Most of the stock decline happened in the last three months as Berkshire posted a fourth straight profit drop amid sagging insurance results. The company still beat the 38 percent tumble of the Standard & Poor’s 500 Index, the 14th year in 20 that Buffett outperformed the benchmark. Just six of 1,591 U.S. stock mutual funds with at least $250 million in assets made money for investors last year, according to data compiled by Bloomberg.

“In 2008, there was nowhere to hide,” said Guy Spier, chief investment officer at Aquamarine Capital Management, which holds shares in the Omaha, Nebraska-based company. “Berkshire can’t escape the general fate of American businesses. What Buffett tries to do is ensure that Berkshire Hathaway does less badly than other companies.”

Buffett, 78, poured money into stocks as prices fell and increased Berkshire’s pace of deals as the contraction in credit markets hobbled buyout firms. Buffett spent about $3.9 billion on equities in the third quarter, making Berkshire the biggest shareholder in ConocoPhillips, the second-largest U.S. refiner. Berkshire announced 12 acquisitions in 2008, compared with eight in 2007, and also agreed to buy $8 billion in preferred shares from Goldman Sachs Group Inc. and General Electric Co.

weiter:

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3bgwCfNYpAg&refer=home

  

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>Es scheint, dass er nur mit eigenem Geld investiert, oder
>sind da auch Gelder von Anlegern dabei?

Buffett verwaltet kein fremdes Geld. Aber jeder kann von seinen
Fähigkeiten profitieren indem er Aktien von Berkshire Hathaway kauft.

  

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Morningstar Names Warren Buffett of Berkshire Hathaway as Its 2008 CEO of the Year


CHICAGO, Jan. 7 /PRNewswire-FirstCall/ -- Morningstar, Inc. (Nasdaq:

MORN), a leading provider of independent investment research, today named

Warren Buffett of Berkshire Hathaway Inc. as its 2008 CEO of the Year.

Morningstar's annual award recognizes a chief executive who exhibits

exemplary corporate stewardship, demonstrates independent thinking,

creates lasting value for shareholders, and has put his or her stamp on an

industry.



"The legend of Warren Buffett is well known to many investors, but in 2008

he demonstrated ample support for his selection as our CEO of the Year,"

said Paul Larson, equities strategist and editor of Morningstar

StockInvestor. "Buffett's 2003 warning about the dangers of misusing

derivatives proved true in 2008. He was also able to use some of the

substantial cash on Berkshire's balance sheet, acquiring stakes in several

companies under very favorable, once-in-a-lifetime terms."



Berkshire Hathaway is a holding company that owns more than 70 businesses.

The insurance and reinsurance operations are the heart of the firm and

include reinsurers General Re and Berkshire Hathaway Reinsurance, along

with general insurer National Indemnity and auto insurer Geico. Berkshire

also owns large equity stakes in Coca-Cola, Wells Fargo, Proctor & Gamble,

Burlington Northern, and American Express.



Buffett's leadership has greatly benefited Berkshire Hathaway shareholders

over the decades and in 2008:



-- Book value per share has grown from $19 to just over $77,500, as of

Sept. 30, 2008, a 20.7% annualized increase in book value since 1965,

versus a 9.6% annualized return in the S&P 500 (including dividends) over

the same time period.



-- The company made $8 billion worth of perpetual preferred stock

investments in General Electric and Goldman Sachs, with a 10% dividend for

both. In addition, Berkshire received warrants to take additional equity

stakes in the firms.



-- Berkshire helped Constellation Energy survive the credit crisis by

offering to buy the firm for $4.7 billion, followed by an investment of $1

billion. While Constellation ultimately passed on a merger with Berkshire,

within three months Berkshire's initial investment turned into a $1

billion note paying 14%, a $175 million termination fee, and a 10% equity

stake in Constellation currently worth about $450 million.



"When Berkshire determines that an opportunity is worth seizing, whether

in its underwriting businesses or in its investments, it makes a

substantial but disciplined commitment," Larson said. "The company entered

2008 with $44 billion in cash and cash equivalents after years of

patiently searching for the best investment opportunities. In the coming

years, the capital Berkshire deployed in 2008 should continue to generate

shareholder value."



Morningstar considers Berkshire Hathaway to have a wide moat -- a term

popularized by Buffett himself, meaning a durable competitive advantage --

due to the way the firm's insurance and reinsurance businesses meld

financial strength, underwriting ability, and investment success. The firm

earns an "A" for stewardship despite several factors that would normally

result in a penalty, such as Buffett's status as both chairman and CEO.

What earns Berkshire's "A" is the firm's culture of leadership, as well as

management's treatment of shareholders as partners, both in principle and

practice.

  

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Warren Buffett Is Close to Buying Regional Airport in Frankfurt
By Nadja Brandt

Jan. 21 (Bloomberg) -- Billionaire investor Warren Buffett is close to buying the Egelsbach airport in Frankfurt, Germany, through his business-jet venture NetJets Inc.

The airport’s owners, including the cities of Offenbach and Langen as well as municipal utilities, have agreed to sell their stakes, the airport said in a faxed statement today. The city of Egelsbach, another shareholder, hasn’t made a decision yet. NetJets plans to hold talks with the city, Jan. 23.

The sale of the airport, which is Germany’s largest for private and business flights, is driven in part by the need for investment in its infrastructure. A total of about 30 million euros ($38.6 million) would be necessary for such measures, including a runway extension, the airport said in a statement in November.

“The entry of private investors would be an ideal way to maintain the airport as a prime location for business flights and to develop it further,” the airport said in November.

NetJets would take into consideration neighboring communities and would limit noise pollution as well as traffic to a maximum of 100,000 planes a year, the airport said in the statement today.

  

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Buffett Bid to Challenge Lufthansa on Home Turf Riles Locals
By Jann Bettinga and Aaron Kirchfeld

Jan. 23 (Bloomberg) -- Warren Buffett’s bid to buy a
landing strip within earshot of Germany’s busiest airport,
challenging national carrier Deutsche Lufthansa AG on its home
turf, is meeting resistance from local residents.

The mayor of Egelsbach, a commuter town south of the
country’s banking capital and 10 kilometers (6.2 miles) from
Frankfurt Airport, is scheduled to meet executives from
Buffett’s business-jet venture NetJets Inc. today to consider a
3.7 million-euro ($4.8 million) offer for the unprofitable
airfield. Egelsbach is the only shareholder that hasn’t agreed
to sell to the U.S. billionaire, who wants to expand the
facility and win more private jet clients in Germany.

“It’ll be a hard fight, like David versus Goliath, but I
don’t think we’re going to sell,” said Harald Esser, a local
politician who lives a few hundred meters from the airport.
“The noise and pollution would make the town unlivable.”

The 10,000-strong community of Egelsbach, which controls 11
percent of the airport, wants more time to examine the proposal,
mayor Rudi Moritz said by telephone. Residents have formed a
protest group against the expansion, planning street
demonstrations to block the sale.

Jets serving Egelsbach fly within meters of Esser’s house,
once coming so close that his 6-year-old child playing in the
garden began screaming uncontrollably from the shock, he said.

Pledged

Woodbridge, New Jersey-based NetJets, which offers
corporate-jet travel across Europe, has pledged to invest at
least 30 million euros to lengthen the airport’s 1,400-meter
(4,593 feet) runway by about 270 meters and install equipment
that will allow planes to make instrument-guided landings in bad
weather, airport spokesman Roland Sorger said. The U.S. company
has agreed to increase the number of take-offs and landings to
no more than 100,000 a year, compared with about 80,000 in 2008,
he said.

The other shareholders -- the city of Offenbach, the town
of Langen and local municipalities -- are willing to sell.
Egelsbach will give its decision by Jan. 28. A sale requires the
agreement of each stakeholder.

The airport’s owners had to inject 500,000 euros to keep
the facility operating in 2008. They have declined to spend
another 500,000 euros, the sum needed to keep the airport afloat
this year, leaving it facing possible bankruptcy if a sale
fails, according to Moritz and Sorger.

Prime Location

“The entry of private investors would be an ideal way to
maintain the airport as a prime location for business flights
and to develop it further,” Egelsbach airport said in a
statement in November, when it first discussed a sale.

Buffett’s offer comes after Frankfurt-based Lufthansa,
Europe’s second-biggest airline, ended a corporate-aircraft
partnership with NetJets early last year. Lufthansa, which has
its main hub at Frankfurt’s international airport, opted to buy
private jets to offer services on its own. Now, NetJets wants to
buy Egelsbach to gain a foothold in central Europe, said Moritz.

NetJets declined to comment, the company’s London-based
press department said by e-mail. The U.S. firm sells time shares
in corporate aircraft under a system known as fractional
ownership.

“Can Buffett make Egelsbach airport profitable in
Germany’s stagnating aviation market? I highly doubt it,” said
Dieter Faulenbach Da Costa, an appraiser hired by the town of
Egelsbach to evaluate a sale who has also worked as a planner
for airports in Frankfurt, Tokyo and New York. “Banks are
dealing with other problems right now than affording such a
luxury” of private jets.

Model Airplanes

The airfield employs about 400 people and is home to more
than 200 airplanes. Corporate travel makes up roughly half of
the airport’s traffic, thanks in part to its proximity to
Frankfurt, home of Deutsche Bank AG and the European Central
Bank, and Frankfurt airport, Germany’s busiest. Executives often
use private jets to travel to cities infrequently serviced by
major airlines or to avoid lengthy stopovers.

The airport was built in the early 1950s after being
originally used as a competition site for model airplanes and
then later for glider and propeller planes, according to the
airport’s Web site. By 1956, the airport had recorded 37,000
takeoffs and landings on the grass runway. Traffic more than
doubled by the 1960s with the addition of a paved landing strip
and airport halls.

  

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Der "Guardian" hat vor kurzem eine Liste von 25 prominenten Persönlichkeiten publiziert, die nach Meinung des Mediums ein ordentliches Maß an Schuld an der Entstehung und Entwicklung der aktuellen Finanzkrise trifft. An erster Stelle findet man nicht ganz unerwartet den Ex-FED-Chef Alan Greenspan, der die Blase am US-Hypothekenmarkt mit seiner Niedrigzinspolitik und mangels Regelwerk im Bezug auf Hypothekenanleihen befeuert hatte.



Auch Politiker wie Ex-US-Präsident Bill Clinton, der eine Reihe von Gesetzen auf den Weg brachte, die ärmeren Bevölkerungsteilen die Aufnahme von Krediten für den Immobilienkauf gestattete, findet sich darunter, weiters George Bush, der diesen Prozess nicht aufhielt und in seinen Ausmaßen unterschätzte, sowie der britische Premier Gordon Brown, der zu stark die Interessen des Finanzplatzes im Auge hat als jene der Realwirtschaft.



Weitere Mitglieder der wenig schmeichelhaften Liste sind der ehemalige US -Senator Phil Gramm, der die Deregulierung der Finanzmärkte vehement vertrat, wodurch eine Lawine von Derivaten und CDS losgetreten wurde, und nun für die UBS arbeitet, dann Wall Street-Größen wie Abi Cohen, US-Chefstrategin bei Goldman Sachs, die als Berufsoptimistin gerne Gewinnschätzungen nach oben revidierte, was ihr letzten März den Job kostete, Ex-CEO "Hank" Greenberg, der AIG Versicheurngsgruppe, Andy Hornby, Ex-Boss der britischen HBOS, Sir Fred Goodwin (Ex-Chef der RBS), Steve Crawshaw, Ex Cio von Bradford & Bingley, Adam Applegarth (Ex-CEO von Northern Rock), Ralph Cioffi and Matthew Tannin (Bear Stearns Banker), Lewis Ranieri (Mastermind hinter den MBS-Konstruktionen), Joseph Cassano (AIG Financial Products, drehte in CDS ein zu großes Rad), Chuck Prince, Ex-CEO der Citigroup, Angelo Mozilo von Countrywide Financial, Stan O'Neal (Ex-CEO von Merrill Lynch) und Jimmy Cayne, EX-CEO Bear Stearns.



Ebenfalls zu finden ist darauf Christopher Dodd, demokratischer Vorsitzender des Bankenausschusses des US-Kongresses, der nachhaltig alle Bemühungen, die Vorschriften für die Hypothekenfinanzierer Fannie Mae und Freddie Mac zu verschärfen, verhinderte und Spenden von den besagten Häusern erhielt. Nicht fehlen darf auch der isländische Premier Haarde. Auch die amerikanische Öffentlichkeit findet sich auf der Liste, da sie sich der Wohlstandsillusion hingaben und über ihre Verhältnisse Kreditlasten aufluden. Unter den Buhmännern ist nicht sehr überraschend auch der Gouverneur der Bank of England Mervyn King, der die Housing Bubble nicht rechtzeitig erkannte und daher auch nicht gegensteuerte, am Anfang zu zögerlich aus Moral Hazard-Erwägungen heraus agierte und viel früher mit Zinssenkungen hätte agieren sollen. Der Chef der britischen Aufsicht FSA, John Tiner, der mit gute Timing im Juli 2007 abtrat und zu sehr "laissez faire" betrieb und Ex -CEO Dick Fuld (Lehman Brothers) gehören ebenfalls dazu.



Die glorreichen Sechs



Sechs sahen das Unheil kommen, schlugen daraus teilweise Riesenprofit und finden sich ebenfalls auf der Guardian-Liste: Andrew Lahde, ein Hedegfondsboss, der im Oktober ausstieg und sich bei den dummen Tradern bedankte, die ihn mit seinen Short Sub-Prime-Wetten reichgemacht hätten, John Paulson, ebenfalls Chef einer Hedgefondsgesellschaft, der aus Sub-Prime mit 3,7 Milliarden US-Dollar den größten Profit zog und 15 Millionen US-Dollar zur Unterstützung von unter den Zwangsversteigeurngen ihrer Häuser leidenden Leute spendete sowie Professor Nouriel Roubini, der 2006 schon vor der Finanzkrise warnte, weiterhin pessimistisch bleibt und George Bush, Henry Paulson und Ben Bernanke als bolschewikische Troika bezeichnete, die die USA in die "United Socialist State Republic of America" verwandelt.



Auch dabei sind Warren Buffett, der vor der Sprengkraft von Derivaten warnte und Wall Streets (Ex-)Gurus als überbezahlt bezeichnete, und George Soros, der vor einer gigantischen Immobilienblase warnte und und von einer 25-Jahre-alten Superblase sprach, aus der nun die Luft entweicht und für die schlimmste Krise seit der Großen Depression sorgt, sowie Stephen Eismann, Hedgefondsmanager und Analyst des Sub-Prime-Markts seit den frühen 90-er, der von einem großen Lügengebäude sprach und von dem Desinteresse der Wall Street am Inhalt der verpackten Produkte.



Eine weitere Dame im Konzert der Schuldigen nach Meinung des "Guardian" ist Meredith Whitney von Oppenheimer Securities, die am 31.10.2007 eine Dividendenkürzung der Citi voraussagte, da die Bank sonst Konkurs anmelden müsste. Ein weiterer Sündenbpk ist Kathleen Corbet, Ex-CEO von Standard & Poor's, da ihre Gesellschaft nicht vor den Risiken, die in MBS verpackt waren, warnte. Sie selbst ging im August 2007 von Board, als die Kritik immer lauter wurde, und beeilte sich zu sagen, dass ihr Abgang bereits länger geplant gewesen wäre. Den Agenturen wurde neben Poblemen bei den Bewertungsmodellen die Nähe zu den Firmen, deren CDO- und MBS-Produkte sie rateten, vorgeworfen.



Wie es scheint, ist die Hexenjagd eröffnet. Worin das Verschulden jener lag, die die Probleme richtig vorhersahen und sich entsprechend positionierten, bleibt im Dunkeln, sie scheinen als Sündenböcke nicht wirklich zu taugen, es sei denn, dass bereits soviel sozialistisches Gedankengut durch die Hintertüre Einzug gehalten hat, dass Gewinnstreben von Spekulanten bereits als im höchsten Maße verwerflich angesehen wird. (kb)


http://www.institutional-money.com

  

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15% Zinsen, nicht schlecht....

--------------

Berkshire Agrees to Buy $300 Million of Harley Debt
By Erik Holm

Feb. 3 (Bloomberg) -- Billionaire investor Warren Buffett’s

Berkshire Hathaway Inc. agreed to buy $300 million of debt from

Harley-Davidson Inc., the biggest motorcycle maker, adding to

holdings of corporate debt as yields rise.

Berkshire will get 15 percent interest on the senior

unsecured notes. Davis Selected Advisers LP, the largest holder

Harley’s stock, also committed to purchase $300 million of debt,

the Milwaukee-based motorcycle company said in a statement

today.

Buffett has been adding holdings of fixed-income securities

to help deploy more than $30 billion in Berkshire’s cash. The

Omaha, Nebraska-based firm held about $9.7 billion in corporate

debt and redeemable preferred stock at its insurance units as of

Sept. 30, an increase of 61 percent from a year earlier. In

November, Buffett agreed to buy $300 million in debt from USG

Corp., North America’s largest maker of gypsum wallboard.

“He’s got cash coming in faster than most people would

have a ready place to put it,” said Frank Betz, a partner at

Carret Zane Capital Management, which holds Berkshire shares.

“He probably looks at Harley motorcycles as having a strong

long-term demand in the marketplace.”

Harley is the world’s largest seller of cruisers, models

for leisure riding that are often equipped with engines 1000cc

or larger, chrome exhaust pipes and 1950s styling.

Harley-Davidson said Jan. 23 fourth-quarter profit fell 58

percent due to weaker demand for its motorcycles. The net income

of $77.8 million, or 34 cents a share, was the lowest quarterly

profit in nine years.



Fat Boy



Sales for the maker of Fat Boy and other cruisers fell in

2008 as the U.S. economy slowed and access to consumer credit

tightened. List prices for Harleys range from $6,999 to $35,499.

Harley-Davidson is working to cut 1,100 jobs and close three

plants to save at least $60 million a year. About 70 percent of

the firings will take place this year and the rest in 2010, the

company said.

Morgan Stanley, JPMorgan Chase & Co., Citigroup Inc. and

Deutsche Bank AG helped with the transaction.

  

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Swiss Re Raises $2.6 Billion From Buffett After Loss
By Warren Giles and Christian Baumgaertel

Feb. 5 (Bloomberg) -- Swiss Reinsurance Co., the world’s
second-biggest reinsurer, plans to raise 3 billion Swiss francs
($2.6 billion) from Warren Buffett’s Berkshire Hathaway Inc. to
shore up capital depleted by writedowns.

Swiss Re may seek to raise an additional 2 billion francs
depending on market conditions, it said today in a statement on
Hugin. The Zurich-based company will post a full-year loss of 1
billion Swiss francs because of writedowns on its investments.

“We are disappointed with our overall results in 2008, but
our core business is performing well,” Jacques Aigrain, Swiss
Re’s chief executive officer, said in the statement. “Warren
Buffett’s agreement to invest in Swiss Re is a testament to the
strength of our franchise.”

The company said it was as much as 2 billion francs short of
surplus capital needed to keep its “AA” rating at the end of
last year. Buffett a year ago bought a 3 percent stake in Swiss
Re, which ceded 20 percent of its property and casualty business
to Berkshire Hathaway over five years to free up capital.

The Berkshire Hathaway investment will be in the form of a
convertible instrument with a 12 percent coupon, Swiss Re said.
Berkshire has the option to convert it into Swiss Re shares after
three years, at a price of 25 francs per share.

Swiss Re has declined 40 percent this year in Swiss trading,
to 30.16 francs, giving the company a market value of 10.6
billion francs.

The Swiss company has been plagued by losses on contracts
sold to protect clients against declines in fixed-income
securities after the worst U.S. housing market since the Great
Depression sparked a global credit crunch.


  

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Unglaublich, diese Konditionen. Normalerweise erwartet man bei einer Wandelanleihe einen niedrigen Kupon ... und nicht 12% auf Frankenbasis, kombiniert mit einer deutlich im Geld befindlichen Option.

  

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>Unglaublich, diese Konditionen. Normalerweise erwartet man
>bei einer Wandelanleihe einen niedrigen Kupon ... und nicht
>12% auf Frankenbasis, kombiniert mit einer deutlich im Geld
>befindlichen Option.

Ja, er hat das Geld und zieht allen die Hosen aus. Goldman Sachs,
GE, Harley Davidson und jetzt Swiss Re.

  

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Der 78-jährige Fondsmanager und Obama-Berater Warren Buffet kauft derzeit alles auf, was ihm unter die Finger kommt – mit Kalkül.
Country statt Blues: Warren Buffett singt das flotte Lied der Regenerationsfähigkeit der USA, nicht den Blues der Krise DruckenSendenLeserbrief
Derivative sind die Massenvernichtungswaffen des Finanzsystems. Der Satz stammt vom berühmtesten Investor der Welt, Warren Buffett. Mittlerweile ist er selber heftig in solchen Papieren engagiert.

Was Investoren ein bisschen nervös macht, die Berkshire-Hathaway-Aktie hat 2008 mehr als 32 Prozent verloren. Und auch sein jüngster Coup, der Einstieg bei der Swiss Re, der größten Rückversicherung der Welt, hat die Talfahrt nicht stoppen können.

Warren Buffett (gesprochen Bafet) selbst bleibt davon völlig unbeeindruckt: "In fünf bis zehn Jahren sind die USA so stark wie nie zuvor", sagte der 78-Jährige, der auch US-Präsident Obama berät. Und er handelt danach: Er hat eine Aktienspekulation im Ausmaß von fast fünf Milliarden Dollar gemacht, was der Wall Street den Atem raubte. Er wettete, dass in einem Zeitraum zwischen 15 und 20 Jahren bestimmte Aktien höher stehen als jetzt. Geht die Rechnung auf, verdient er Milliarden. Wenn nicht, muss er etwa 36 Milliarden Dollar aufwenden, um das Geschäft abzuwickeln.

Ikone
In den USA hängen viele an seinen Lippen, andere Fondsmanager machen ihn nach und investieren dort, wo auch er investiert ist. Die Hauptversammlung seiner Fondsgesellschaft "Berkshire Hathaway" findet im Stadion von Omaha, US-Bundesstaat Nebraska, statt, weil Zehntausende dorthin pilgern. Buffett predigt, er spricht nicht bloß.

Der Einstieg bei der Schweizer Rückversicherungsgesellschaft ist wohl ebenso nicht ohne Risiko. Diese Versicherungen (die sogenannten Erst-Versicherern Risken abkaufen) haben in großem Maßstab jene toxischen Papiere gekauft, an denen derzeit die ganze Welt krankt. Vier Milliarden Euro musste die Swiss Re 2008 abschreiben. Ob das schon
alles war?

Buffetts Fondsgesellschaft kontrolliert bereits "General RE", die drittgrößte Rückversicherung der Welt. Auch bei der Münchner Rück, die Nummer 2 im Spiel, ist Buffett engagiert. Künftig sollten also auch die Versicherungsmanager nach Omaha in Nebraska (Buffetts Geburtsort) pilgern. Denn die Rückversicherungs-Prämien haben Auswirkungen auf die Versicherungsprämien für Private und Firmen.

» Porträt: Der reichste Mann der USA

Einkaufstour
Daneben machte sich Buffett zu einer Art "US-Staatsfonds", der die Ikonen der US-Wirtschaft mit Kapital versorgte. Freilich ist er damit der einzige privat finanzierte "Staatsfonds". Er stieg seit Herbst 2008 beim Industriegiganten General Electric und der einzigen noch unabhängigen Investmentbank, Goldman Sachs, ein. Zuletzt rettete er mit einem 300-Millionen-Dollar-Darlehen den amerikanischen Motorrad-Erzeuger Harley Davidson. Und er mischte mit bei der "Budweiser"-Übernahmeschlacht.

Der 78-Jährige setzte bisher bei seinen Investments auf Langfristigkeit. Seine Berkshire Hathaway bleibt oft jahrzehntelang bei Unternehmen investiert. Quartalsgewinne interessieren ihn wenig. "Das Geschäftsmodell muss einfach sein, und das Management muss gut sein", so beschreibt er seine Philosophie.

Dass Buffett nun – mitten in der schlimmsten Wirtschaftskrise seit 1945 – mit Engagement auch in Problembranchen investiert, nötigt Wall-Street-Beobachtern Bewunderung ab. "Bisher hat es sich immer ausgezahlt, was er getan hat", sagte Michael Yoshikami von MYNet Advisors des US-Sender CNBC .

Sollten die USA die Krise nicht bewältigen können, dann wird es für die US-Regierung leichter: Sie muss dann nur noch Berkshire Hathaway verstaatlichen, um weite Teile der Industrie kontrollieren zu können ...

http://kurier.at/geldundwirtschaft/293194.php

  

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Buffett, Who Invests ‘Forever,’ Finds Shorter Span Unprofitable
By Erik Holm

Feb. 11 (Bloomberg) -- Billionaire Warren Buffett likes to

say his favorite length of time to hold a stock is “forever.”

That’s a good thing because some of his more recent investments

aren’t making him money in the short run.

Buffett, 78, ranked the richest man in the U.S. by Forbes

magazine, placed bets over the past two years on companies

ranging from Kraft Foods Inc. and Johnson & Johnson to oil

producer ConocoPhillips. After last year’s 38 percent drop in

the Standard & Poor’s 500 Index, they are among the stocks

trading at less than what he paid when he last added their

shares to the holdings of his Berkshire Hathaway Inc.

The man heralded as the “Oracle of Omaha” tells acolytes

he evaluates companies based on their stability, their

competitive advantage and what he thinks they’ll be worth years

into the future, instead of trying to find the moment when their

stocks are at their lowest. The declines in his recent equity

purchases suggest he could have waited before taking the plunge.

“People like to second guess Warren Buffett, but it’s not

just a flip question to ask if he should have kept his powder

dry a bit longer,” said Jeff Matthews, author of “Pilgrimage

to Warren Buffett’s Omaha” and founder of Ram Partners LP, a

hedge fund in Greenwich, Connecticut. “He’s paid dramatically

higher prices than where some of them are now trading at, so you

have to wonder if he was too quick on the trigger.”

Buffett, who makes most of the investment decisions at

Omaha, Nebraska-based Berkshire, is required to tell regulators

about changes to the firm’s equity portfolio every three months.

The latest report, covering the period ended Dec. 31, is

scheduled to be filed by the end of this week. It will include

purchases and sales made during the worst quarter for the S&P

500 in more than two decades.



‘Buying Too Soon’



In separate filings, Berkshire said it spent $9.45 billion

on equity securities in the first nine months of last year,

buying shares in companies including Eaton Corp., a Cleveland-

based maker of circuit breakers and fuel pumps; Ingersoll-Rand

Co., a refrigeration-equipment manufacturer incorporated in

Bermuda; and U.S. Bancorp in Minneapolis. All of those purchases

are now underwater.

“In hindsight, it’s easy to see that he was buying too

soon,” said Michael Yoshikami, president of YCMNet Advisors in

Walnut Creek, California, who manages $800 million and owns

Berkshire shares. “He’d probably be the first to tell you that.

But he and pretty much everybody else had no idea how bad things

were going to get.”



U.S. Bancorp Stake



Berkshire became U.S. Bancorp’s biggest shareholder as

Buffett bought the majority of his stake in a period when the

stock never fell below $29.09. He added shares in the third

quarter of 2008, during a three-month span when the stock’s

minimum price was $20.57, data compiled by Bloomberg show. The

bank reported profit declines for eight straight quarters. Its

stock closed yesterday at $14.40 in New York Stock Exchange

composite trading.

Berkshire increased its Ingersoll-Rand stake sixfold in

last year’s second quarter, when the shares never fell below

$36.54. Since acquiring the stock, which gives Buffett about 1.8

percent of the firm, the price has fallen more than 50 percent.

Profit at Ingersoll, which makes Thermo King and Hussman

refrigeration equipment, has fallen in three straight quarters.

Buffett first bought Eaton shares between July and

September of last year, a period in which the stock never fell

below $52.32. The company said in January that it was cutting

5,200 jobs and forecast that it would “break even” in the

first quarter. The shares closed at $43.02 yesterday.



Berkshire’s Decline



“He’s not the kind of guy who goes around kicking himself,

but it’s pretty clear that some of these are much, much cheaper

than when he thought they were a good deal in the first place,”

said Gerald Martin, a professor at American University in

Washington who has studied Buffett’s investment history. “He

knows better than anyone that the economy goes in cycles, so

when he buys into something he’s not too worried about trying to

figure out where the bottom is.”

Berkshire’s stock has declined 36 percent in the past year,

through yesterday, and profit has fallen in four straight

quarters.

Buffett has said he’s also spending his own money to buy

U.S. stocks as prices decline amid the worst financial crisis in

75 years, switching holdings from government bonds.

“Most major companies will be setting new profit records

5, 10 and 20 years from now,” Buffett said in a column in the

New York Times in October, warning that investors who sat on the

sidelines were ignoring advice from hockey great Wayne Gretzky,

who said: “I skate to where the puck is going to be, not where

it has been.”



Other Opportunities



Buffett is finding other opportunities for Berkshire amid

the economic turmoil, funding buyouts, buying preferred shares

in private deals and acquiring whole companies. In April, he

committed $6.5 billion to help McLean, Virginia-based candy

manufacturer Mars buy chewing gum maker Wm. Wrigley Jr. Co. In

September and October, he agreed to spend $8 billion on

preferred shares of General Electric Co. and Goldman Sachs Group

Inc. that pay 10 percent annual interest.

Later deals have yielded even more favorable terms. In the

past week, Buffett agreed to buy preferred shares in Milwaukee-

based motorcycle maker Harley-Davidson Inc. that pay 15 percent

and Sealed Air Corp., an Elmwood Park, New Jersey, packaging

company, paying 12 percent.

“I wouldn’t be surprised if there’s not much news from the

fourth quarter,” Yoshikami said, referring to Berkshire’s next

stock-purchase disclosure. “When you can get a 10 percent

return that’s virtually guaranteed on preferred shares, why buy

stock? People complain that Buffett is less adaptable than he

used to be, but that’s not true. I bet he has learned from some

of these recent mistakes.”

  

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Buffett’s NetJets Europe May Buy Airports to Win Runway Access
By Jann Bettinga

Feb. 9 (Bloomberg) -- Warren Buffett’s NetJets Inc. private-
aircraft venture may seek to acquire control of more small
airports around Europe in order to improve access to runways and
reduce travel times for its executive clientele.

“If there’s a good opportunity to buy an airport, we may
well do that,” Bill Kelly, chief executive officer of the
venture’s NetJets Europe division, said in a telephone interview.
He didn’t identify potential targets.

NetJets is buying a small-plane airfield in Egelsbach, a
commuter town south of Frankfurt, to provide private-jet travelers
with faster trips to Germany’s financial capital. Kelly didn’t
rule out acquiring more airports should doing so help London-based
NetJets Europe offer better flight connections.

NetJets has no interest in becoming an airport company and
its only motivation is to improve runway access, he said.

Global air-passenger traffic declined for a fourth
consecutive month in December as the recession and financial
crisis hurt travel, according to figures from the International
Air Transport Association. The economic contraction has affected
NetJets Europe, causing a drop in private-jet flights of as much
as 20 percent since October, Kelly said.

“Certainly, 2009 is going to be tough,” he said in the
interview on Jan. 30. The company has pushed back “by a couple of
years” deliveries of as many as seven light jets scheduled in
2009, and will add only three to five of these planes this year,
Kelly said. Wealthy private clients have scaled back flights more
than corporate customers, he said.

Kelly declined to say whether NetJets Europe will make a
profit this year. The company was profitable in 2008, he said,
without providing a figure. NetJets sells time shares in private
aircraft under a system known as fractional ownership.

New Opportunities

The financial-industry turmoil is also an opportunity to win
more corporate travelers, Kelly said.

“No CEO is going to go into his board in this day and age
and say, ‘Can I have $50 million to buy a Gulfstream’” private
jet. NetJets has “a number of prospects in the pipeline for
fractional sales,” he said, without giving details.

Egelsbach airport will be the first airfield owned by NetJets
Europe, a unit of U.S. billionaire investor Buffett’s Berkshire
Hathaway Inc. NetJets is acquiring the strip from the municipality
of Egelsbach and neighboring communities for about 3.7 million
euros ($4.7 million) and plans to invest 30 million euros to 40
million euros on upgrades.

Frankfurt ‘Chock-a-Block’

The private-jet company decided to bid on the Egelsbach
assets after struggling to fly to Fraport AG’s Frankfurt
international airport, 10 kilometers (6 miles) north of the
suburb, which is “chock-a-block” amid constraints on flights,
Kelly said. Frankfurt airport is Europe’s third-busiest by
passenger numbers, after London’s Heathrow and Paris’s Charles de
Gaulle, and is building a fourth runway to ease capacity limits.

“When our customers want to go there, we have a success rate
of perhaps 30-40 percent of getting access to Frankfurt,” forcing
NetJets to fly to Frankfurt-Hahn airport about 100 kilometers to
the west, Kelly said. The Egelsbach purchase will allow better
connections to the city of Frankfurt, which is home to “lots of
high-net-worth individuals,” he said. The transaction is a “huge
opportunity to grow our German market.”

Egelsbach airport doesn’t serve scheduled airlines. Its
vendors had to invest about 500,000 euros last year to keep the
unprofitable operation in business.

“We don’t expect to be profitable at the airport until 2015-
2016,” Kelly said. Making the airport profitable “is not our No.
1 priority,” as the main goal is to “get more customers into
NetJets.”

Flights by NetJets may serve Egelsbach as early as midyear,
Scott Forbes, the plane operator’s director of corporate strategy,
said in an interview.


  

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Die Anleihen sind mit einer Verzinsung von zehn Prozent jährlich ausgestattet, das ist rund ein Prozentpunkt mehr als bei Anleihen auf der niedrigsten Stufe der Kategorie Investmentgrade verlangt wird, geht aus Daten von Merrill Lynch hervor. Die Hälfte des Anleihevolumens wird 2017 fällig, der Rest zwei Jahre später, ist einer Pflichtmitteilung an die US-Wertpapieraufsicht SEC zu entnehmen.

Tiffany habe bisher keine Anleihen öffentlich platziert, berichtete Tiffany-Sprecher Mark Aaron. Das Unternehmen wird daher von den Ratingagenturen auch nicht benotet. Der Erlös der Privatplatzierung solle größtenteils für die Refinanzierung von fällig werdenden Verbindlichkeiten genutzt werden, erklärte Aaron.

Aufgrund der weltweiten Kreditklemme haben sich einige Unternehmen, die sonst mit Berkshire konkurrieren, beim Kauf von Aktien und Unternehmensanleihen derzeit zurück. Das hat es Buffett ermöglicht, hohe Renditen von Unternehmen zu verlangen, die entweder sein Kapital benötigen oder ihn als namhaften Unterstützer haben wollen.

"Der Einzelhandelssektor ist im Moment bestimmt kein Bereich, den die Leute wollen", sagte Martin Fridson, Vorstandschef von Fridson Investment Advisors in New York. "Es kommen einige Papiere im Hochzinsbereich auf den Markt, aber es wird stark ausgewählt nach Qualität und Branche." Tiffany hat im Weihnachtsgeschäft einen Umsatzeinbruch von 21 Prozent hinnehmen müssen. Die Aktie liegt für dieses Jahr knapp 15 Prozent im Minus, nach einer Talfahrt von 49 Prozent im Jahr 2009.

http://www.wirtschaftsblatt.at/home/boerse/binternational/362204/index.do

  

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Berkshire Reduces Stake in J&J as Buffett Turns to Fixed-Income
By Erik Holm and Linda Shen

Feb. 18 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway
Inc. cut holdings of Johnson & Johnson, the world’s largest maker
of health-care products, and Procter & Gamble Co. as he turned
his attention to fixed-income investments.

Buffett’s firm reduced its stake in New Brunswick, New
Jersey-based Johnson & Johnson by 54 percent to 28.6 million
shares in the three months ended Dec. 31, Berkshire said
yesterday in a regulatory filing disclosing U.S. equity
investments. The holding in Cincinnati-based Procter & Gamble,
the biggest consumer-products company, fell by 9 percent.

Buffett is negotiating private deals to buy corporate debt
and preferred shares as equity markets drop. Omaha, Nebraska-
based Berkshire maintained its positions in Bank of America Corp.
and American Express Co., financial firms that lost more than 45
percent their market value in the fourth quarter, while selling
Johnson & Johnson and Procter & Gamble, which each fell less than
14 percent.

“Those are two companies that held up well in the fourth
quarter, and it seems like he’s seeing value elsewhere,” said
Mitchell Kovitz, the founder of Kovitz Investment Group, which
manages more than $1 billion, including Berkshire shares. “He’s
able to make deals that aren’t available to most people.”

Berkshire, where Buffett is chairman, agreed in the past six
months to purchase $8 billion in preferred shares of General
Electric Co. and Goldman Sachs Group Inc. Buffett also made deals
to buy debt of wallboard manufacturer USG Corp., motorcycle-maker
Harley-Davidson Inc., luxury jeweler Tiffany & Co. and Sealed Air
Corp., the maker of Bubble Wrap shipping products. The yields are
as high as 15 percent.

‘Loan Operation’

“He’s got a pretty good loan operation going at 10 to 15
percent with very little risk,” said Michael Yoshikami,
president of YCMNet Advisors in Walnut Creek, California, who
manages $800 million and owns Berkshire shares. “He may have
picked those to sell because their stock prices are closer to
what he thinks they’re actually worth.”

Buffett’s firm yesterday also disclosed a stake in Nalco
Holding Co., the Naperville, Illinois-based water treatment
company that may benefit from a surge in demand for clean water
in emerging markets. The company makes chemicals that prevent
corrosion, contamination and the buildup of harmful deposits in
water. Berkshire owned 8.74 million shares as of Dec. 31, or
about 6.4 percent of the stock, according to Bloomberg data. The
stake is worth about $96.7 million, based on yesterday’s closing
share price.

Oracle of Omaha

The value of Berkshire’s U.S. stock holdings dropped 26
percent over three months to $51.9 billion as of Dec. 31.
Berkshire had more than $30 billion in cash as of Sept. 30.

Known as the “Oracle of Omaha,” Buffett, 78, is a cult
figure among investors, drawing 31,000 people to that city’s
Qwest Center arena for his annual shareholders meeting last year.
Buffett has cautioned investors against assuming all moves in the
equity portfolio are his.

Investors mimic the firm’s stock picks in an effort to
duplicate Buffett’s success, and an academic study in 2007 found
that using this strategy for 31 years would have delivered
annualized returns of about 25 percent, double the return of the
Standard & Poor’s 500 Index. Yesterday’s filing only lists
equities traded on U.S. exchanges. Buffett’s spokeswoman Carrie
Kizer didn’t return a message seeking comment.

Buffett’s firm cut its stake in Houston-based
ConocoPhillips, the third-biggest U.S. oil producer, by 4.8
percent to 79.9 million shares. Berkshire remains the largest
shareholder in the company. Berkshire reduced holdings of
Richmond, Virginia-based CarMax Inc., the biggest U.S. used-car
dealer, by 4.4 percent to 17.6 million shares.

Banks, Refrigerators

Berkshire cut its stake in U.S. Bancorp, the largest bank
based in Minnesota, by 7.4 percent to about 67.6 million shares.
The lender’s fourth-quarter profit plunged 65 percent on
investment impairments and reserves against bad debt.

Berkshire added shares of Ingersoll-Rand Co., the Bermuda-
based maker of Thermo King and Hussmann refrigeration equipment,
increasing the investment 38 percent to 7.78 million shares. The
company also increased holdings of Cleveland-based Eaton Corp.,
which manufactures products for the vehicle and aerospace
markets, by 10 percent to 3.2 million shares.

The stake in Princeton, New Jersey-based NRG Energy Inc.
increased by 44 percent to 7.2 million shares. The power producer
is the object of a hostile takeover bid by Chicago-based Exelon
Corp.

Procter & Gamble has suffered amid the recession as
consumers buy fewer premium versions of staple items such as Tide
laundry detergent and Olay skin cream. The company, which gets
about half of its revenue outside the U.S., also has been hurt by
the strengthening of the U.S. dollar against other currencies.

Copycat Drugs

Johnson & Johnson forecast that 2009 results would be hurt
by the slumping economy, competition from copycat drugs and a
strong dollar.

Jennifer Chelune, a Procter and Gamble spokeswoman, and
Carol Goodrich of Johnson & Johnson declined to comment.

Berkshire remained the largest shareholder in Coca-Cola Co.,
Wells Fargo & Co. and American Express as of Dec. 31, according
to Bloomberg data. All three lost more than a quarter of their
market value in the past 12 months through yesterday. Berkshire’s
stock fell 41 percent in that span.

  

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>das low vom november wurde klar unterschritten.

Buffett's Berkshire Drops to Lowest in Five Years
By Erik Holm

Feb. 20 (Bloomberg) -- Warren Buffett's Berkshire Hathaway Inc. fell
to its lowest price in five years in New York trading amid concern
about possible losses on bets the billionaire chairman has taken on
world stock markets.

Berkshire Class A shares, the most expensive on the New York Stock
Exchange, fell $3,200, or 4.1 percent, to $75,400 at 11:57 a.m. in
composite trading, the lowest since October 2003. The stock of the
Omaha, Nebraska-based firm has declined for six straight days and
plunged 48 percent in the past 12 months.

The bets, in the form of derivatives that may require Berkshire to pay
as much as $37 billion, require the firm to take writedowns in
quarters where stock markets fall and volatility increases, even
though Berkshire wouldn't pay out on the contracts until at least
2019. Four of the world's stock markets would have to drop to zero for
Berkshire to pay the maximum amount to the firms that took the
opposite side.

'It's possible there could be a big writedown when they report those
fourth-quarter numbers," said Bill Bergman, an analyst with
Morningstar Inc. who gives Berkshire five stars, his firm's highest
rating. "There's clearly some concern out there, but it still seems
like a fairly conservative position." Berkshire may report
fourth-quarter results next week.

Most of the top holdings in Berkshire's U.S. stock portfolio, valued
at $51.9 billion as of Dec. 31, declined this year. Coca-Cola Co.,
Berkshire's top holding, dropped about 4.8 percent since Dec 31. Wells
Fargo & Co. plummeted 66 percent. American Express Co. plunged 32
percent.

Profit Slump

The quarter ended Sept. 30 marked Berkshire's fourth straight profit
drop, the longest streak of quarterly declines in more than a decade.
Slumps in debt and equity markets reduced shareholders equity, a
measure of assets minus liabilities, by $9 billion in October, after
the quarter ended, Buffett said in November.

Buffett owns about one-third of Berkshire's Class A shares and about
14 percent of the Class B stock, which is 1/30th of a Class A share,
according to Bloomberg data.

Buffett, ranked the richest man in the U.S. by Forbes magazine,
transformed Berkshire from a failing textile maker into an enterprise
with businesses ranging from ice cream and underwear to corporate jet
leasing. He has never split the stock.

He told an interviewer in November that Berkshire's declining stock
price "doesn't make any difference" to him.

"You own a business," Buffett said of shareholders in an interview
with the Fox Business Network. "If I own a farm here, which I do, I
don't get a quote on it every day, you know? And it may have gone down
50 percent at some point. I don't even know about it. I look to the
farm and I look to the business to determine the results."

  

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Berkshire Shares Trade at Record-Setting Discount

Feb. 24 (Bloomberg) -- Berkshire Hathaway Inc.’s stock
trading suggests that investors disagree more than ever before
about the value of the company, headed by billionaire investor
Warren Buffett.

Berkshire’s Class B
stock closed at discounts of more than 6 percent to the value of
its Class A stock for the past two trading days. There had never
been a streak like that since Class B began trading in May 1996.
The Feb. 20 discount, 7 percent, was a record.

Class B shares provide 1/30th of the equity stake and
1/200th of the voting power of Class A shares. Buffett, in a memo
posted on the insurance and investment company’s Web site, wrote
that they are “a better buy” whenever the discount is more than
2 percent.

Before last week, the gap surpassed 6 percent only twice.
The first took place on Aug. 31, 1999, close to the peak of the
1990s Internet bubble, when Buffett’s company fell out of favor
among many investors. The second occurred last Sept. 19.

Berkshire’s Class A shares have “a historically attractive
valuation,” Gary Ransom, an analyst at Fox-Pitt Kelton Cochran
Caronia Waller, wrote in a report yesterday. Ransom raised his
rating on the stock to “outperform” from “in line.”

By his estimate, Class A was trading at 1.2 times book
value, or the value of assets excluding liabilities. While the
report didn’t cite Class B specifically, those shares presumably
were valued at an even lower multiple. Their 27 percent decline
for the year through yesterday exceeded Class A’s loss by about
five percentage points, as the chart shows.

  

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Ich erinnere an VW: VZG vs. Stämme. Die Stämme haben nur eines mehr: Das Stimmrecht. Aktuell kosten die Vzg ca. 38 Euro, die Stämme 200 Euro. Völlig irreal. Aber was will man machen. Stämme short und Vorzüge long? Genau bei solchen Transaktionen sind schon ganz große Pleite gegangen. Geht vielleicht langfristig auf, aber was nützt das einem, wenn die Position so stark ins Minus läuft, daß die Bank einen Zwangsauflösung verlangt? Genau das ist mit VW passiert und hat einem einzigen Anleger über 1 Millarde Euro gekostet - innerhalb 1 Tag.

  

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Berkshire’s Results May Be Worst Ever, Using Buffett’s Measure
By Erik Holm

Feb. 27 (Bloomberg) -- Berkshire Hathaway Inc. may report
its worst results since Warren Buffett took over in 1965, based
on a measure the billionaire chairman cites on the first page of
his firm’s annual letter to shareholders.

Losses in Berkshire’s stock portfolio and writedowns on
derivative bets tied to equity markets may have caused book
value per share, a measure of assets minus liabilities, to fall
by 8.5 percent, according to Gary Ransom, an analyst with Fox-
Pitt Kelton Cochran Caronia Waller. That ratio declined only
once before on Buffett’s watch, falling 6.2 percent in 2001.

Berkshire suffered as the benchmark Standard & Poor’s 500
Index turned in its worst year since 1937. The expected
writedown on derivatives may reflect both that decline and the
increasing volatility of equity markets, though the $35.5
billion in derivative contracts don’t require Omaha, Nebraska-
based Berkshire to pay out until at least 2019, if at all.

“He’s warned us about this,” said Janet Tavakoli, founder
of Chicago-based advisory firm Tavakoli Structured Finance and
author of “Dear Mr. Buffett,” which contrasts the
billionaire’s derivative bets with those that brought American
International Group Inc. to the verge of collapse. “He’s said
there could be fluctuations of $1 billion or more per quarter.
We’re now in the ‘or-more’ stage.”

If Buffett’s 2008 report, expected tomorrow, follows the
template from past years, the first sentence of the letter to
shareholders will disclose the change in book value. In his
“owner’s manual” for Berkshire shareholders, Buffett says he
considers the figure to be an objective substitute for the best,
albeit subjective, measure of a firm’s success: a metric he
calls intrinsic value.

Intrinsic Value

“Intrinsic value is an estimate rather than a precise
figure,” Buffett, 78, wrote in the manual on Berkshire’s Web
site. “We give you Berkshire’s book-value figures because they
today serve as a rough, albeit significantly understated,
tracking measure for Berkshire’s intrinsic value. In other
words, the percentage change in book value in any given year is
likely to be reasonably close to that year’s change in intrinsic
value.”

Buffett doesn’t provide a number for intrinsic value. He
didn’t respond to a request for comment left with assistant
Carrie Kizer.

Berkshire, which has posted four straight drops in
quarterly profit on declining insurance results and investment
losses, will also disclose earnings for the three months ended
Dec. 31. Buffett, who transformed Berkshire into an enterprise
with operations ranging from underwear and ice cream to jet
leasing and power plants, has downplayed the importance of
quarterly results in evaluating the firm’s long-term health.

Berkshire’s share price has slipped 44 percent in the past
12 months through yesterday, compared with the 45 percent drop
in the S&P.

400,863 Percent

Berkshire’s book value outperformed the total return of the
S&P in 37 of the 43 years through 2007, according to the most
recent annual report, and probably beat the benchmark index in
2008, Ransom said in a note to investors on Feb. 23. Under
Buffett, Berkshire’s book value per share grew 400,863 percent
through the end of 2007, compared with 6,840 percent for the
S&P, according to Berkshire’s own calculations.

The growth reversed in the first 10 months of 2008,
Berkshire said in a November statement. Nineteen of the top 20
equity holdings in Berkshire’s U.S. portfolio, valued at $51.9
billion as of Dec. 31, declined last year. Coca-Cola Co.,
Berkshire’s top holding, dropped 26 percent. American Express
Co. plunged 64 percent. Oil producer ConocoPhillips fell 41
percent.

Fixed Returns

Berkshire’s derivative contracts were sold to undisclosed
buyers for $4.85 billion. Under the agreements, Berkshire must
pay out if, on specific dates starting in 2019, four market
indexes are below the point where they were when he made the
agreements. In the meantime, Berkshire can invest the cash.
Buffett has been buying preferred shares and debt of companies
including General Electric Co. and Harley-Davidson Inc. to lock
in yields as high as 15 percent.

The indexes, which include the S&P and three others Buffett
hasn’t identified, would all have to fall to zero for Berkshire
to be liable for the entire $35.5 billion that’s at risk.

The liabilities on the derivatives -- those expected to
have affected book value in the fourth quarter -- are accounting
losses that reflect the falling value of the stock indexes, not
cash that Berkshire has paid out.

“There’s the potential for significant losses on that
position,” said Bill Bergman, an analyst with Morningstar Inc.
who gives Berkshire five stars, his firm’s highest rating. “But
this is what they do. They’re in the risk absorption business,
and in the long term it’s hard to see how there are going to be
significant losses in 2019 or later.”

More Information

Buffett said in November that he will provide more
information on how he calculates losses on the derivative bets
in the firm’s annual report. The document will discuss “all
aspects of valuation” and cover “deficiencies in the formula”
for pricing the derivatives, “which we nevertheless use,”
Buffett said in an e-mail in November.

Results in the fourth quarter may also decline on
Berkshire’s businesses tied to real estate. The worst housing
slump since the Great Depression hurt results for those firms in
the third quarter, including Acme Brick, Benjamin Moore paints
and carpet manufacturer Shaw Industries.

  

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Ich habe mir seinen Letter für 2008 durchgelesen. Die mMn interessantesten
Passagen:


The table on the preceding page, recording both the 44-year
performance of Berkshire’s book value
and the S&P 500 index, shows that 2008 was the worst year for each.
The period was devastating as well for
corporate and municipal bonds, real estate and commodities. By
yearend, investors of all stripes were bloodied
and confused, much as if they were small birds that had strayed into a
badminton game.

As the year progressed, a series of life-threatening problems within
many of the world’s great financial
institutions was unveiled. This led to a dysfunctional credit market
that in important respects soon turned
non-functional. The watchword throughout the country became the creed
I saw on restaurant walls when I was
young: “In God we trust; all others pay cash.”


I told you in an earlier part of this report that last year I made a
major mistake of commission (and
maybe more; this one sticks out). Without urging from Charlie or
anyone else, I bought a large amount of
ConocoPhillips stock when oil and gas prices were near their peak. I
in no way anticipated the dramatic fall in
energy prices that occurred in the last half of the year. I still
believe the odds are good that oil sells far higher in
the future than the current $40-$50 price. But so far I have been dead
wrong. Even if prices should rise,
moreover, the terrible timing of my purchase has cost Berkshire
several billion dollars.

I made some other already-recognizable errors as well. They were
smaller, but unfortunately not that
small. During 2008, I spent $244 million for shares of two Irish banks
that appeared cheap to me. At yearend we
wrote these holdings down to market: $27 million, for an 89% loss.
Since then, the two stocks have declined
even further. The tennis crowd would call my mistakes “unforced errors.”

The investment world has gone from underpricing risk to overpricing
it. This change has not been
minor; the pendulum has covered an extraordinary arc. A few years ago,
it would have seemed unthinkable that
yields like today’s could have been obtained on good-grade municipal
or corporate bonds even while risk-free
governments offered near-zero returns on short-term bonds and no
better than a pittance on long-terms. When the
financial history of this decade is written, it will surely speak of
the Internet bubble of the late 1990s and the
housing bubble of the early 2000s. But the U.S. Treasury bond bubble
of late 2008 may be regarded as almost
equally extraordinary.

Clinging to cash equivalents or long-term government bonds at present
yields is almost certainly a
terrible policy if continued for long. Holders of these instruments,
of course, have felt increasingly comfortable –
in fact, almost smug – in following this policy as financial turmoil
has mounted. They regard their judgment
confirmed when they hear commentators proclaim “cash is king,” even
though that wonderful cash is earning
close to nothing and will surely find its purchasing power eroded over time.

Sleeping around, to continue our metaphor, can actually be useful for
large derivatives dealers because
it assures them government aid if trouble hits. In other words, only
companies having problems that can infect
the entire neighborhood – I won’t mention names – are certain to
become a concern of the state (an outcome, I’m
sad to say, that is proper). From this irritating reality comes The
First Law of Corporate Survival for ambitious
CEOs who pile on leverage and run large and unfathomable derivatives
books: Modest incompetence simply
won’t do; it’s mindboggling screw-ups that are required.

Considering the ruin I’ve pictured, you may wonder why Berkshire is a
party to 251 derivatives
contracts (other than those used for operational purposes at
MidAmerican and the few left over at Gen Re). The
answer is simple: I believe each contract we own was mispriced at
inception, sometimes dramatically so. I both
initiated these positions and monitor them, a set of responsibilities
consistent with my belief that the CEO of any
large financial organization must be the Chief Risk Officer as well.
If we lose money on our derivatives, it will be
my fault.
Our derivatives dealings require our counterparties to make payments
to us when contracts are
initiated. Berkshire therefore always holds the money, which leaves us
assuming no meaningful counterparty
risk. As of yearend, the payments made to us less losses we have paid
– our derivatives “float,” so to speak –
totaled $8.1 billion. This float is similar to insurance float: If we
break even on an underlying transaction, we will
have enjoyed the use of free money for a long time. Our expectation,
though it is far from a sure thing, is that we
will do better than break even and that the substantial investment
income we earn on the funds will be frosting on
the cake.

Our put contracts total $37.1 billion (at current exchange rates) and
are spread among four major
indices: the S&P 500 in the U.S., the FTSE 100 in the U.K., the Euro
Stoxx 50 in Europe, and the
Nikkei 225 in Japan. Our first contract comes due on September 9, 2019
and our last on January 24,
2028. We have received premiums of $4.9 billion, money we have
invested. We, meanwhile, have
paid nothing, since all expiration dates are far in the future.
Nonetheless, we have used Black-
Scholes valuation methods to record a yearend liability of $10
billion, an amount that will change
on every reporting date. The two financial items – this estimated loss
of $10 billion minus the $4.9
billion in premiums we have received – means that we have so far
reported a mark-to-market loss
of $5.1 billion from these contracts.

The second category we described in last year’s report concerns
derivatives requiring us to pay
when credit losses occur at companies that are included in various
high-yield indices. Our standard
contract covers a five-year period and involves 100 companies. We
modestly expanded our position
last year in this category. But, of course, the contracts on the books
at the end of 2007 moved one
year closer to their maturity. Overall, our contracts now have an
average life of 21⁄3 years, with the
first expiration due to occur on September 20, 2009 and the last on
December 20, 2013.
By yearend we had received premiums of $3.4 billion on these contracts
and paid losses of $542
million. Using mark-to-market principles, we also set up a liability
for future losses that at yearend
totaled $3.0 billion. Thus we had to that point recorded a loss of
about $100 million, derived from
our $3.5 billion total in paid and estimated future losses minus the
$3.4 billion of premiums we
received. In our quarterly reports, however, the amount of gain or
loss has swung wildly from a
profit of $327 million in the second quarter of 2008 to a loss of $693
million in the fourth quarter of
2008.

In 2008 we began to write “credit default swaps” on individual
companies. This is simply credit
insurance, similar to what we write in BHAC, except that here we bear
the credit risk of
corporations rather than of tax-exempt issuers.
If, say, the XYZ company goes bankrupt, and we have written a $100
million contract, we are
obligated to pay an amount that reflects the shrinkage in value of a
comparable amount of XYZ’s
debt. (If, for example, the company’s bonds are selling for 30 after
default, we would owe $70
million.) For the typical contract, we receive quarterly payments for
five years, after which our
insurance expires.
At yearend we had written $4 billion of contracts covering 42
corporations, for which we receive
annual premiums of $93 million. This is the only derivatives business
we write that has any
counterparty risk; the party that buys the contract from us must be
good for the quarterly premiums
it will owe us over the five years. We are unlikely to expand this
business to any extent because
most buyers of this protection now insist that the seller post
collateral, and we will not enter into
such an arrangement.

  

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Jeden Tag bringt einen neuen Grund sich zu wundern ob die Marktteilnehmer
völlig den Verstand verloren haben...


Berkshire Credit Swaps Rise to Record, Imply ‘Junk’
By Erik Holm and Shannon D. Harrington

March 4 (Bloomberg) -- The cost of protecting against default by Warren Buffett’s Berkshire Hathaway Inc. soared to record levels more typical of junk-rated companies amid concern the firm faces losses on derivatives.

Credit-default swaps used to guard against losses on Berkshire’s debt climbed 15 basis points to 515 basis points at 3:45 p.m. in New York, according to CMA DataVision, and earlier reached 535. The contracts yesterday traded as if the company, rated Aaa by Moody’s Investors Service, was 11 grades lower at Ba2, according data from Moody’s capital markets research group.

The price may be rising on concern the Omaha, Nebraska- based firm will lose bets on the direction of world equity markets, high-yield corporate bonds and municipal debt. That scenario assumes Berkshire would drain its $25.5 billion cash hoard and then find itself unable to raise more from stock or bond sales or the company’s historically profitable insurance and utility businesses.

“There are two extremes on Berkshire, and one is that he’s going to make a lot of money on these things, just like he’s promised,” said Jeff Matthews, the author of “Pilgrimage to Warren Buffett’s Omaha” and founder of hedge fund Ram Partners LP. At the other extreme, investors worry that “he could in fact suffer huge losses and it could really trigger some problems,” Matthews said.

American Express, AIG

The price of Berkshire’s credit-default swaps put it on par with buying protection on American Express Co., the biggest U.S. credit-card company by purchases, which are trading at 543 basis points.

Berkshire swaps still are about half the 1,102 basis points for protection on American International Group Inc., the insurer that this week recorded the largest quarterly loss in U.S. corporate history. And investors are demanding the equivalent of 948 basis points to protect the bonds of the Aaa-rated finance arm of General Electric Co.

Credit-default swaps, used to hedge against losses or to speculate on the ability of companies to repay their debt, rise as investor confidence deteriorates. A basis point on a credit- default swap contract protecting $10 million of debt from default for five years is equivalent to $1,000 a year.

Buffett, who has gained a reputation as the world’s pre- eminent stockpicker, has struck deals with unidentified firms to protect them against long-term declines in four equity indexes, defaults by a group of corporations with junk-bond ratings, and the inability of states and municipalities to repay their debts. Junk bonds are high-yield securities graded below BBB- by Standard & Poor’s and Baa3 by Moody’s.

‘He’s Exposed’

The maximum loss on those bets was $63.4 billion as of Dec. 31, a figure that Berkshire would pay only if the markets fell to zero and all the states and municipalities failed to pay. Berkshire said liabilities on those positions were about $14 billion as of Dec. 31.

“Just to be investing out there means he’s exposed,” said Scott MacDonald, head of research at Aladdin Capital Management in Stamford, Connecticut. “And I think what was the shocker to people is that the sage of Omaha has suddenly shown he’s human.”

Buffett’s Expectation

Buffett didn’t immediately respond to a request for comment left with assistant Carrie Kizer.

“Our expectation, though it is far from a sure thing, is that we will do better than break even” on derivatives, Buffett wrote in his annual letter to shareholders Feb. 28. Berkshire held about $8.1 billion as of Dec. 31 that it collected through the contracts, and can make money by investing those funds, Buffett wrote.

Berkshire’s fourth-quarter net income fell 96 percent to $117 million, the firm said Feb. 28. Book value per share, a measure of assets minus liabilities, slipped 9.6 percent for all of 2008, the worst performance under Buffett’s watch, on the falling price of stocks in the firm’s equity portfolio and the declining value of the derivatives.

“They’re all paper losses, and he doesn’t owe money on any of it for years,” said Guy Spier, principal at hedge fund Aquamarine Funds LLC, which owns Berkshire shares. “People are doing crazy things in this market right now, but if you just stop and ask about the logic of it, it doesn’t make any sense.”

A total of 2,400 credit-default swaps protecting a net $4.4 billion of Berkshire debt from default were outstanding as of Feb. 27, according to the Depository Trust & Clearing Corp., which runs a central registry for the market.

Stock Slump

“It could very well be that the insurance company or whoever it is who bought the derivatives are now buying the CDS to make sure they get paid,” Matthews said. “It’s a lot like a stock price, where it’s hard to know what makes it go up or down.”

http://bloomberg.com/apps/news?pid=20601087&sid=aAcPe1GpTQ9U&refer=home

  

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Short Sellers Set Sights on Buffett’s Berkshire
By David Wilson

March 11 (Bloomberg) -- Betting against Warren Buffett is
becoming a more popular strategy, judging by the latest short-
sale report from the New York Stock Exchange.

Short interest in Class A shares of Berkshire Hathaway Inc.,
Buffett’s insurance and investment company, almost doubled in the
second half of February. The exchange released data yesterday on
the number of shares borrowed and sold at the end of last month.

The Feb. 28 figure was 0.9 percent, the highest since
Bloomberg began compiling float data in December 2003. Fifty-
eight hundred shares were sold short, enabling investors to
profit from a drop in the share price.

Short selling of Berkshire’s Class B stock, which has 1/30
the value of Class A, climbed to a two-year high relative to the
float. The actual number of shares sold short, 116,135, set a
record as the price tumbled.

The proportion of Class A shares on loan quadrupled since
Feb. 24 to 0.45 percent, according to Data Explorers, a short-
sale researcher based in New York and London. Jessica Johnson,
the firm’s head of editorial and public relations, cited the
figures yesterday in a posting on the Seeking Alpha Web site.

There was a comparable surge in the amount of stock
available to borrow, according to the posting. The increase
pointed toward a “two-way pull” between short sellers and
buyers, Johnson wrote.

  

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Wenn Berkshire nicht AAA ist, dann ist kein Unternehmen AAA...


Buffett’s Berkshire Has AAA Debt Rating Cut by Fitch
By Erik Holm

March 12 (Bloomberg) -- Billionaire Warren Buffett’s

Berkshire Hathaway Inc. had its top-level AAA credit rating cut

by Fitch Ratings, which cited concern about the potential for

losses on the insurer’s equity and derivatives holdings.

Buffett’s role as chief investment officer also puts the

company at risk if he becomes unable to do the job, Fitch said in

a statement. Fitch cut the so-called issuer default rating on

Berkshire to AA+, and senior unsecured debt to AA. The insurance

and reinsurance units kept their AAA status, with a negative

outlook for all entities, Fitch said.

“Fitch views this risk as unrelated to Mr. Buffett’s age,

but rather Fitch’s belief that Berkshire’s record of outstanding

long-term investment results and the company’s ability to

identify and purchase attractive operating companies is

intimately tied to Mr. Buffett,” Fitch said. Buffett is 78.

Berkshire joins General Electric Co., which was downgraded

by Standard & Poor’s today and lost its status as one of the

remaining AAA companies in the U.S. Berkshire stock fell 35

percent in 12 months on concern that Buffett’s bets on

derivatives -- instruments he has called “financial weapons of

mass destruction” -- will crush profit at the firm.

The downgrade isn’t surprising because the deteriorating

economy is leading to increased uncertainty about all financial

companies, said Michael Yoshikami, chief investment strategist at

YCMNet Advisors.



An Abundance of Caution



“Triple-A in the end is probably going to be left for the

Treasury when it’s all said and done,” said Yoshikami, whose

Walnut Creek, California-based firm oversees $800 million and

owns Berkshire Hathaway shares. “You’re seeing the rating

agencies taking an abundance of caution at this point.”

S&P and Moody’s Investors Service assign the top credit

grade to Berkshire. Buffett’s assistant, Carrie Kizer, didn’t

respond to a message left after normal business hours in Omaha.

Berkshire has outperformed the S&P 500 Index in 38 of the 44

years Buffett has run the firm and handled its investments,

according to the Omaha, Nebraska-based company’s 2008 annual

report. The company is backing derivatives pegged to corporate

junk bonds, municipal debt and the performance of stock indexes

on three continents, with liability of more than $14 billion as

of Dec. 31.

Buffett said in an e-mail in November that collateral calls

from the institutions on the opposite side of his derivative

bets are “under any circumstances, very minor.” In a Bloomberg

Television interview conducted last week, Buffett said he plans

to sell more derivative contracts, which he personally negotiates.

Some investors have said the derivatives may saddle the insurer

with billions of dollars in losses.



Making Money



“Oh, we’ll continue,” Buffett said. “We do anything that

I think I understand and where I think that the odds strongly

favor making money, which doesn’t mean you make money every

time.”

The $37.1 billion in equity puts tied to four of the world’s

stock markets -- the largest portion of the derivative contracts

-- have “no collateral posting requirements with respect to

changes in either the fair value or intrinsic value of the

contracts and/or a downgrade of Berkshire’s credit rating,” said

the company’s latest annual report, released this month.

Buffett will “likely make money on at least the index put

contracts,” said Jeff Matthews, author of “Pilgrimage to Warren

Buffett’s Omaha” and founder of hedge fund Ram Partners LP.

“Even if he didn’t, his balance sheet would in no way be as weak

as GE’s.”

Insurers depend on high credit ratings to keep down the

cost of raising capital and reassure policy holders that their

claims will be covered.

“If Berkshire isn’t triple A, I’m not sure which company

would be,” Buffett said in a Bloomberg interview at last year’s

annual shareholders’ meeting.

Matthews said investors may ignore the Fitch rating change

because they give more weight to analysis by S&P or Moody’s. He

added, “Buffett’s true believers won’t believe it.”

  

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Warren Buffett’s Berkshire Salary Remains $100,000
By Erik Holm

March 13 (Bloomberg) -- Warren Buffett, the world’s second-

richest man, received a $100,000 salary for the 28th consecutive

year in 2008 as Berkshire Hathaway Inc. posted the worst annual

results of his tenure. He received no bonus.

Berkshire this month said book value per share, a measure

highlighted on the first page of the Omaha, Nebraska-based

company’s annual report, fell for the second time since he

wrested control of the company four decades ago. Buffett gets no

stock options or grants for serving as chief executive officer

and chairman, Berkshire said in a regulatory filing today.

Buffett, 78, built the once-failing textile manufacturer

into a $130 billion investment and holding company with

businesses from ice cream and candy stores to insurance and

corporate jet leasing. He is Berkshire’s largest shareholder,

and has pledged the bulk of his stake to the Bill & Melinda

Gates Foundation and four family charities.

Buffett ranked second behind Gates, the co-founder of

Microsoft Corp. and a member of Berkshire’s board, in Forbes

magazine’s annual ranking of the world’s billionaires released

this week. Buffett’s wealth decreased by $25 billion to $37

billion in the 12 months since Forbes magazine last updated its

rankings.

Berkshire spent $315,709 on bodyguards and home security

for Buffett, the filing said. Buffett earned $75,000 in 2008 for

serving on the boards of companies in which Berkshire has

stakes, matching his compensation for those services from the

prior year.



Reimbursements



Buffett sets pay for Vice Chairman Charles Munger, 85, who

also again earned a $100,000 salary, and Chief Financial Officer

Marc Hamburg, who earned $775,000, an 8.8 percent salary raise

from 2007. Buffett also determines the pay for managers of

Berkshire’s operating units.

“Mr. Buffett does not anticipate Mr. Munger’s compensation

will be increased in the future,” the regulatory filing said.

Berkshire has had a compensation committee since 2004.

Prior to that, Buffett recommended his own salary to the board.

He reimbursed Berkshire $50,000 last year to cover any personal

use of Berkshire postage, phones and personnel, the filing said.

Munger paid Berkshire $5,500 for those services.

Gates, whose net worth was estimated by Forbes at $40

billion, and other members of Berkshire’s board of directors

earned $2,700 to $6,700 for their work.

  

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Sehr geehrte Privatanleger,

vor einigen Tagen sah ich in einer angesehenen Tageszeitung, unter der Rubrik „Tops & Flops“, ein Bild von Warren Buffett...

weiter:http://kolumnen.boerse.de/kolumnen.php?pid=16695

  

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>Sehr geehrte Privatanleger,
>
>vor einigen Tagen sah ich in einer angesehenen Tageszeitung,
>unter der Rubrik „Tops & Flops“, ein Bild von Warren
>Buffett...
>
>weiter:http://kolumnen.boerse.de/kolumnen.php?pid=16695

Besonders helle ist der Hr. Otte aber auch nicht:

....Die Gegenpartei muss schon in einer ziemlichen Zwangslage gewesen sein, wenn sie solche Optionen brauchte...

Der Gegenpartei ist der fundamentale Wert der Optionen egal - die
interessiert nur die eingepreiste Volatilität. Die wird gering
gewesen sein und die Gegenpartei kann die gezahlte Prämie durch Delta-
Hedging über die Zeit mehr als zurückverdienen.

  

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Besonders helle ist der Hr. Otte aber auch nicht:

Aber helle genug um in einen Buch den laufenden Crash vorhergesagt zu haben.

  

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>Besonders helle ist der Hr. Otte aber auch nicht:
>
>Aber helle genug um in einen Buch den laufenden Crash
>vorhergesagt zu haben.

Ach, der ist das. Das Buch habe ich nicht gelesen, aber Respekt
wenn er das richtig analysiert hat (und nicht einer der Crash-Propheten
war die jahrelang davon reden, um dann irgendwann recht zu bekommen?)

Aber seine Argumentation bei den Put-Optionen hinsichtlich Counterparty
ist Blödsinn, und wenn er eine Ahnung von Derivaten hätte müßte
er das wissen.

  

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ich kann diesem max otte nicht folgen. was ich merkwürdig finde:

- wie kann man bei einer aktie, die 74.000 dollar pro stück kosten, eine kaufempfehlung aussprechen

- ich kann mindestens 50 gute aktien aufzählen, wo innerhalb der nächsten jahren mit mehr als einer kursverdopplung gerechnet werden kann. oder anders ausgedruckt, wer kauf aktuell noch aktien zum buchwert. das wäre meiner meinung nach hirnrissig.

- ich würde niemals jemanden diese aktien empfehlen, weil eins ist für mich klar, die aktie fällt und steigt mit diesen buffet. sollte der mal sterben, es ist ja nicht mal sicher ob der noch den nächsten aufschwung miterlebt, kann man diese aktien vergessen. egal welche persönlichkeit buffet im management nachfolgen wird, früher oder später werden sie sein lebenswerk herunterwirtschaften. jede wirtschaftkrise wird weniger kursverluste bei dieser aktien hinterlassen, aus der tod von buffet selbst.

  

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ich kann diesem max otte nicht folgen. was ich merkwürdig finde:

Vielleicht ist er nur ein Fan,ein Bewunderer von Buffett.Davon soll es ja mehrere geben (hab ich jedenfalls gehört )...

  

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>Vielleicht ist er nur ein Fan,ein Bewunderer von Buffett.Davon
>soll es ja mehrere geben (hab ich jedenfalls gehört )...

räusper, sollte da auch ich gemeint sein?
Ich kann jedem nur empfehlen sich in seine Lebensgeschichte einzulesen,
wer ihn dann nicht bewundert dem ist nicht zu helfen
Der Mann ist ein Genie.

  

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>ich kann diesem max otte nicht folgen. was ich merkwürdig
>finde:
>
>- wie kann man bei einer aktie, die 74.000 dollar pro stück
>kosten, eine kaufempfehlung aussprechen

Es gibt B-Aktien, die 1/30 kosten. Im übrigen ist der absolute Preis einer Aktie ja völlig irrelevant?

>- ich kann mindestens 50 gute aktien aufzählen, wo innerhalb
>der nächsten jahren mit mehr als einer kursverdopplung
>gerechnet werden kann. oder anders ausgedruckt, wer kauf
>aktuell noch aktien zum buchwert. das wäre meiner meinung nach
>hirnrissig.

Stimmt, Berkshire ist billig wie noch nie, aber viele andere Aktien
sind noch weit billiger. Allerdings ist Berkshire auch so was wie
Fort Knox was die Stabilität betrifft.


>- ich würde niemals jemanden diese aktien empfehlen, weil eins
>ist für mich klar, die aktie fällt und steigt mit diesen
>buffet. sollte der mal sterben, es ist ja nicht mal sicher ob
>der noch den nächsten aufschwung miterlebt, kann man diese
>aktien vergessen. egal welche persönlichkeit buffet im
>management nachfolgen wird, früher oder später werden sie sein
>lebenswerk herunterwirtschaften. jede wirtschaftkrise wird
>weniger kursverluste bei dieser aktien hinterlassen, aus der
>tod von buffet selbst.

Buffett schreibt sich mit "tt"
Die Investments werden nicht mehr so glänzend laufen wie bei ihm, das
ist klar. Aber Berkshire ist mittlerweile viel mehr, ganz so negativ
würde ich das also nicht sehen. (siehe Liste der Unternehmen die zu
100% im Besitz von BH stehen auf der Homepage)

  

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>Es gibt B-Aktien, die 1/30 kosten.

die haben aber nur 1/200 stimmrecht.


>Im übrigen ist der absolute
>Preis einer Aktie ja völlig irrelevant?

grundsätzlich schon, aber an der börse zählt handelbarkeit auch eine rolle. in der regel gibt es schon unter 100 euro einen aktiensplitt.

ausserdem werde ich das gefühl nicht los, dass sich min. 80% der brokerjeter nichtmal eine a aktion kaufen könnten.


>Stimmt, Berkshire ist billig wie noch nie, aber viele andere
>Aktien
>sind noch weit billiger. Allerdings ist Berkshire auch so was
>wie
>Fort Knox was die Stabilität betrifft.

ich sags mal so, buffett würde höchstwahrscheinlich seine eigenen aktien nicht kaufen.


>Buffett schreibt sich mit "tt"

ok.


>Die Investments werden nicht mehr so glänzend laufen wie bei
>ihm, das
>ist klar. Aber Berkshire ist mittlerweile viel mehr, ganz so
>negativ
>würde ich das also nicht sehen. (siehe Liste der Unternehmen
>die zu
>100% im Besitz von BH stehen auf der Homepage)

ich sehe das nicht negativ, ich bin nur realistisch. gleich nach seinem tod würde man sich wahrscheinlich wünschen kurzfristig mal nicht diese aktien zu halten.

- nur knapp 20 leute sind bei berkshire hathaway beschäftigt
- knapp über 30% der aktien hält buffett selbst

  

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Goldman Sachs ist aktuell bei 115,2.



Warren Buffett's warrants to buy over 43 million shares of Goldman Sachs at $115 each are almost back "in the money."

MarketWatch's Alistair Barr reminds us that Goldman's rally in recent months has greatly increased the potential value of those warrants.

They were essentially thrown into the deal as a sweetener when

Berkshire Hathaway bought $5 billion worth of preferred stock

from the firm at the height of the credit crisis last fall.

Buffett's main objective was the 10 percent guaranteed annual return from the preferred shares. In his

letter to Berkshire shareholders

last month, he called the equity participation a "bonus."

Back on September 23, the day Buffett's multi-billion dollar "vote of confidence" in Goldman was announced, shares of the firm closed at $125.05. Three days later, they finished just short of $138.



Over the next two months, Goldman shares plunged over 62 percent to close at $52.

Since then, however, Goldman has staged a comeback, more than doubling to finish yesterday (Monday) at $111.93. Current price: (NYSE:GS - News)

That's just a few dollars below Berkshire's strike price of $115 a share.

For every dollar that Goldman's stock price rises above $115, Berkshire could potentially make just over $43 million by purchasing Goldman shares at the strike price and reselling them at the higher market price.

  

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Berkshire Hathaway to Sell $400 Million of 3-Year Senior Notes
By Gabrielle Coppola

March 26 (Bloomberg) -- Berkshire Hathaway Inc., the
investment and holding company run by Warren Buffett, plans to
sell $400 million of three-year notes, according to a person
familiar with the transaction.

The sale of senior fixed-rate notes may occur as soon as
today, said the person, who declined to be identified because
terms aren’t set.

The debt may be rated Aaa by Moody’s Investors Service and
AAA by Standard & Poor’s, their top rankings, the person said.

The Omaha, Nebraska-based company hired Goldman Sachs Group
Inc. and Morgan Stanley to help sell the debt, the person said.


  

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Buffett Punished in Bond Market as Citigroup Borrows for Less
By Erik Holm and Gabrielle Coppola

April 2 (Bloomberg) -- Billionaire Warren Buffett’s
Berkshire Hathaway Inc. is being penalized in the bond market,
paying more to borrow than bailed-out companies including
Citigroup Inc.

Buffett’s firm paid more for its latest debt offering than
Fannie Mae and Freddie Mac, the mortgage lenders that lost a
combined $108.8 billion last year. Bank of America Corp. is also
paying lower interest on notes under a program in which the U.S.
agrees to guarantee debt.

The difference in borrowing costs illustrates how
government aid is giving an advantage to companies that needed
multiple helpings of U.S. rescue funds. Each of the companies
except for Berkshire were able to find buyers for notes paying
2.375 percent or less because of their government backing, while
Berkshire will pay 4 percent to bondholders who bought $750
million of the firm’s AAA-rated debt last week.

“Highly-rated companies, such as Berkshire, are
experiencing borrowing costs that, in relation to Treasury
rates, are at record levels,” Buffett said in his annual letter
to shareholders on Feb. 28. “At the moment, it is much better
to be a financial cripple with a government guarantee than a
Gibraltar without one.”

Opponents of the bailout efforts have seized on such
disparities as an indication that the government is rewarding
bad behavior. Buffett has said he supported the U.S.
government’s actions, given the extent of the recession and a
financial crisis that cut off some borrowers’ access to credit.

‘Weak Players’

“This is the cost of the intervention,” said Bill
Bergman, an analyst with Morningstar Inc. who follows Berkshire.
“The government is propping up the weaker players, not the
strong ones.”

Danielle Romero-Apsilos, a Citigroup spokeswoman, and Scott
Silvestri of Charlotte, North Carolina-based Bank of America,
declined to comment. Freddie Mac’s Michael Cosgrove said that
while his company gets favorable rates in the bond market
because of U.S. guarantees, the firm is paying a 10 percent
dividend to the government on its investment in preferred
shares. Fannie Mae’s Terence O’Hara declined to comment.

Berkshire’s three-year notes sold March 26 were priced to
yield 282 basis points more than similar-maturity U.S.
Treasuries. Proceeds will be used to make loans to people who
buy pre-fabricated houses from Berkshire’s Clayton Homes Inc.
unit. A basis point is 0.01 percentage point.

The same day, McLean, Virginia-based Freddie Mac raised $8
billion, including $5 billion of two-year, 1.625 percent debt
that priced to yield 71 basis points more than Treasuries.

Freddie, Fannie

Freddie lost about $50 billion in 2008 and Fannie booked
$58.7 billion in losses. The firms yesterday disclosed a $15.2
billion investment by the Treasury in Fannie’s preferred stock
and a $30.8 billion purchase of Freddie’s preferred shares.

Citigroup last week raised $7 billion of debt guaranteed by
the Federal Deposit Insurance Corp., including $1 billion of 3-
year notes with a two percent coupon, Bloomberg data show.

New York-based Citigroup paid 86.6 basis points more than
similar-maturity Treasuries on the debt.

Bank of America sold $2 billion of three-year, 2.375
percent notes on March 9 that priced to yield 102.5 basis points
more than benchmarks, Bloomberg data show.

“Lousy businesses have a cheaper cost of funds right now
because the government doesn’t want them to go away,” said
Larry Coats, the chief executive officer of Oak Value Capital
Management Inc., which owns Berkshire shares. “The good news
for Berkshire is, they also are finding very attractive ways to
put their money to work.”

  

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Die kann doch wirklich niemand mehr ernst nehmen - Berkshire sitzt
auf 30 Mrd. Cash!

------------

Warren Buffetts Investmentgesellschaft Berkshire Hathaway hat ihre Bestnote für die Kreditwürdigkeit verloren. Die Ratingagentur Moody's senkte die Bewertung angesichts der Rezession und der Wertverluste von Investitionen in der Versicherungssparte am Mittwoch um zwei Stufen auf "Aa2".

Branchenexperten zeigten sich wenig verwundert über die Herabstufung. Der Vorgang bestätige lediglich, was sowieso bereits jeder gewusst habe: Das niemand immun gegen die schlimmste Finanzkrise seit Jahrzehnten sei, nicht einmal Investment-Guru Buffett.

Damit bewertet Moody's keine einzige Firma mit einer nennenswerten Finanzsparte mehr mit der Bestnote "Aaa". Nur noch vier Unternehmen können sich mit der höchsten Einstufung schmücken: Der Pharmakonzern Johnson & Johnson, der Ölmulti Exxon, Microsoft sowie Automatic Data Processing.

  

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Und Warren schafft es wieder


„Warren Buffett, Goldman’s White Knight“, war die Überschrift in der Business Week vom 24. September 2008. Der Untertitel lautete „The Oracle of Omaha $5 Billion cash infusion may save Goldman Sachs, but the tottering bank’s health and prospects lost their shine“. Was soviel heißt, wie “Warren Buffett, Goldmans weißer Ritter – Die 5 Mrd. Dollar Geldzufuhr durch das Orakel von Omaha mag möglicherweise Goldman Sachs retten, aber dennoch verliert die Bank angesichts einer angekratzten Gesundheit und lausigen Aussichten, ihren Glanz“.

Seinerzeit hat Warren 40,6 Mio. Aktien im Wert von 123 Dollar je Aktie gekauft. Und nicht nur das. Zusätzlich hat sich Warren eine Option gesichert weitere Aktien im Wert von 5 Mrd. Dollar zu 115 Dollar je Aktien zu kaufen. Also in etwa 43,5 Mio. Aktien. Kurz danach ging es mit den Goldman Aktien bergab. Den Tiefpunkt hatte die Goldman Sachs Aktie am 20. November 2008 bei 54,21 Dollar je Aktie. Scheinbar hatte Warren Buffett sein „Glück“ verlassen.

Und wie schon damals in der Hochzeit der New Economy zogen zahlreiche Journalisten über den Good Old Guy aus dem Mittleren Westen der Vereinigten Staaten von Amerika her. Seinerzeit schrieb man, der alte Mann hätte die neuen Zeiten und das Internet nicht begriffen. Darüber macht sich Warren noch heute in seinen Hauptversammlungs-Shows in Omaha lustig. Und auch diesmal waren die Kritiker schnell zur Stelle. Und auch diesmal lagen sie daneben.

Denn was diese nie begreifen werden, ist die Sache mit dem inneren Wert. Auf den alleine kommt es bei einem Unternehmen nämlich an. Und sonst auf nix anderes. Der Börsenkurs, auf den die meisten Anleger wie das Kaninchen auf die Schlange blicken, ist in Wirklichkeit pille palle. Den braucht man nur als Wasserstandsmelder. Wer den Börsenkurs fälschlicherweise für einen Wertmaßstab hält, der muss in die Irre gehen und an der Börse verlieren. Leider tun das noch viel zu viele Investoren. Kein Wunder werden sie doch von unfähigen Bänkern und Möchtegern Finanzberatern seit Jahr und Tag falsch beraten.

Wobei, wer hält das schon aus, dass eine Aktie von 123 Dollar auf 54,21 Dollar zurückgeht? Das sind immerhin satte -55,9 % Verlust. Weil die meisten Anleger von der Fahne gehen würden, haben die Banken und die Fondsgemeinschaft eine Scheinwelt eingerichtet. Dort werden mit allerlei derivativer Unterstützung, die jede Menge kostet, die Verluste nach unten hin begrenzt. Was im Umkehrschluss heißt, dass sie auch nach oben nicht frei laufen können. So badet man am Ende immer lau. Offensichtlich aber wollen das die Anleger. Es gibt dort nämlich mehr Hasenfüße als man denkt. Und so hat sich auf diese eine ganze Finanzindustrie eingerichtet.

Dagegen steht der Value Investor Ansatz. Denn auch ich beherzige. Uns Value Investoren ist es egal, ob und wie stark eine Aktie fällt. Wir haben uns nämlich rechtzeitig Gedanken über den wahren, den inneren Wert eines Unternehmens gemacht und halten dann an dem ausgekuckten Unternehmen fest. Komme, was da wolle. Und so gehen wir auch einmal ordentlich ins Minus. Was egal ist, wenn wir mit unserem Wert wirklich richtig liegen. Denn wir vertrauen darauf, dass sich irgendwann der Markt dort hinbewegen wird. Früher oder später. Und dabei spielt das sog. Timing keine Rolle. Man kann schließlich immer teurer oder billiger einkaufen. Wer der Mär des richtigen Einstiegs hinterherläuft, wird niemals hohe Renditen machen. Denn es ist niemals der richtige Zeitpunkt.

Was das Schwierige an diesem Ansatz ist? Sie brauchen jede Menge Geduld und jede Menge Vertrauen in ihre eigenen handwerklichen Fähigkeiten. Und Beharrlichkeit bis es weh tut. Nur so hält man die Berg und Talfahrten der Börse aus. Und natürlich muss man das Geld, das man investiert auch wirklich über haben. D.h. man darf nicht verkaufen müssen. Denn das muss man meistens immer dann, wenn die Aktien am Tiefpunkt sind. Also scheiden Kreditfinanzierungen bei Aktien weitestgehend aus.

Allerdings trägt dieses Investmentverhalten auch saftige Früchte. Schauen wir doch einfach einmal bei Warren nach. Er hat bei 123 Dollar gekauft. Scheinbar im November letzten Jahres einen Verlust von schlappen -2,8 Mrd. Dollar gemacht. Und ich bin mir ganz sicher, dass Warren da nicht einmal gezuckt hat, wobei viele schon längst verkauft und Verluste realisiert hätten. Und heute liegt er bei den ursprünglich gekauften Aktien bei 7 Dollar Plus je Aktie also ca. bei +284 Mio. Dollar. Und würde er seine Optionen ziehen und sie an der Börse sogleich verkaufen, kämen weitere +650 Mio. Dollar hinzu.

Ich finde das gar nicht so schlecht. Aber auch an der Börse gilt. There is no free lunch. Den Preis, den man zahlen muss, sind Geduld, starke Nerven und Glaube an sich selbst. Und jeder, der das Business länger macht, weiß wie schwer diese Tugenden erarbeitet werden müssen. Und es immer wieder eine neue Herauforderung ist, in Zeiten wie diesen, zu diesen zu stehen.

Also, kann ich Warren wieder einmal nur meinen Respekt und meine Anerkennung zollen. Denn erneut hat er es geschafft.

Und ganz nebenbei. Ich wäre damals never ever in Goldman Sachs eingestiegen. Und würde es auch heute noch nicht tun. Und dennoch war mir schon damals klar, dass Warren damit punkten wird. Und, sollten Sie nicht gerade Banken als Investment suchen, dann sind Sie – vorausgesetzt so ein doch handfester Investmentstil schreckt Sie nicht zu sehr ab – bei meinem Take-Off Investor Börsenbrief goldrichtig.

http://www.be24.at/blog/entry/621763/und-warren-schafft-es-wieder

  

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Buffett, at Annual Meeting, Refocuses Attention on Berkshire
By Erik Holm

April 29 (Bloomberg) -- Billionaire Warren Buffett, who

entertained shareholders at past Berkshire Hathaway Inc. annual

meetings with musings on baseball and Paris Hilton, will focus

investor attention this weekend on his efforts to turn around

the company after its worst year in four decades.

Buffett needs to reassure shareholders of his Omaha,

Nebraska-based firm after a 37 percent stock decline since Dec.

31, 2007, an ill-timed investment in oil producer ConocoPhillips

and downgrades by ratings firms.

The annual meeting, scheduled for May 2, gives Buffett and

Vice Chairman Charles Munger a platform to discuss markets, the

economy and Berkshire’s businesses. Shareholders aren’t

screened, resulting in questions on sports and Buffett’s

relationship with Jesus Christ. The format was changed this year

to ensure half the questions will pertain to Berkshire.

“It’s going to have a much more serious tone,” said Bill

Bergman, an analyst with Morningstar Inc. in Chicago.

“Berkshire shareholders aren’t used to a 40 percent decline,

and we’re in a serious moment for our economic climate.”

Berkshire has posted five straight profit declines on

deteriorating results at insurance units and liabilities from

derivative bets on world stock markets. Buffett is expected to

announce first-quarter results the day before the annual

meeting. The company said Feb. 28 that book value, a measure of

assets minus liabilities, had dropped by about $8 billion from

$109.3 billion on Dec. 31.

Book value per share, a measure Buffett highlights in his

yearly letter to shareholders, slipped 9.6 percent in 2008, the

worst performance since Buffett took control in 1965, on the

declining value of the derivatives and holdings in financial

companies including Wells Fargo & Co. The Standard & Poor’s 500

Index has declined about 39 percent in the past 12 months.



‘An Icon’



“This thing we’re in is as bad as anything since the Great

Depression,” said Andrew Kilpatrick, who wrote the two-volume

“Of Permanent Value: The Story of Warren Buffett” and has

attended every annual meeting since 1984. “He knows he’s a

business leader for the world, an icon, and I think he’ll want

to address that and give us some sort of insight into where

we’re headed.”

Buffett told shareholders at last year’s meeting that the

firm spent $4 billion investing in municipal auction-rate bonds,

taking advantage of payouts that topped 10 percent after regular

bidders fled the market. This year, he may discuss Berkshire’s

purchases of preferred shares or debt of companies including

Goldman Sachs Group Inc. and Harley-Davidson Inc. paying as much

as 15 percent.



‘Market Dislocations’



“When there are market dislocations we’re always going to

take advantage of them,” he said at last year’s gathering.

Buffett and Munger have used recent meetings to promote

Berkshire as a buyer of non-U.S. businesses and distinguish

their operations from what they consider the sometimes reckless

behavior they see on Wall Street. Their pronouncements reach

shareholders, potential customers and ratings firms.

Buffett, in his “Visitor’s Guide” for attendees, cited a

paucity of inquires about Berkshire at the 2008 gathering as the

reason for restructuring the five-hour question-and-answer

session at the annual meeting, which is expected to draw 35,000

attendees, surpassing last year’s record by 4,000.

The new arrangement, in which half the questions are pre-

screened by reporters, may ensure more discussion on succession

planning, the $37.1 billion in derivative bets tied to stock

markets and the loss of the top AAA credit grade in the last two

months from Moody’s Investors Service and Fitch Ratings.



‘Something New’



“It’s a fantastic idea,” said Frank Betz, a partner at

Warren, New Jersey-based Carret Zane Capital Management, who

attended his first Berkshire meeting in the early 1990s. “Now

there’s a chance to hear something new.”

Known as the “Oracle of Omaha,” Buffett has grown into a

cult figure among investors who admire him as much for his

homespun aphorisms as for his stock-picking savvy. He told the

audience last year that a commitment from Berkshire was good

even if Federal Reserve Chairman Ben S. Bernanke “runs off to

South America with Paris Hilton.”

Visitors from 43 countries will fill the arena and the

overflow rooms at Omaha’s Qwest Center, and students from 45

universities have been invited to watch from a ballroom in the

Omaha Hilton across the street.

Investors in years past queued up in front of the arena

before midnight to be first to put a question to Buffett.

Attendees still have a chance to ask unscreened questions,

though under a second change in policy, they will be picked by

lottery instead of the speed at which they can sprint to the

microphone once the arena’s doors open.



Not So Fast



“At age 78, I’ve concluded that speed afoot is a

ridiculously overrated talent,” Buffett wrote in the program

for this year’s meeting.

The three reporters -- Carol Loomis from Fortune magazine,

Andrew Ross Sorkin of the New York Times and CNBC’s Becky Quick

-- took questions via e-mail and are under instruction from

Buffett to ask only about Berkshire.

  

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May 2 (Bloomberg) -- Billionaire Warren Buffett said the candidates to succeed him as chief executive officer of Berkshire Hathaway Inc. already work for the company.

“There is no reason to go outside,” Buffett, 78, said in a Bloomberg Television interview before Omaha, Nebraska-based Berkshire’s annual shareholder meeting today. “All the candidates are inside.”

Buffett, Berkshire’s leader for four decades, has said the board’s most important job will be to replace him when he’s no longer able to perform his duties. He has promised the chairman’s post will go to his son, Howard Buffett, to keep the firm’s culture intact, and said the remainder of his work will be split between at least two people: a CEO and person or group that handles investing.

weiter:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaTtEznArtFg&refer=home

  

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He has promised the chairman’s post will go to his son, Howard Buffett...

Und ich dachte an Warren Buffett jun. der sich zurzeit gerade in Österreich aufhält

  

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>He has promised the chairman’s post will go to his son,
>Howard Buffett...

>
>Und ich dachte an Warren Buffett jun. der sich zurzeit gerade
>in Österreich aufhält

Wenn ich mir dessen Bio ansehe solle ich mich vielleicht doch bewerben

  

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>>He has promised the chairman’s post will go to his
>son,
>>Howard Buffett...

>>
>>Und ich dachte an Warren Buffett jun. der sich zurzeit
>gerade
>>in Österreich aufhält
>
>Wenn ich mir dessen Bio ansehe solle ich mich vielleicht doch
>bewerben


Bin auch überzeugt,dass er noch Platz für einen Adoptivsohn hätte. (Stichwort:Erbonkel)

Köntaktaufnahme bitte über @jonnyfreutsich,der kennt den echten Warren Buffett nämlich persönlich...

  

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>Köntaktaufnahme bitte über @jonnyfreutsich,der kennt den
>echten Warren Buffett nämlich persönlich...

Tatsächlich? Erzähl mal bitte!

  

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Berkshire Doubled Municipal Bond Stake on ‘Unthinkable’ Yields
By Erik Holm and Jeremy R. Cooke

June 9 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway

Inc. doubled its municipal-bond holdings in nine months amid

record swings in the value of the securities that the

billionaire investor labeled “unthinkable.”

Berkshire increased its investment in debt issued by state

and local governments to $4.05 billion as of March 31 from $2.05

billion on June 30, 2008, the Omaha, Nebraska-based company said

in regulatory filings. Berkshire added $1.09 billion to the bet

in last year’s third quarter and $985 million in the first three

months of 2009.

Buffett’s firm bought municipal bonds while scaling back

stock purchases and as its cash position fell to the lowest

level in five years. As Berkshire was adding to the stake, hedge

funds, mutual funds and other institutions that use borrowed

money to boost returns were forced to sell holdings to meet

margin calls and investor withdrawals, especially after Lehman

Brothers Holdings Inc. collapsed in September.

“Savvy investors picked up some good bargains,” said

Janet Tavakoli, author of “Dear Mr. Buffett” and founder of

Chicago-based advisory firm Tavakoli Structured Finance. “There

have been some excellent bargains for people like Warren

Buffett, who understands that the principles of value investing

don’t change, no matter the circumstances.”

Municipal bonds had their biggest monthly loss of 5.1

percent in September 2008, based on the Municipal Master Index

created by Merrill Lynch & Co. in 1989. Issuers put off selling

new debt as borrowing costs jumped. Yields on the highest

quality 10-year tax-exempt debt soared to a record two times the

rate of comparable-maturity U.S. Treasuries in December,

according to data compiled by Bloomberg.



Risk Overpriced



“The investment world has gone from underpricing risk to

overpricing it,” Buffett wrote in his annual letter to

shareholders in February. “A few years ago, it would have

seemed unthinkable that yields like today’s could have been

obtained on good-grade municipal or corporate bonds even while

risk-free governments offered near-zero returns on short-term

bonds.”

Buffett didn’t respond to a request for comment left with

assistant Carrie Kizer yesterday. The filings don’t allow

investors to know exactly when in last year’s third quarter

Berkshire began increasing investments in municipal bonds.

Buffett, 78, is ranked the world’s second-richest man by

Forbes magazine. He transformed Berkshire from a failing textile

maker into an enterprise with businesses ranging from ice cream

and underwear to corporate-jet leasing. The chief executive

officer and biggest shareholder of Berkshire has been called the

world’s greatest investor for his strategy of being “greedy

when others are fearful,” and buying out-of-favor securities.



Surge in Value



Including gains in the value of securities, Berkshire’s

municipal-bond holdings reached $4.32 billion as of March 31,

the highest level since 2005. The firm typically discloses

results more than a month after a quarter ends.

“People who understand our market understand that munis

were extremely cheap versus the credit and performance risks in

the fourth quarter,” Matt Fabian, managing director at research

firm Municipal Market Advisors, said in an e-mail from Westport,

Connecticut.

Berkshire spent $624 million on equities in the first

quarter, the smallest amount since at least 2005. The firm’s

cash holdings, $47.1 billion as of September 2007, fell below

$20 billion in April after the company posted its worst loss in

at least 20 years.



Bonds Rally



As liquidations abated and new issues dried up, state and

local-government bonds began to rally early this year. The

Merrill index posted its largest gain on record of 4.07 percent

in January 2009.

The rally persisted as the Obama administration’s stimulus

package offered aid to states and localities and eased borrowing

with the Build America Bonds program, which subsidizes taxable

debt sales. By last month, benchmark municipal yields had fallen

back below those on taxable U.S. debt.

Berkshire may have added municipal holdings through its

property and casualty insurance units, which typically seek out

tax advantages provided by state and local debt, Fabian said in

a telephone interview. Such insurers tend to be longer-term

bondholders, he said.

So-called crossover buyers are more likely to buy

municipals for potential price gains, making them prone to

unwinding the trade after rallies, Fabian said.



Berkshire Bond Insurance



Berkshire was buying more municipal debt even as the firm

scaled back on a year-old business of insuring against possible

default by the cities and states that issue the bonds. Buffett

wrote in his annual letter that governments with guaranteed debt

might choose to default rather than raise taxes, and said such

factors aren’t priced into the cost of insuring the bonds.

Berkshire Hathaway Assurance Corp. insured $3.3 billion of

new long-term municipal issues in 2008, taking almost 5 percent

of the insured market in its first year of business, based on

data compiled by Thomson Reuters. In the first quarter of 2009,

Berkshire’s share of insured municipal new issues shrank to 3

percent on $354 million of deals, the data show.

“We basically don’t like the pricing,” Buffett told

reporters after a press conference in Omaha on May 3. “If you

have the wrong pricing, you can lose a lot of money.”

Berkshire guaranteed $15.6 billion of existing debt in the

secondary market and $3.7 billion in new issues, Buffett said in

the annual letter.

  

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NEW YORK. Der Investor Warren Buffett hat sich in der Erholungsphase an den Börsen seit Anfang März selbst geschlagen. Ein Aktienportfolio aus den 15 wichtigsten Beteiligungen seiner Investmentgesellschaft Berkshire Hathaway hätte die Erholung der Berkshire-Aktie, die rund 19 Prozent gestiegen ist, übertroffen. In beiden Fällen wäre ein solches Investment deutlich rentabler gewesen als die Entwicklung des Gesamtmarktes.

Eine Investition in Höhe von einer Mio. Dollar in die 15 wichtigsten Werte hätte vom 9. März bis zum Mittwoch dieser Woche einen Ertrag von 682 300 Dollar erbracht. Den gleichen Betrag in die Berkshire-Aktie zu investieren, hätte nur 185 900 Dollar abgeworfen. Positionen in Futures und anderen Derivaten hatten sich nicht so schnell erholt wie das Aktienportfolio von Berkshire. Dabei haben sich einige von Buffetts langjährigen Positionen im Zeitraum seit März mehr als verdoppelt. Darunter etwa die Finanzwerte Wells Fargo und American Express.

"Die Investments von Buffett sind auf traditionelle Werte und eine fundamentale Qualität ausgerichtet und werden sich daher auch künftig besser als der Gesamtmarkt entwickeln", sagt Frank Betz von Carret Zane Capital Management voraus. In seinem Portfolio finden sich auch Berkshire-Aktien. Kritiker, die zum Jahresbeginn noch erklärt hatten, Buffett habe seine Verbindung zum Markt eingebüßt, seien nun glänzend widerlegt worden, so Betz. Trotzdem konnte sich Berkshire Hathaway im ersten Quartal nicht von den schweren Verlusten an den Aktienmärkten abkoppeln. Bloomberg


26. Juni 2009

  

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‘GOD OF STOCKS’ Chooses China as the Winner: Alice Schroeder
Commentary by Alice Schroeder

July 1 (Bloomberg) -- The rock-star treatment I received on

my recent book tour in China makes sense only if viewed through

the lens the Chinese apply to American culture: Its importance

is relative to whether it can make you rich.

Which is why Warren Buffett is no mere Oracle in China; he

is the “GOD OF STOCKS” (usually translated this way, in

uppercase). Buffett is probably the most popular American in

China other than President Barack Obama.

The Chinese don’t give a hoot about Obama’s politics; his

appeal is his power, through which he, like Buffett, can make

you rich. Faith in Obama’s ability to create wealth on a

personal level is so strong that one Chinese author has even

capitalized on it in a book: “Get Rich With Barack Obama’s

Change We Can Believe In Principle.”

It is just as strange that Buffett, the man of patient

capital accumulation, has been so fetishized in China, the land

of instant everything. The tour gave me a window into the

attitude of Chinese investors. It resembled no book tour

imaginable in the U.S., consisting of marathon two-plus-hour

press conferences and six-hour “forums” (a speech of at least

60 minutes, followed by a panel, then audience questions and

answers followed by a book signing and a banquet) in Beijing,

Nanjing, Shenzhen, and Shanghai.



Trigger-Happy Strategy



Chinese investors have the attention span of meditating

monks when it comes to information they are interested in, which

is strange considering that “long-term” investing there works

more like a trigger-happy hedge-fund strategy.

You need strong nerves to invest in China. Under Beijing’s

pro-growth monetary policies the Shanghai Stock Exchange A-

Shares Index quintupled from 2005 to 2008 before it crashed 70

percent in November 2008 during the financial crisis. The SSE

has since doubled, but remains well below its high.

Investors have no clue what to make of this in light of

inconclusive, but encouraging, signs that China’s 4 trillion-

yuan ($585 billion) stimulus plan is working. The impending

Nasdaq-like small-cap Growth Enterprise Market, which could

become a treasure chest for investors, is also likely to

encourage more bubbles and volatility.

My audiences were understandably nervous about whether the

recent rally is sustainable in a market where stock prices in

the short run are linked less to the fundamental value of

businesses and more to Chinese government policies at a time

when they are clashing with U.S. policies.



Chinese Stocks Godfather



I appeared on a panel with former Taiwanese stockbroker

Leon Hu, who travels the region as an Asian Tony Robbins known

as the “Godfather of the Chinese Stock Market” (ranking a step

below the GOD OF STOCKS if only in capitalization). Hu claimed

to have predicted every major turning point in the SSE. He

insisted valuations are meaningless, which is a more credible

statement in China than elsewhere.

He also got points for honesty by telling the audience not

to rely on his predictions and for saying that investing is just

gambling, so be glad if you break even, news the audience

cheered and applauded.

A volatile market full of gamblers should be value-

investing heaven. Money managers who emulated Buffett thought

they had the Rosetta Stone. Instead, they were laughed at when

the market plunged in 2008. Now they question whether value

investing can work in an emerging market in which few companies

have a long-term track record and if they do, other forces may

overwhelm its importance. One of these is whether Obama can

repair the U.S. economy and thereby help their own.



Trial Balloons



My audiences asked over and over how the U.S. could

increase its imports from China, even though officials in

Beijing are trying to shrink the influence of exports on their

economy. People ran trial balloons past me about ways China

might boost exports if the U.S. economy remains stagnant, such

as state action to undercut other countries’ prices even if they

fall, and centralized coordination to shift toward less

economically cyclical products.

As these ideas suggest, Sino-capitalism doesn’t exactly

bristle with Adam Smith’s moral sentiments or show many

fingerprints of his “invisible hand.”

The people I met thought of Wall Street as full of bankers

who used the free market’s invisible hand to pick China’s

pockets by swapping valuable goods for worthless U.S. dollars.

How, one wanted to know, will the U.S. make amends after being

exposed as a giant Ponzi scheme that bankrupted the world?



‘Virulent Inflation’



Many people assumed the U.S. will try to solve its debt

burden by igniting what one person called “virulent inflation

around the whole world.” After all, as John Maynard Keynes

wrote, “A debtor nation does not love its creditor.”

Most people I spoke to were matter-of-fact about that. They

viewed it as only natural that people would take advantage of

one another in business; politics is business to them. While

Americans debate whether Obama has put the U.S. on the road to

socialism, the Chinese talk of Obama in terms of opportunities

for themselves. They remain optimists about China’s long-term

future and the role they have to play.

Cementing that optimism, none other than Buffett himself

has just declared China the winner, by comparing its emerging

era of ascendancy to the rise of the U.S. after World War II.

Buffett is more humble than he should be, and probably

doesn’t understand this, but words like that are magical, coming

as they do from the GOD OF STOCKS.



(Alice Schroeder, author of “The Snowball: Warren Buffett

and the Business of Life” and a senior adviser to Morgan

Stanley, is a Bloomberg News columnist. She recently purchased

Berkshire Hathaway shares. The opinions expressed are her own.)

  

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Warren Buffett verschenkt Aktien für 1,5 Mrd. Dollar

03.07.2009 | 07:10 | (DiePresse.com)

Der Multimilliardär schenkte die Aktien seiner Holding Berkshire Hathaway der Bill and Melinda Gates Foundation und vier weitere Familien-Stiftungen. Er ist nun nur noch mit 28,5 Prozent an der Holding beteiligt.

Der Großinvestor Warren Buffett hat Aktien an seiner Holding Berkshire Hathaway im Wert von rund 1,5 Milliarden Dollar (1,068 Mrd. Euro) für wohltätige Zwecke gespendet. Das geht aus einem Schreiben an die US-Wertpapieraufsicht vom Donnerstag hervor. Begünstigt seien die Bill and Melinda Gates Foundation und vier weitere Familien-Stiftungen. Damit ist der 78-jährige Multimilliardär nur noch mit 28,5 Prozent an der Holding beteiligt. Auf Basis der Schlusskurse vom Donnerstag entspricht dies einem Wert von etwas über 36 Milliarden Dollar. Buffett hatte die Schenkung bereits 2006 zugesagt.

Berkshire kontrolliert rund 80 Tochterfirmen. Zur breiten Palette gehören neben Versicherern auch Versorger, Restaurantketten, Textilunternehmen, Großhandelskonzerne und Schmuckhersteller.

(APA)
http://diepresse.com/home/wirtschaft/international/492167/index.do?from=rss

  

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>Der Großinvestor Warren Buffett hat Aktien an seiner Holding
>Berkshire Hathaway im Wert von rund 1,5 Milliarden Dollar
>(1,068 Mrd. Euro) für wohltätige Zwecke gespendet. Das geht
>aus einem Schreiben an die US-Wertpapieraufsicht vom
>Donnerstag hervor. Begünstigt seien die Bill and Melinda Gates
>Foundation und vier weitere Familien-Stiftungen. Damit ist der
>78-jährige Multimilliardär nur noch mit 28,5 Prozent an der
>Holding beteiligt. Auf Basis der Schlusskurse vom Donnerstag
>entspricht dies einem Wert von etwas über 36 Milliarden
>Dollar. Buffett hatte die Schenkung bereits 2006 zugesagt.


Tatsächlich werden jedes Jahr 1,5 Mrd. übertragen, seit 2006. Zuvor
werden die Aktien jedoch in die Klasse B umgewandelt (diese haben
geringere Stimmrechte, somit gibt er weniger an Einfluß auf als
dem Wert der Aktien entspricht).
Interessanterweise muß die Gates Stiftung auch jedes Jahr diese 1,5 Mrd. wieder ausgeben.

  

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July 23 (Bloomberg) -- Warren Buffett’s option to buy shares of Goldman Sachs Group Inc., part of an agreement reached at the depths of the credit crisis, has earned a profit on paper of about $2 billion, a return of more than 40 percent.

Goldman Sachs today passed $162 in New York trading for the first time since rival Lehman Brothers Holdings Inc. collapsed in September. Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. has warrants to buy $5 billion of Goldman common stock for $115 a share any time in the next four years.

weiter:

http://bloomberg.com/apps/news?pid=20601087&sid=aYzyTHHjhsJQ

  

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July 31 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway
Inc. earned a $1 billion paper profit from an investment it
agreed to make in Chinese carmaker BYD Co. less than a year ago.
The automaker has jumped fivefold in Hong Kong trading
since the deal was announced on Sept. 27, helped by Buffett’s
investment and rising demand for fuel-efficient vehicles. Three
days earlier Berkshire agreed to an investment in Goldman Sachs
Group Inc. that has since generated a paper profit of about $2
billion.
“When Warren Buffett says the sun shines out of somebody’s
backside, it’s worth paying attention,” said Guy Spier,
principal at New York-based hedge fund Aquamarine Funds LLC, who
owns Berkshire shares and has researched BYD. Buffett is
“betting on the jockey in this case,” Spier said, referring to
BYD’s Chief Executive Officer Wang Chuanfu.
Berkshire’s MidAmerican Energy Holdings Co. unit agreed to
buy 225 million new shares of BYD for HK$8 apiece. That stock
now has a market value of HK$9.37 billion ($1.21 billion), based
on yesterday’s closing price. Buffett will pay HK$1.8 billion.
BYD said last night it completed the sale. Buffett didn’t
respond to a request for comment.

BYD’s Hybrid

The investment may help BYD, the seventh-biggest carmaker
in China, boost its profile overseas and also reassure potential
customers, Chief Executive Wang said last year. The automaker
started selling the F3 DM, the world’s first mass-produced plug-
in hybrid, in December.
“Investors are buoyed by the potential growth in BYD’s
electric-car business,” said Barry Leung, an analyst at Sun
Hung Kai Securities Ltd. in Hong Kong. “The alternative-energy
sector is clearly one that will continue to enjoy the support of
the Chinese government.” Leung rates the carmaker “buy.”
BYD, also China’s biggest maker of rechargeable batteries,
climbed 4.3 percent to HK$43.45 at 10:09 a.m. The company
supplies power units to mobile-phone makers including Motorola
Inc., Nokia OYJ, Samsung Electronics Co. and LG Electronics Inc.
“Battery technology is one of the most important subjects
affecting the technological future of man,” Charlie Munger,
Berkshire’s vice chairman, who first identified BYD as a
potential investment target, said in a May 1 Bloomberg TV
interview. “BYD is one of the most interesting small companies
in the world.”

Sales Growth

The Shenzhen-based company aims to more than double vehicle
sales this year to 400,000 helped by exports and new models,
Wang said in March. First-half sales more than doubled to
176,814, helped by demand for the F3, China’s fourth bestselling
car, according to the China Association of Automobile
Manufacturers. China’s overall passenger-car sales rose 26
percent to 4.53 million.
BYD plans to sell shares on the mainland to help fund the
development of its auto business. The company intends to offer
as many as 100 million yuan-denominated shares in Shenzhen, it
said in a July 16 statement.
In May, the automaker agreed to explore cooperation with
Volkswagen AG in areas including hybrid cars and lithium-battery
powered electric vehicles. The company will also work with
Buffett’s MidAmerican on the development of rapid-charge
batteries for storing power from wind and solar generation,
MidAmerican Chairman David Sokol said in September.

Lehman’s Bankruptcy

Goldman Sachs turned to Buffett after the global credit
crunch forced Lehman Brothers Holdings Inc. into bankruptcy.
Berkshire agreed to buy $5 billion in preferred shares paying 10
percent interest and took options to buy $5 billion of shares at
$115 apiece. Goldman closed at $162.42 in New York Stock
Exchange composite trading yesterday.
The company is likely to hold onto the warrants until close
to their 2013 expiration dates, Buffett said in a Fox Business
Network interview on July 24.
Buffett, ranked the world’s second-richest man behind Bill
Gates by Forbes magazine, transformed Omaha, Nebraska-based
Berkshire from a failing textile maker into an enterprise with
businesses ranging from ice cream and underwear to corporate-jet
operations. His net worth was estimated at $37 billion by Forbes
in March.

  

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Warren Buffett und das richtige Timing


http://www.institutional-money.com/cms/fileadmin/user_upload/Bilder_Grafiken_News/Bilder_ News/Warren_Buffet.jpg.png


Warren BuffettWarren Buffett hat es seinen Kritikern wieder einmal gezeigt, wie man an der Börse Geld macht. Während ein Großteil der Investoren im Herbst 2008 Nerven und Aktien wegschmissen, gingen der 78-jährige Warren Buffett und Kompagnon Charlie Munger (85) auf Einkaufstour. Das Credo der alten Herren ist legendär - Buffett im Zitat: „Meine Kaufstrategie wird von einer einfachen Regel bestimmt: Sei ängstlich, wenn die anderen gierig sind, sei gierig wenn die anderen ängstlich sind."



Mut zum Risiko wird belohnt



Obgleich die Investmentholding Berkshire Hathaway bereits damals bedeutende Positionen in Versicherungen und Banktiteln hielt (Wells Fargo, Bank of America, American Express, Moody´s etc.), griff die Investmentlegende Buffett noch einmal mutig ins fallende Messer und stieg bei der damals übel beleumdeten Goldman Sachs, BYD (Best You Desire, chinesischer Hersteller von Automobilen und wiederaufladbaren Batterien) sowie General Electric ein. Zusätzlich riet er im Oktober 2008 in einem offenen Brief zum Kauf von Aktien - wobei er sicherheitshalber auf die Langfristigkeit von Aktieninvestments hinwies.



Die meisten seiner damaligen Käufe sind ein paar Monate später bereits ordentlich im Plus - zum Beispiel Goldman Sachs. Goldene 40 Prozent Buchgewinn (rund 2 Milliarden US-Dollar) auf die damals gekauften Kaufoptionen (Institutional Money berichtete). Kursgewinne sind aber noch nicht alles - für die für fünf Milliarden US-Dollar erworbenen Vorzugsaktien kassiert Berkshire Hathaway zehn Prozent Dividende pro Jahr. Prozentuell gesehen brachte sein Engagement in BYD aber noch mehr Gewinn.



Best You Desire



Seit Buffetts Einstieg bei BYD am 27. September 2008 hat sich der Kurs des Unternehmens an der Börse in Hongkong verfünffacht. Buffett hatte wieder einmal den richtigen Riecher für die großen Trends - sparsame Automobile (Institutional Money berichtete). Hintergrund: BYD ist nicht nur der siebtgrößte Autohersteller Chinas, sondern gleichzeitig der größte Produzent von wiederaufladbaren Batterien in China. Der Verkauf von Fahrzeugen wurde im ersten Halbjahr 2009 verdoppelt. „Buffett setzt in diesem Fall auf den Jockey", erklärte (laut Bloomberg) Guy Spier, Leiter des New Yorker Hedgefonds Aquamarine Funds LLC., und meinte den BYD-Vorstandschef Wang Chuanfu.



Berkshire erwarb im September 2008 über die Tochtergesellschaft MidAmerican Energy Holdings Co. 225 Millionen neue BYD-Aktien zum Preis von jeweils acht Hongkong-Dollar, was einer Gesamtsumme von 1,8 Milliarden. Hongkong-Dollar entspricht. Die Beteiligung hat auf Basis des Schlusskurses per Ende Juli 2009 einen Wert von 9,66 Milliarden Hongkong- Dollar (881 Millionen Euro).



Buffett hat die Zeit auf seiner Seite



Ein noch größeres Rad dreht Buffett über den Terminmarkt. Letzten Herbst verkaufte Buffett für knapp fünf Milliarden US-Dollar Optionen an Anleger, die sich gegen einen Crash absichern wollten. Sie bringen für Berkshire Hathaway nur dann einen Verlust, wenn die Märkte in zehn Jahren und mehr tiefer stehen als heute (Institutional Money berichtete).



Die vereinnahmten Optionsprämien investierte Buffett in Wertpapiere. Selbst wenn Buffett dieses eine Mal schief liegen sollte - Schlitzohr Buffett hat die Zeit in mehrfacher Hinsicht auf seiner Seite. Bis zum Jahr 2027 werden die Kurse wahrscheinlich höher stehen als heute. Und falls nicht - Buffett wäre dann biblische 97 Jahre alt, Munger sogar 104 Jahre....



Der Börse honoriert die guten Managementleistungen mit steigenden Kursen. Zum ersten Mal seit Jahresanfang hat die Aktie Berkshire Hathaway wieder die Marke von 100.000 Dollar erreicht. Seit ihrem Tief im März legte das teuerste Papier der Wall Street sogar um rund 40 Prozent zu.

Quelle: http://www.institutional-money.com/

  

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Aug. 8 (Bloomberg) -- Billionaire investor Warren Buffett’s bet on derivatives tied to world equity markets helped Berkshire Hathaway Inc. return to profitability in the second quarter.

Net income rose 14 percent to $3.3 billion, or $2,123 a share, from $2.88 billion, or $1,859, in the same period a year earlier, the Omaha, Nebraska-based company said yesterday in a regulatory filing. The results halted six straight quarters of declining profit, including a $1.53 billion loss in the first three months of 2009.

Berkshire benefited as stock markets on three continents rebounded, while preferred shares and debt in Goldman Sachs Group Inc. and General Electric Co. increased investment income. Buffett, the firm’s chairman and chief executive officer, has said Berkshire’s energy business is thriving amid the recession, while jewelry, home-building and airplane units suffered.

“It’s shocking how much the derivatives really make a difference,” said Michael Yoshikami, chief investment strategist at Walnut Creek, California-based YCMNet Advisors, which owns Berkshire shares. “If you take those out of the overall result, it doesn’t change the fact that some of the economically sensitive names are still hurting.”

Derivatives added $2.36 billion to earnings, compared with $689 million a year earlier. The firm valued the stock portfolio at its insurance units at $45.8 billion, a 22 percent increase from March 31.

Goldman Sachs

Buffett scaled back on the purchase of common stocks in the past year in favor of preferred shares in Goldman Sachs and GE, municipal bonds, and debt in firms including luxury jeweler Tiffany & Co. and motorcycle maker Harley-Davidson Inc. The shift boosted investment income 9 percent to $1.87 billion at its insurance and finance operations.

Berkshire’s own shares passed $100,000 for the first time since January this week, recovering from a six-year low in March. The stock gained $1,150, or 1.1 percent, to $108,100 in New York Stock Exchange composite trading yesterday before results were released.

Berkshire is the largest shareholder in American Express Co., whose stock rose 71 percent in the quarter, Wells Fargo & Co., which increased 70 percent, and Burlington Northern Santa Fe Corp., which advanced 22 percent.

Climbing stock prices helped increase book value to $118.8 billion, an 11 percent increase since March 31. Buffett typically highlights book value, the measure of assets minus liabilities, in the first sentence of his annual letter to shareholders. The figure includes $4.3 billion for non- controlling interests.

David Sokol

Buffett, 78, has been shuffling managers at businesses pressured by the recession, this week appointing David Sokol, chairman of Berkshire’s MidAmerican Energy Holdings Co., to run NetJets Inc. on a temporary basis after the head of the plane- rental unit stepped down. The assignment stoked speculation that Sokol may one day succeed Buffett as CEO.

The NetJets unit, which leases planes to corporate customers and individuals, posted a $253 million pretax loss, including asset writedowns and “other downsizing costs of $192 million” in the quarter.

“NetJets owns more planes than is required for its present level of operations and further downsizing will be required unless demand rebounds,” the filing said.

The stock-market rally helped derivative bets called equity-index puts that had weighed on results over the prior year. Buffett sold some of the derivatives when the Standard & Poor’s 500 Index and other markets were approaching peaks in 2006 and 2007, with the promise to pay buyers in 2019 or later if the indexes are lower than when the contracts were arranged.

New Terms

Berkshire said it renegotiated terms on six of the contracts, shortening their duration by 3.5 to 9.5 years, and reduced the strike price -- the level at which Berkshire would pay out -- by 29 percent to 39 percent. No funds changed hands between Berkshire and counterparties as a result, the firm said.

Buffett repeated an earlier statement to shareholders about the effect of the derivatives on quarterly results. The bets, Berkshire said in a statement yesterday, “will produce extreme volatility in our periodic reported earnings.” Ultimately, Buffett told shareholders in May, he expects Berkshire to make money on the bets.

Berkshire also sold credit-default swaps on individual companies, and contracts that require the firm to pay when credit losses occur at borrowers included in high-yield-bond indexes. The company paid about $825 million in the second quarter and $350 million in July, bringing the total for the year to $1.85 billion. Berkshire collected $3.4 billion in premiums on the contracts through the end of 2008.

Job Cuts

Profit from selling policies at car insurer Geico fell 63 percent to $111 million before taxes on an increase in claims. The unit added about 166,000 policyholders in the quarter, as growth slowed from the first quarter when the company gained 430,000 customers.

Revenue was also pressured at smaller Berkshire businesses that sell jewelry and furniture, and make products used in home building. Berkshire last year cut jobs at units including Clayton Homes Inc., which builds manufactured housing, and brickmaker Acme Building Brands.

Each of the manufacturing subsidiaries has “taken actions to reduce costs, slow production and reduce or delay capital spending until the economy improves,” Berkshire said yesterday.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aX8e5WcyF5W4

  

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Aug. 10 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway
Inc. is buying corporate debt and securities issued by
governments outside the U.S. as the billionaire investor’s
spending on stocks falls to the lowest in more than five years.
Berkshire held about $11.1 billion in foreign government
bonds in its insurance units as of June 30, compared with $9.6
billion three months earlier, the company said in a regulatory
filing Aug. 7 announcing second-quarter results. Buffett, 78,
spent $2.6 billion in fixed-maturity securities in the three
months ended June 30 compared with $350 million on stocks.
Buffett is increasing fixed-income investments after
results slumped at operating units including NetJets Inc., the
money-losing plane-rental business, and companies in Berkshire’s
equity portfolio including Wells Fargo & Co. slashed dividends.
Omaha, Nebraska-based Berkshire posted its first profit gain
since 2007 as payments from securities issued by Goldman Sachs
Group Inc. and General Electric Co. boosted investment income.
“Some of the normal places he’s gotten the cash to invest
are just getting killed in the recession,” said Gerald Martin,
a finance professor at American University’s Kogod School of
Business in Washington. “So he’s locking in these guaranteed
returns, moving from the volatility of stocks to a steady stream
of income that, in some cases, is almost at the return you
normally get from the stock market.”
The $8 billion in investments in preferred shares of
Goldman Sachs and GE are paying Berkshire 10 percent annual
interest. Combined with the purchase of similar securities sold
by Swiss Reinsurance Co., and Berkshire’s investment in debt in
companies including candy manufacturer Mars Inc. and Vulcan
Materials Co., the firm’s announced fixed-income deals since
September pay interest of more than $1.8 billion annually.

Iceberg’s Tip

“That’s just the visible part of the iceberg, and it’s
pretty massive,” said Mohnish Pabrai, founder of Irvine,
California- based Pabrai Investment Funds, which owns Berkshire
shares. “There’s lots of investments we don’t see and may never
know about, especially on the debt side.”
The latest investments included the purchase of non-
investment grade corporate debt. The amortized cost of the
insurance operation’s high-yield corporate holdings rose 13
percent to $6.02 billion in the three-month period. Junk-rated
debt returned 23 percent in the second quarter, as investors
speculated the worst of the recession was over, according to
Merrill Lynch & Co.’s High Yield Master II index.

Government Debt

The amortized cost of the insurance operation’s foreign
government holdings rose 16 percent. The filing doesn’t list the
nations that issued the debt or the companies in which Berkshire
invested. Buffett is Berkshire’s chief executive officer,
chairman and head of investing.
“It may be that Buffett thinks that inflation in the U.S.
will be worse than elsewhere in the world,” said Martin, who
has studied Berkshire’s investing history.
The shift toward fixed-income boosted investment income 9
percent from the year-earlier period to $1.87 billion at its
insurance and finance operations, even as dividend revenue
declined from some of Berkshire’s top stock holdings. Wells
Fargo cut its quarterly payout to shareholders by 85 percent in
March, and U.S. Bancorp slashed its payment 88 percent.
Berkshire is the largest shareholder in Wells Fargo.
The Goldman Sachs and GE investments also give Buffett the
option to buy stock at prices set when the deals were
consummated. The Swiss Re securities are among those that may
convert to stock later.

‘Major Mistake’

The $350 million that Berkshire spent on equities in the
second quarter is the least since at least 2005, according to
regulatory filings. It broke the mark set in the first quarter,
when the firm spent $624 million on equities including Wells
Fargo.
The firm sold more common stock that it bought this year,
after Buffett confessed to a “major mistake” of purchasing
shares of oil-producer ConocoPhillips with prices of the
commodity near a peak. A writedown on the stake contributed to a
first-quarter loss, Berkshire’s first unprofitable quarter since
2001. Buffett is expected to list U.S. stock holdings as of June
30 in a separate filing this month.
Berkshire’s own shares passed $100,000 in New York Stock
Exchange composite trading last week for the first time since
January, recovering from a six-year low in March. The stock,
which closed at $108,100 before results were released on Aug. 7,
is now up 12 percent this year.
Berkshire’s second-quarter net income rose 14 percent from
a year earlier to $3.3 billion, as Buffett’s bet on derivatives
tied to world equity markets gained in value.

Operating Profit Declines

Operating profit, which excludes some investment results,
fell 22 percent to $1.78 billion as NetJets posted a $253
million pretax loss and revenue was pressured at Berkshire
businesses that sell jewelry and furniture, and make products
used in home building.
“He’s gotten himself into many small businesses that are
not going well,” said Charles Ortel, managing director of New
York-based Newport Value Partners, who advises clients to bet
against Berkshire shares. “You are seeing revenue contracting
and profits shrinking at alarming rates.”
Manufacturing subsidiaries have “taken actions to reduce
costs, slow production and reduce or delay capital spending
until the economy improves,” Berkshire said.

  

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Aug. 11 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway
Inc. had to increase payouts on credit derivatives backing junk
debt as the recession forced more companies into default.
Berkshire paid about $825 million on the contracts in the
second quarter and $350 million in July, compared with $675
million in the three months ended March 31, the company said in
a regulatory filing last week. Buffett has paid out more than
half of the $3.4 billion in upfront fees his Omaha, Nebraska-
based firm got on the contracts through the end of 2008.
The 78-year-old billionaire’s bet that he could outwit
traders he once derided as “geeks bearing formulas” may be
foiled by the biggest surge in corporate failures since at least
1970 and a plunge in the amount investors recover after default.
Buffett has said Berkshire may lose money on the derivatives
tied to high-yield, high risk debt, which typically last about
five years.
“We effectively had a near-collapse of the system and
default rates spiked and recoveries were extremely low” after
the failure of Lehman Brothers Holdings Inc. last September,
said Mikhail Foux, a credit strategist at Citigroup Inc. in New
York. “That effectively killed this strategy” used by Buffett.
Buffett agreed in some trades to take the first losses if
companies in high-yield indexes default, betting that upfront
fees would exceed payments he had to make. He said in letters to
shareholders that traders relied on models that created “wildly
mispriced” trades. Buffett manages the trades personally, he
said in the 2006 annual report, and Berkshire may also profit
from investing the premiums.

Five-Year Contracts

Buffett didn’t respond to requests for comment left with
assistant Carrie Kizer. He disclosed the latest figures on the
swaps in an Aug. 7 filing in which Berkshire said that second-
quarter net income gained 14 percent to $3.3 billion on separate
derivatives tied to equity markets.
Berkshire typically guaranteed the debt of groups of 100
companies for five-year periods. The first swap expires Sept. 20
and the last one matures in December 2013, Buffett said in his
most recent annual letter. In a worst-case scenario, Berkshire
would face a maximum of about $6.4 billion in additional
payments, according to the Aug. 7 filing.
At one point in 2005, Berkshire had been paid an average of
75 percent of the maximum loss upfront to take on such risk,
according to Janet Tavakoli, founder of Tavakoli Structured
Finance Inc. in Chicago, who wrote about Buffett’s credit swaps
trades in her 2009 book “Dear Mr. Buffett: What an Investor
Learns 1,269 Miles from Wall Street.”

Recovery Rates

Holders of debt issued by non-financial companies recovered
an average of 45 percent during the past two recessions,
according to Moody’s Investors Service. That means Buffett in
2005 was getting paid an average 75 cents on the dollar to back
bonds that, if they defaulted, typically lost 55 cents on the
dollar during the last two slumps.
“People say he doesn’t understand derivatives,” Tavakoli
said in an interview before the second-quarter results were
announced. “He very much does know what he’s doing, but you
have to be aware in any investment, the best you can do is build
in a margin of safety.”
Historical assumptions failed in the crisis that toppled
Lehman, pushed insurer American International Group Inc. to the
brink of bankruptcy and sunk the global economy into the worst
recession since the 1930s. Swaps sellers had to pay an average
of 83.4 cents on the dollar to settle contracts on 26 companies
this year, according to data from Markit Group Ltd. and Creditex
Group Inc., which administer the auctions in which dealers set
the payout levels. That means the recovery averaged 16.6 cents.

Smurfit-Stone

In January, six of the companies whose debt Berkshire had
guaranteed defaulted, the company said in a filing, without
naming the issuers. BH Finance LLC, a Berkshire unit, signed up
for auctions in January allowing it to settle swaps linked to
six borrowers including packaging-maker Smurfit-Stone Container
Corp. and telephone-equipment company Nortel Networks Corp.
Sellers of swaps on Chicago-based Smurfit that signed up
for the auction had to pay more than 91 cents on the dollar to
settle the contracts. The payout on Nortel was 88 cents per
dollar. During an auction to settle contracts on Lyondell
Chemical Co., which BH Finance also signed up for, the payout
was set at 84.5 cents.
Berkshire paid $97 million on its high-yield swap contracts
in 2008, when Buffett was more optimistic about his bet.
“I told you a year ago that I thought we would make money
on those, but we have run into far more bankruptcies in the past
year,” Buffett said in Omaha at Berkshire’s annual shareholder
meeting in May. “I would expect those contracts to show a loss
before investment income, and perhaps after.”

‘Mass Destruction’

Berkshire posted a $391 million second-quarter gain on all
of its credit-default swaps trades, as the market value of the
underlying debt improved. The figure may includes bets on
investment-grade corporate bonds and states and municipalities,
in addition to junk borrowers. In the first quarter, the swaps
reduced earnings by about $1.3 billion.
Projecting Buffett’s future losses is difficult because he
doesn’t name the companies on which he placed bets, disclose
terms of his trades or say whether he has hedged against any
losses, Foux said.
Buffett may have fared better than investors that made
similar trades using benchmark indexes that are created by the
banks that dominated trading in the credit-default swaps market.
A trader that bought the riskiest piece of the Markit CDX North
America Investment Grade Index Series 9, for example, already
would have been wiped out, Foux said.
Junk, or high-yield, high-risk, bonds are those rated below
Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s.

  

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By Erik Holm, Linda Shen and Rob Waters

Aug. 17 (Bloomberg) -- Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. took a stake in Becton Dickinson & Co., the seller of catheters and laboratory equipment, in a bet on rising demand for medical supplies.

Berkshire ended the second quarter with 1.2 million shares of Becton, which has operations in about 50 countries, and increased its holdings of Johnson & Johnson, the world’s largest maker of health-care products, by 14 percent to 36.9 million shares. Buffett’s Omaha, Nebraska-based firm disclosed its holdings in a regulatory filing Aug. 14.

Berkshire’s investments in the two firms comes as countries including China increase spending on public health, and the U.S. Congress debates changes in the health-care system that may provide coverage to more Americans. Buffett, who cautions investors against assuming all moves in Berkshire’s portfolio are his, says he picks companies with unassailable advantages and an eye toward long-term trends.

“Both companies are well-positioned for long-term global economic growth,” said Les Funtleyder, the author of “Health- Care Investing” and an analyst with Miller Tabak & Co. “In an emerging market, one of the first things people increase their spending on is health care. If growth in China is 8 percent, health care spending could be growing at 20 percent.”

Becton manufactures products including needles and syringes, surgical blades and scalpels and critical-care monitoring devices, according to the Franklin Lakes, New Jersey- based company’s Web site. Becton says its first sale was likely an all-glass syringe in 1897.

‘Solid Executors’

Becton closed as low as $60.48 in the second quarter, within 22 cents of its worst close in almost three years. The shares rose 61 cents, or 0.9 percent, to $67 at 9:53 a.m. in New York Stock Exchange composite trading, making Becton one of 17 companies in the Standard & Poor’s 500 Index to advance. Liz Ryan Sax, a spokeswoman for Becton, had no comment.

Berkshire’s purchase of Becton stock fits with Buffett’s “long-term vision of taking solid companies when they’re beaten up,” said Peter Lawson, an analyst with Thomas Weisel Partners LLC in New York. “To me it’s one of the most consistent companies out there, solid executors. They’re making products that you need as opposed to products that you want.”

The Aug. 14 document said it omits some information about Berkshire’s portfolio because Buffett was granted confidential treatment. Companies may ask regulators to temporarily withhold some information from the public to prevent copycat investing as they build or cut a holding.

Johnson & Johnson

The purchase of Johnson & Johnson shares marks the second straight increase in the size of Berkshire’s stake. Buffett said in February he reluctantly sold J&J shares near the end of 2008 to help fund the purchase of $8 billion of preferred shares and warrants of General Electric Co. and Goldman Sachs Group Inc.

Berkshire also lowered holdings of two U.S. health-care insurers. The firm cut its holdings of WellPoint Inc. by 27 percent to 3.5 million shares and sold 24 percent of its UnitedHealth Group Inc. stock, lowering its total to 3.4 million shares.

“If the government is going to open health care to more people, demand for health care supplies would increase,” said Gerald Martin, a finance professor at American University’s Kogod School of Business in Washington. “The plan that’s going through Congress could be a real negative to the health insurers, but the people who provide the supplies could really benefit.”

Buffett, 78, built a stock portfolio valued at more than $48 billion by betting on companies including soft-drink maker Coca-Cola Co. that he believes have competitive advantages and enduring brand popularity. Berkshire shares fell $3,123, or 3.1 percent, to $98,777.

Copying Buffett

Mutual funds and individual investors mimic the firm’s stock picks to duplicate Buffett’s investing success, and an academic study co-written by Martin in 2007 found that using this strategy for 31 years would have delivered annualized returns of about 25 percent, double the return of the Standard & Poor’s 500 Index.

Buffett, known as the “Oracle of Omaha,” makes most of the investment decisions at Berkshire, while Lou Simpson, 72, manages the portfolio for car insurance unit Geico Corp.

Berkshire also slashed holdings in Eaton Corp., the Cleveland-based maker of circuit-breakers and fuel pumps, by 38 percent to 2 million shares in the second quarter. Berkshire first disclosed the Eaton stake last year.

The firm also cut its stake in used-car dealer Carmax Inc. by 25 percent to 9 million shares, and reduced holdings of Home Depot Inc. by 25 percent to 2.76 million shares.

Wells Fargo

The biggest holdings listed in Berkshire’s filing all gained in value in the second quarter. American Express Co. rose 71 percent in the period. Wells Fargo & Co. increased 70 percent, while Burlington Northern Santa Fe Corp. advanced 22 percent. The firm’s single largest holding, Coca-Cola, rose 9.2 percent in the quarter.

Last week’s filing lists equities traded on U.S. exchanges. Buffett discloses other holdings in annual reports and filings with non-U.S. regulators.

To contact the reporter on this story: Erik Holm in New York at eholm2@bloomberg.net; Linda Shen in New York at lshen21@bloomberg.net; Rob Waters in San Francisco at rwaters5@bloomberg.net.
Last Updated: August 17, 2009 10:00 EDT

  

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Sept. 15 (Bloomberg) -- BYD Co., the Chinese maker of cars and batteries, is Asia’s best performing stock since Lehman Brothers Holdings Inc.’s collapse a year ago, helped by an HK$1.8 billion ($232 million) investment from Warren Buffett.

The company has jumped sevenfold in the past year, the biggest gain in the MSCI AC Asia Pacific Index. Chinese Gamer International Corp., the Taiwanese maker of online games, ranked second, with a 554 percent increase. The wider index, tracking 978 stocks, is little changed.

BYD has soared since Buffett’s Berkshire Hathaway Inc. agreed to buy a stake in the company the same month that Lehman collapsed amid the global credit crunch. Buffett has made a $1.6 billion paper profit from the deal, as investors replicating his strategy and BYD’s rising car sales push up the share price.

weiter:

http://www.bloomberg.com/apps/news?pid=20601087&sid=abs36l8uOOE4

  

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Buffet's Big Bet On Goldman Has Reaped A Huge Payoff


It's 12 months later and Warren Buffett's Berkshire Hathaway is $3 billion richer.

One year ago today, on September 23, 2008, with the financial world still reeling from the collapse of Lehman Brothers just days before, Buffett stunned Wall Street with a massive vote of confidence for Goldman Sachs.

In a late-day news release, Goldman announced a private deal to sell Berkshire $5 billion of perpetual preferred stock. In effect, Berkshire was giving Goldman a massive loan. And you don't loan that kind of money to a firm you think could follow Lehman down the drain.

In that release, Buffett called Goldman "an exceptional institution" with an "unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance."

The next day, in an interview on CNBC, Buffett said, "The price was right, the terms were right, and the people were right."



(The transcript and video clips of the complete day-after interview are still available on Warren Buffett Watch.)



Buffett's money, and his endorsement of Goldman, didn't come cheap.

Goldman agreed to pay Berkshire a 10 percent annual dividend on the preferred stock. That's $500 million a year, and the payout didn't depend at all on what happened to Goldman's common stock price.

But there was more. In what Buffett later described as a "bonus," Goldman also gave Berkshire the right to buy $5 billion of common stock at $115 a share. Berkshire could exercise that right any time in the next five years.

The bonus has turned into big bucks. Goldman's stock sunk as low as $47.41 amid the late November panic at the height of the credit crisis. Some were saying Buffett had lost his touch, citing the under-water Goldman warrants. (That's didn't take into account, however, the 10 percent dividend on Berkshire's $5 billion loan. That payout was guaranteed, as long as Goldman didn't go under completely.)



By March, however, the warrants were almost back "in the money" as Goldman's stock rebounded.

Today, those warrants are worth almost $3.1 billion. (The difference between this morning's market price around $186 and the strike price of $115, multiplied by the 43,478,260 warrants Berkshire received.)

That's on paper, of course. Berkshire doesn't actually get any hard cash from the warrants until it exercises the option to buy at $115 and then sells at a higher market price.

So far, Buffett show no interest in doing that, on the expectation Goldman's stock is still going higher.

In July, as Berkshire's stock rallied to a six-month closing high, he told Fox Business News, "Every instinct in my body tells me that we will want to hold those warrants until they're very close to their expiration date. The preferred pays us the dividend and the warrants are going to make us the money."

http://finance.yahoo.com/news/Buffets-Big-Bet-On-Goldman-cnbc-1622255897.html?x=0&sec=top Stories&pos=2&asset=&ccode=

  

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Unglaublich, ein solch großer Deal. Er muß felsenfest an die Zukunft
glauben, weil billig kauft er nicht. Damit hat er auch fast sein
ganzes Pulver verschossen.

-----------

NEW YORK (AP) -- Warren Buffett's Berkshire Hathaway Inc. on Tuesday agreed to buy Burlington Northern Santa Fe Corp., making a $34 billion bet on the future of the U.S. economy.

Burlington Northern, the nation's second-largest railroad, is the biggest hauler of food products like corn and coal for electricity, making it an indicator of the country's economic health. The railroad also ships a large amount of goods -- including everyday items such as refrigerators, clothing and TVs-- from Western ports like Los Angeles, Long Beach, Calif. and Seattle.

Analysts say Buffett is planting both feet in an industry that is poised to grow as the economy gets back on solid ground. If approved, it would be the biggest acquisition ever for Berkshire Hathaway Inc.

Berkshire Hathaway already owns about 22 percent of Burlington Northern, and said it will pay $100 a share in cash and stock for the rest of the company, a 31.5 percent premium on Burlington Northern's Monday closing price. Shareholders have the option to convert their stock for a cash payment of $100 per share or receive Berkshire Class A or Class B common stock. Up to 60 percent of the deal is cash and 40 percent is in stock.

"Berkshire's $34 billion investment in BNSF is a huge bet on that company, CEO Matt Rose and his team, and the railroad industry," Buffett said in a statement.

"Most important of all, however, it's an all-in wager on the economic future of the United States. I love these bets," he said.

The majority of the stock in the deal will be Berkshire's "A" shares, but Berkshire's board also approved a 50-for-1 split of its Class B common stock for holders of smaller amounts of Burlington shares who opt for a share exchange rather than cash. Berkshire's Class B shares closed Monday at $3,265. With the split, each share will be worth $65.30. Burlington shares shot up $21.33, or 28 percent to $97.40 in morning trading. Shares of other major rails, including Burlington's larger rival Union Pacific Corp., rose as well.

Berkshire also owns stock in two other major U.S. railroads -- 9.56 million shares of Union Pacific Corp. and 1.93 million shares of Norfolk Southern Corp., as of June 30.

The deal for Burlington Northern has been approved by the boards of both companies, but still needs two-thirds approval of Burlington's shareholders and antitrust clearance. The railroad expects to clear those hurdles in the first three months of next year.

Last week the railroad reported third-quarter profit dropped 30 percent from a year earlier, as consumers continued to hold back on buying retail goods and industrial production struggled.

Burlington Northern made about 31 percent of its money in the last quarter from shipments of consumer products from the West to major hubs like St. Louis, Kansas City and Chicago.

It's next largest segment was coal, at 27 percent, followed by industrial products -- like farm equipment, lumber and chemicals -- at 21 percent. Its agricultural products segment, 20 percent of its total revenue, includes major crops like corn, wheat and soybeans -- much of that exported to China.

Burlington Northern serves more of the nation's major grain-producing regions than any other railroad.

Burlington is one of the least optimistic among major railroads about the pace of economic recovery. CEO Matt Rose said consumers will be the driver of any improvement in the economy, but no one is buying yet. Coal shipments to power plants have fallen off sharply because of lower electricity demand. Burlington Northern hauls enough coal to power one out of every 10 homes in the U.S.

The coal hauled by Burlington Northern is mined from places like the Powder River Basin in Wyoming and Montana. It's lower in sulfur than the coal found in the eastern U.S., meaning its less polluting and more in demand now that stricter emissions standards are being imposed on coal plants.

Berkshire owns major utilities that rely on coal through its MidAmerican Energy Holdings Co.

Analysts say Buffett is looking for an investment that will reap rewards for many years into the future, and isn't so concerned about immediate gains.

"(Buffett is) buying at the trough -- things aren't going to get much worse. He's getting in at a good time," said Art Hatfield, an analyst with investment firm Morgan Keegan.

Berkshire's biggest acquisition before BNSF was the $16 billion stock purchase of reinsurance giant General Re announced in 1998.

Hatfield said he believes Buffett went for Burlington Northern in part because of its good management team, an important aspect in any of the billionaire's deals.

Hatfield also said that Burlington Northern has been more progressive than its peers in developing new technology, making it more profitable. Major railroads have been able to slash costs during the recession by cutting jobs, parking railcars, improving train speeds and other moves that improved efficiency.

Railroads are much more energy-efficient than trucks because they use much less fuel. An average Burlington Northern train hauls as much freight as 280 trucks. Rails are also favored by some shippers because they can carry things that can't travel on highways, like hazardous chemicals.

Burlington Northern cut its total expenses by nearly a third in the last quarter. Total labor costs fell by 17 percent from a year ago. Burlington Northern has drastically reduced its employees since 2007, as the recession caused freight demand to plummet.

http://finance.yahoo.com/news/Buffetts-Berkshire-buying-apf-3016566039.html?x=0&sec=topSt ories&pos=5&asset=&ccode=

  

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Baby Berkshire split may put shares in S&P 500 Index
Trading volume of Class B stock will rise, meeting a benchmark criteria

By Alistair Barr, MarketWatch

SAN FRANCISCO (MarketWatch) -- Berkshire Hathaway Inc.'s decision to split its Class B shares could put the company in the benchmark S&P 500 Index, spurring a big round of buying by index funds, analysts said Tuesday.

http://www.marketwatch.com/story/baby-berkshire-split-may-put-shares-in-sp-500-2009-11-03

  

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(Alice Schroeder, author of “The Snowball: Warren Buffett
and the Business of Life,” is a Bloomberg News columnist and a
Berkshire Hathaway shareholder. The opinions expressed are her
own.)

Buffett Revisits Hunting Ground for Survivors
Commentary by Alice Schroeder

Nov. 4 (Bloomberg) -- Warren Buffett called Berkshire

Hathaway Inc.’s deal to buy the part of Burlington

Northern Santa Fe Corp. that it doesn’t already own an “all-in

wager on the economic future of the United States.”

If so, it’s a survivalist bet. The railroad business is

never going away, but it’s not going to lead the economy out of

recession, either. Buffett has spent a lot of time in the last

year burnishing his legacy by tackling Franklin Roosevelt’s role

as the verbal antidepressant for this wretched economy. As I

have said before, though, Buffett isn’t as bullish as he sounds.

This deal has a feel about it of Berkshire’s 1998

acquisition of General Re, the last monster acquisition, which

was overpriced and done with stock for complex motives that

reached far beyond the appeal of the underlying business. Like

General Re, Burlington is an uncharacteristically expensive

deal. Berkshire is paying more than 18 times Burlington’s 2010

earnings, with 40 percent of the price in stock.

Fortunately, this time he’s getting a less risky company.

This deal is mostly about managing risk. One of the many motives

is to soak up Berkshire’s capital while Buffett is at the wheel.

That lowers the danger of his successor doing something dumb. In

that sense, it furthers a goal that Buffett once told me about:

to create a company that will last a generation beyond his

death. He can’t ensure it but he is going to try.



Railroads as Survivors



Buffett likes companies that make bricks and boots and

paint and electric utilities because they are survivors. So are

railroads. Financial services have always been an exception --

the risky rocket fuel that leveraged the rest of Berkshire.

Buffett acknowledged that he bought General Re during the

Internet bubble partly to dilute Berkshire’s equity holdings in

stocks that couldn’t easily be sold, such as Coca-Cola Co.

The combined effect of Berkshire’s huge and leveraged

financial business cost the company its AAA credit rating during

the financial crisis. Buffett considered the top grading the

company’s “most precious asset,” something he would never do

anything to endanger. He has downplayed the loss of the rating

in public, but a motive of the Burlington deal is that it allows

Buffett to protect his legacy by diluting Berkshire’s exposure

to financial services. Who knows what it will take to manage

risk in the markets 10 years from now?



Trial Balloon



Buffett has to be thinking about what that means for his

successor, yet another motive. For some time, he has been

floating the name of David Sokol, who runs his utility business

and NetJets, as a trial balloon (meaning he can yank the string

back at any time). I admire and respect Sokol, but my comfort

with him as chief executive officer is in inverse proportion to

Berkshire’s exposure to financial services. Even brilliant CEOs

often can’t manage such companies. The Burlington acquisition

makes me a lot happier with Buffett’s choice of Sokol.

There are many other motives. Burlington is well-managed.

Railroads are a bet against the U.S. dollar and in favor of

higher energy costs. Railroads are a play on the trade deficit

because this is how we haul all those containers of stuff

imported from Asia. In recent years, they have become somewhat

like electric utilities that earn a respectable return on

capital. U.S. railroads, which have been around since the early

1800s, won’t disappear any time soon. Berkshire is lobbying on

energy policy, and this deal gives it more clout. There are some

subtle synergies between the utility business and the railroad.



Stock Mincing



A final motive I am confident about is that Buffett finally

has a plausible excuse to split Berkshire’s B shares. He has

spilled a lot of ink over the years decrying stock splits. A 50-

to-1 ratio isn’t a stock split, it is a mincing. Why do it?

Buffett has just given Standard & Poor’s the ticket it needs to

add Berkshire to the S&P 500 Index at a time when S&P is

desperate for large, solvent, high-quality companies to replace

the casualties of last year’s carnage. It is high time for

Standard & Poor’s to do this, but the stock’s liquidity has

always been the sticking point.

Buffett would never admit to wanting Berkshire to join the

S&P, but becoming an acknowledged peer to other major companies

is part of the path to his legacy. It isn’t enough for him that

Berkshire lives on profitably long after he does. Berkshire is

his “didactic enterprise,” his way of teaching the world how

he thinks a business should be run.

Of course, this is about Buffett’s ego, but then so are

most great achievements. The business world would have been a

lot better place in the past two years if more companies were

run with survival and longevity in mind like Berkshire Hathaway.

It’s safe to say, therefore, that as long as he is able,

Buffett will keep an eye looking backward over his shoulder for

possible acquisitions toward the companies such as railroads

that he studied in his childhood. From the perspective of his

almost 80 years, this is a hunting ground for more survivors.

  

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Medienberichten zufolge strebt der legendäre Investor den Kauf der angeschlagenen GMAC-Hypothekentochter ResCap an. Bei dieser hat Buffet angeblich selbst hohe Verbindlichkeiten.


US-Milliardär Warren Buffett prüft einem Medienbericht zufolge den Kauf der angeschlagenen Hypothekentochter Residential Capital (ResCap) des US-Finanzkonzerns GMAC. Es heiße, dass Buffett hohe Verbindlichkeiten bei ResCap habe, berichtete die "New York Post" unter Berufung auf nicht näher benannte Quellen. Bei ResCap bestehe die Gefahr, dass es unter die notwendige Eigenkapitalsumme von 250 Millionen Dollar (174 Mio. Euro) rutsche. Ende des dritten Quartals habe sich das bereinigte Eigenkapital auf 409 Millionen Dollar belaufen.

GMAC wollte zu dem Bericht keine Stellung nehmen. Buffetts Holding Berkshire Hathaway war zunächst nicht zu erreichen.

Der Hypothekenfinanzierer hat in den vergangen drei Jahren mehr als zehn Milliarden Dollar verloren. Die einstmals führende Finanzierungsgesellschaft für Immobilienkäufe ist durch die Vergabe von Hypothekendarlehen an Kunden mit schwacher Bonität ins Straucheln geraten. GMAC musste ResCap mehrmals mit Finanzspritzen helfen. Im dritten Quartal machte der Finanzierer einen Verlust von 649 Millionen Dollar.

Buffett ist der zweitreichste Mensch der Welt. Über seine Firma Berkshire Hathaway kontrolliert er rund 80 Firmen. Zur breiten Palette der Holdinggesellschaft gehören neben Versicherern auch Versorger, Restaurantketten, Textilunternehmen, Großhandelskonzerne und Schmuckhersteller.

(APA/Reuters)
25.12.2009

  

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UPDATE: Warren Buffett hält knapp über 3% an Munich Re
26.01.2010 - 11:31

NEU: Hintergrund)

FRANKFURT (Dow Jones)--Der US-Investor Warren E. Buffett hat bei der Munich Re die meldepflichtige Schwelle von 3% der Stimmrechte überschritten. Nach einer Pflichtmitteilung des Rückversicherer vom Dienstag belief sich Buffetts Stimmrechtsanteil am 18. Januar auf 3,045%.

Unklar bleibt allerdings, ob der Investor seinen Anteil lediglich aufgestockt hat oder erneut bei dem Rückversicherer eingestiegen ist. Ende vergangener Woche machten Gerüchte über einen Einstieg Buffetts bei dem Münchener DAX-Konzern die Runde.

Doch hatte sich Buffett bereits vor etwa zwei Jahren an der Munich Re beteiligt. So meldete die "Frankfurter Allgemeine Zeitung" unter Berufung auf Finanzkreise im April 2008, Buffett habe mit seiner Holding-Gesellschaft Berkshire Hathaway eine Beteiligung von mindestens 0,5% am deutschen Versicherungskonzern Münchener Rück aufgebaut.

Auf der wenige Tage später stattfindenden Hauptversammlung hatte der DAX-Konzern ein Engagement Buffetts bestätigt, ohne jedoch die Höhe der Beteiligung zu nennen. Er gehe davon aus, dass der neue Großaktionär Warren Buffett langfristig investiert bleibe, hatte der damalige Vorstandsvorsitzende Nikolaus von Bomhard gesagt.

Im Mai 2008 äußerte sich Buffett im Nachrichtenmagazin "Der Spiegel" allerdings dahingehend, dass er seine Beteiligung nicht als dauerhaft ansehe. Vielmehr gehörten die Aktien des Rückversicherers zur Kategorie Handelsbestand, die schnell wieder verkauft werden könnten.

Die Munich Re wollte sich am Dienstag über die Pflichtmitteilung hinaus nicht näher zum Engagement Buffetts äußern. Damit bleibt unklar, ob der US-Investor seit 2008 dauerhaft bei dem DAX-Konzern investiert ist oder zwischenzeitlich wieder ausgestiegen war. Buffett und seine Holding Berkshire Hathaway waren zunächst nicht für eine Stellungnahme zu erreichen.

(Dow Jones Newswires)

  

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Schön wenn man vom Meister persönlich in seinem Investment bestätigt wird, aber wenn Münchner Rück
endlich einmal in die Gänge kommen würde wäre es schon schön...
die Dividende ist ja erfreulich hoch, aber auf die Dauer auch fad.

  

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München (APA/Reuters) - Der US-Investor und Multimilliardär Warren
Buffett kann seine Anteile an der Münchener Rück (Munich Re) weiter
aufstocken. Über eine Option habe er die Möglichkeit, weitere 1,945
Prozent der Stimmrechte zu bekommen, teilte der weltgrößte
Rückversicherer am Donnerstag mit. Damit würde Buffett seine
Beteiligung an dem Dax-Konzern auf 5,029 Prozent ausbauen. Der
Ausübungszeitpunkt für die Derivate ist der 11. März.

Die Investorenlegende kann damit zum größten Anteilseigner der
Münchener Rück aufsteigen. Am meisten Stimmrechte hat bisher der
US-Vermögensverwalter Blackrock mit 4,6 Prozent.

  

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America Lines Up for Piece of Buffett

On Friday, millions of Americans will for the first time own a piece of Warren Buffett.

Mr. Buffett's Berkshire Hathaway Inc. (BRK-B), whose multi-thousand-dollar share price made it a thinly traded luxury of wealthy investors and institutions, is going mainstream as it joins the Standard & Poor's 500-stock index.

weiter:

http://finance.yahoo.com/banking-budgeting/article/108834/america-lines-up-for-piece-of-b uffett

  

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Buffett baut außerdem seine Beteiligung an der Münchener Rück weiter aus. Wie der weltgrößte Rückversicherer am Freitag mitteilte, hat Buffett am 4. Februar die Schwelle von fünf Prozent der Stimmrechte knapp überschritten. Früheren Angaben zufolge hält der zweitreichste Mann der Welt zudem noch Optionen für knapp zwei Prozent. Am 11. März entscheidet sich, ob Buffett diese einlöst. Damit hätte er rund sieben Prozent der Aktien an der Münchener Rück. Ein solches Paket ist an der Börse rund 1,5 Mrd. Euro wert.

Schon mit den gut fünf Prozent ist Buffett zum größten Aktionär der Münchener Rück aufgestiegen. Bisher hatte der US-Vermögensverwalter Blackrock mit 4,6 Prozent die meisten Stimmrechte.

Die Münchener Rück hat dank der Erholung an den Kapitalmärkten und ungewöhnlich wenigen Naturkatastrophen ihren Nettogewinn im vergangenen Jahr um eine Milliarde auf 2,56 Mrd. Euro gesteigert. Buffett kann sich zudem über eine höhere Dividende und weitere Aktienrückkäufe freuen. Die Münchner empfinden sein Engagement nicht als feindlich und verwiesen zuletzt auf Buffetts Strategie, in der Regel auf lange Sicht investiert zu bleiben. (Reuters)

  

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Feb. 27 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. said fourth-quarter profit jumped on the recovery of derivative bets tied to the world’s stock markets.

Net income rose to $3.06 billion, or $1,969 a share, from $117 million, or $76, in the same period a year earlier, the Omaha, Nebraska-based company said today in its annual report.

The profit increase, Berkshire’s third straight, helps rebuild a cash pile that diminished since 2007 as Buffett invested in financial firms bruised by the recession. Companies including Goldman Sachs Group Inc. that turned to Buffett for funding are paying Berkshire interest of 10 percent or more. The shopping spree culminated with the November agreement to buy railroad Burlington Northern Santa Fe for $27 billion.

“We’ve put a lot of money to work during the chaos of the last two years,” Buffett said in his letter to shareholders today. “It’s been an ideal period for investors: A climate of fear is their best friend.”

weiter:

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6FeucgVXUXk&pos=1

  

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>Der Alte hat's mal wieder allen gezeigt, und nicht nur an der
>Derivatefront.

Er ist und bleibt ein Genie. Wenn man nur halb so gut wie er sein könnte...

  

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<Er ist und bleibt ein Genie. Wenn man nur halb so gut wie er sein könnte...>

du bist ganz schön unbescheiden, mir würden schon 10% genügen!

  

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><Er ist und bleibt ein Genie. Wenn man nur halb so gut wie
>er sein könnte...>
>
>du bist ganz schön unbescheiden, mir würden schon 10%
>genügen!


Wenn ich es recht betrachte, ist mir halb so gut eigentlich nicht genug
- er hat mit Berkshire eine annualisierte Performance von knapp über
20% geschafft. Ich strebe mehr als 10% an...

10% seines Vermögens würden mir aber schon reichen
(ein Basispunkt wäre auch schon super)

  

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March 22 (Bloomberg) -- The bond market is saying that it’s safer to lend to Warren Buffett than Barack Obama.

Two-year notes sold by the billionaire’s Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe’s Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an “exceedingly rare” event in the history of the bond market.

weiter:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aHjVRrVodt4g&pos=3

  

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Warren E. Buffett, USA, hat uns gemäß § 25 Abs. 1 WpHG mitgeteilt, dass er
am 11. März 2010 aufgrund der Ausübung aller Finanzinstrumente auf den
Bezug von 1,945 % der Stimmrechte (3.840.000 Stimmrechte) keine
Finanzinstrumente mehr unmittelbar oder mittelbar hielt, die ihm das Recht
einräumen, Aktien unserer Gesellschaft zu beziehen, und er daher die
Schwelle von 5 % der Stimmrechte unterschritten hätte, wenn er statt dieser
Finanzinstrumente Aktien gehalten hätte. Dementsprechend hielt er zu diesem
Tag gemäß § 21 Abs. 1 in Verbindung mit § 22 Abs. 1 Satz 1 Nr. 1 WpHG,
unmittelbar oder mittelbar 7,988 % der Stimmrechte (15.767.900
Stimmrechte).

Zugleich hat uns Berkshire Hathaway Inc., Omaha, USA, gemäß § 25 Abs. 1
WpHG mitgeteilt, dass sie am 11. März 2010 aufgrund der Ausübung aller
Finanzinstrumente auf den Bezug von 1,945 % der Stimmrechte (3.840.000
Stimmrechte) keine Finanzinstrumente mehr unmittelbar oder mittelbar hielt,
die ihr das Recht einräumen, Aktien unserer Gesellschaft zu beziehen, und
sie daher die Schwelle von 5 % der Stimmrechte unterschritten hätte, wenn
sie statt dieser Finanzinstrumente Aktien gehalten hätte. Dementsprechend
hielt sie zu diesem Tag gemäß § 21 Abs. 1 in Verbindung mit § 22 Abs. 1
Satz 1 Nr. 1 WpHG, unmittelbar oder mittelbar 7,937 % der Stimmrechte
(15.667.900 Stimmrechte).

Ferner hat uns OBH Inc., Omaha, USA, gemäß § 25 Abs. 1 WpHG mitgeteilt,
dass sie am 11. März 2010 aufgrund der Ausübung aller Finanzinstrumente auf
den Bezug von 1,945 % der Stimmrechte (3.840.000 Stimmrechte) keine
Finanzinstrumente mehr unmittelbar oder mittelbar hielt, die ihr das Recht
einräumen, Aktien unserer Gesellschaft zu beziehen, und sie daher die
Schwelle von 5 % der Stimmrechte unterschritten hätte, wenn sie statt
dieser Finanzinstrumente Aktien gehalten hätte. Dementsprechend hielt sie
zu diesem Tag gemäß § 21 Abs. 1 in Verbindung mit § 22 Abs. 1 Satz 1 Nr. 1
WpHG, unmittelbar oder mittelbar 7,937 % der Stimmrechte (15.667.900
Stimmrechte).

Außerdem hat uns National Indemnity Company, Omaha, USA, gemäß § 25 Abs. 1
WpHG mitgeteilt, dass sie am 11. März 2010 aufgrund der Ausübung aller
Finanzinstrumente auf den Bezug von 1,945 % der Stimmrechte (3.840.000
Stimmrechte) keine Finanzinstrumente mehr unmittelbar oder mittelbar hielt,
die ihr das Recht einräumen, Aktien unserer Gesellschaft zu beziehen, und
sie daher die Schwelle von 5 % der Stimmrechte unterschritten hätte, wenn
sie statt dieser Finanzinstrumente Aktien gehalten hätte. Dementsprechend
hielt sie zu diesem Tag gemäß § 21 Abs. 1 in Verbindung mit § 22 Abs. 1
Satz 1 Nr. 1 WpHG, unmittelbar oder mittelbar 7,348 % der Stimmrechte
(14.504.866 Stimmrechte).

  

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... keine Finanzinstrumente mehr unmittelbar oder mittelbar hielt, die ihm das Recht
einräumen, Aktien unserer Gesellschaft zu beziehen, und er daher die
Schwelle von 5 % der Stimmrechte unterschritten hätte, wenn er statt dieser
Finanzinstrumente Aktien gehalten hätte.



Und ich war der Ansicht, ich verstünde Deutsch.
Ich werde wohl das sinnerfassende Lesen üben müssen.

  

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>... keine Finanzinstrumente mehr unmittelbar oder
>mittelbar hielt, die ihm das Recht
>einräumen, Aktien unserer Gesellschaft zu beziehen, und er
>daher die
>Schwelle von 5 % der Stimmrechte unterschritten hätte, wenn er
>statt dieser
>Finanzinstrumente Aktien gehalten hätte.

>
>
>Puh, und ich war der Ansicht, ich verstünde Deutsch.
>Ich werde wohl das Sinnerfassende Lesen üben müssen.


Puh, geht also nicht nur mir so Was damit gemeint ist ist mir nicht
klar - jedenfalls hält er jetzt direkt und indirekt knapp 8%, zuvor waren es weniger.

  

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Der Bauer X hat uns mitgeteilt, daß er 2 Tonnen Birnen gegen 2 Tonnen Äpfel getauscht hat. Wenn er jetzt weniger Äpfel hätte als vorher, hätte er uns das mitgeteilt, is aber eh nicht so.

(aus einer Pflichtmitteilung der AMA)

...oder so ähnlich.

  

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Buffett's Top 10 Investing Secrets

"I can say the dumbest things in the world and a fair number of people will think there's some great hidden meaning to it or something."
-- Warren Buffett --

In diesem Sinne:

http://www.fool.com/investing/general/2010/03/18/buffetts-top-10-investing-secrets.aspx

  

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Milliardär Warren Buffett katapultierte sich mit seiner Investitionsfirma Berkshire Hathaway von Platz elf an die Spitze des Image-Rankings.

Wien (Reuters). Große Unternehmen haben in den USA zurzeit nicht gerade das beste Image. Nach Bankenrettungspaketen und der schweren Krise der Autoindustrie halten 81 Prozent der Amerikaner die Reputation ihrer Wirtschaft für „nicht gut“ oder gar „schrecklich“ – eine schwache Verbesserung nach den 88 Prozent, die das Meinungsforschungsinstitut Harris Interactive im Vorjahr ermittelt hat.

Seit 1999 fragen sie auch nach der Meinung über die 60 größten Konzerne. Dabei geht es um wirtschaftlichen Erfolg und Qualität der Produkte, aber auch einfach um die Sympathie oder Verachtung, die die 60.000 Befragten für ein Unternehmen empfinden.

Am Ende der Liste fand sich heuer die unter staatliche Kuratel genommenen Hypothekenfinanzierer Freddie Mac und Fannie Mae, die Versicherung AIG, Großbanken wie Citigroup, Goldman Sachs und JP Morgan Chase sowie die maroden Autoriesen General Motors und Chrysler. Nun zu den Stars: Auf Platz zwei landete der Pharmazie- und Konsumgüterkonzern Johnson & Johnson, Bronze ging an Google. Beide Firmen rutschten einen Rang ab, weil sich Milliardär Warren Buffett mit seiner Investitionsfirma Berkshire Hathaway von Platz elf an die Spitze katapultierte.


Demut statt Gier

Die Studienleiter erklären seinen Erfolg so: „Es ist seine Demut. Man liest nichts über Exzesse. Er verschafft seinen Kindern ein angenehmes Leben, aber sie werden keine Milliardäre sein.“ Die Haltung stünde in krassem Gegensatz zu den großen Banken. Ihre Manager werden als bonusgierige Egoisten angesehen, deren Arbeit keinem höheren Zweck diene.

("Die Presse", Print-Ausgabe, 06.04.2010)

  

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Hier habe ich eine Aktienanalyse von einem Warren Buffett Wert gefunden. Die Procter & Gamble Aktie ist immer noch billig anscheinend.

Wäre interessant auch einige Aktienanalysen hier zu lesen die wirklich fundiert eine Aktie auseinandernehmen. Bitte weniger Pressemeldungen bringen in denen leider nicht steht ob die Aktie billig oder teuer ist.

Hier der Link zu den Aktienanalysen :
http://aktienanalyse-fundamental.blogspot.com/2010/04/aktienanalyse-procter-gamble-co-akt ie.html

  

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>Hier habe ich eine Aktienanalyse von einem Warren Buffett
>Wert gefunden. Die Procter & Gamble Aktie ist immer noch
>billig anscheinend.

Allerdings hat Buffett seine Anteile an P&G im ersten
Quartal reduziert. Das lag hauptsächlich zwar an der Finanzierung seiner
Eisenbahn-Übernahme, aber er hätte ja auch mehr Aktien von anderen Unternehmen
verkaufen können. Als unterbewertet sieht er sie offenbar nicht an.

  

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Pro & Contra...

------

Warren Buffett likes to say his ideal investment horizon is forever. And that's the timeline of many investors in his Berkshire Hathaway conglomerate. Most buy Berkshire shares, then hold and hold and hold.

So what do investors do when an analyst says Berkshire stock is poised to fall? In July, Meyer Shields of Stifel Nicolaus downgraded Berkshire shares to a "sell" rating, the first time a Wall Street analyst has recommended selling the stock since 2004. Not even the mighty Buffett can escape a lousy economy, according to Shields.

But Thomas Russo, who manages over $3 billion in assets (including Berkshire shares) as a partner at Gardner Russo & Gardner, says Buffett's roster of companies is ready to take charge when the economy bounces back.

We spoke with both analysts and got their takes.

The bear: Meyer Shields, Stifel Nicholas

"Our sell case is predicated on expectations of a very weak U.S. economy in the second half of 2010. We've seen employment dip much further than it had in previous recessions. There's not much sign of a recovery yet. That's going to ripple through just about all of Berkshire's non-insurance segments. Whether that's selling candy or jewelry, or its Marmon industrial operations. Our sum of the parts valuation produces a target price for the stock of $104,000.

"When insurance companies have massive equity portfolios like Berkshire does, book value is a better predictor of fair value than earnings. Declining stock markets may drive down Berkshire's book value by $2.8 billion in the second quarter.

"Berkshire also sold a number of stock index put options on the S&P 500, Japan's Nikkei, and Euro Stoxx 50. They don't really expire before 2018, so we think it's very unlikely that Berkshire will have to make the payments. But in declining markets, when those are marked to market, book value will fall. We estimate it represents an $800 million hit in the second quarter.

"We only cover Berkshire's A shares. But I'd be surprised if you see any disparity in the performance between A and B shares because any material change in performance would be arbitraged away pretty quickly.

"It think the benefit of the class B share split was that, first of all, you saw very strong share price performance after the announcement was made. That meant to the extent that Berkshire paid for Burlington Northern with stock instead of cash, it took fewer shares.

"But going forward, now that Berkshire has an investor base that's much more institutional than it had been in the past, and because so many funds are now forced to pay attention to Berkshire because its in the S&P 500, I think what we're going to see a more "normal stock." The influence of Berkshire holders that will hold it no matter what will wane a little bit. So that translates into higher beta (or volatility), and higher beta almost always translates into a lower share price valuation."

The Bull: Thomas Russo, Gardner Russo & Gardner

"Warren Buffett is not a slave to reported profits. That's Berkshire's greatest strength. He received $4.9 billion in premiums years ago to insure $37 billion . Nobody else would have risked the potential mark-to-market hits to reported earnings.

"By the time he actually settles up, Berkshire should have compounded that pool of money to over $15 billion. Berkshire's willingness to disregard reported profits frees it to be more productive in building shareholder wealth than companies that promise smooth and steady results.

"A weak macro environment has already occurred for Berkshire. I look at this as a therapeutic time during which Berkshire's companies, armed with an acquisition war chest, can make strategic investments and build their business.

"Shaw Industries is a good example. The Berkshire business, a carpet and flooring company, just acquired a leading synthetic turf company that has made fields for the New York Jets and San Francisco 49ers. By contrast, its public company competitors compromise future prospects by short-term cuts designed to protect reported profits. Berkshire's industrial portfolio companies, much like Shaw Industries, should be competitively advantaged when the economy comes back.

"In addition, the most amazing thing that's happened recently, as a result of the Burlington Northern acquisition, has been this evolution of Berkshire shareholdings. Berkshire always prided itself on having an enlightened share class. And that meant Warren, for instance, didn't split the shares just to obtain new shareholders otherwise "priced out" of ownership of Berkshire A shares.

"Now today you fast-forward. What's happened? Berkshire has realized that there is a growing pool of equities in the U.S. that are legally by contract unable to own Berkshire. Those are index funds. So, that could be 8% of equities in North America are indexed to the S&P 500 -- maybe as much as $2 trillion of equity money could not own Berkshire.

"The virtue of Berkshire Hathaway's longstanding "partner" shareholder was that they were informed, educated, and like-minded, meaning that they were not selling frequently. The same outcome happens within the index world. Those Berkshire shares are permanently held because of Berkshire's market cap within the index. The manager of the Vanguard S&P 500 Index Fund cannot now wake up some morning and say, 'I think Warren's lost his way. Let me switch into Chubb.' He doesn't have that option.

"Berkshire's 20% stock rise this year comes after a 0% gain in 2009, when the S&P 500 rose 26%. 2010 is a make-back period for Berkshire relative to world indices. I like having such counterbalance."

http://finance.yahoo.com/news/Is-Berkshire-Hathaways-stock-hftn-3042644318.html?x=0&sec=t opStories&pos=4&asset=&ccode=

  

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Die Gesellschaft Berkshire Hathaway des US-Milliardärs Warren Buffett hat im zwNetto betrug das Plus 1,97 Milliarden Dollar nach 3,3 Milliarden Dollar im Vorjahr, wie das Unternehmen am Freitag mitteilte.

Vor allem die Derivate hätten im Zuge der Einbrüche am Aktienmarkt massiv an Wert verloren. Operativ schnellte der Gewinn allerdings um 73 Prozent nach oben auf drei Milliarden Dollar. Hier profitierte das Unternehmen unter anderem von der milliardenschwere Übernahme des Eisenbahnbetreibers Burlington Northern Santa Fe.eiten Quartal einen Gewinneinbruch von 40 Prozent erlitten.

Quelle: WB 07.08.2010

  

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Verspekuliert würde ich nicht sagen. Ich glaube ich habe es schon einmal
ausgeführt, er hat sehr langlaufende (>10 Jahre) Puts auf diverse Aktienindizes
geschrieben (Nominale 37 Mrd. Dollar!).
Die resultierenden quartalsweisen Schwankungen in seiner G&V sind ihm vollkommenen egal.

  

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Warren Buffett: Das nette Gesicht des Kapitalismus

28.08.2010 | 18:21 | von rosemarie schwaiger (Die Presse)

Warren Buffett ist ein begnadeter Investor, der drittreichste Mensch der Welt und einer der großzügigsten Wohltäter, die es je gab. Jetzt wird er 80 Jahre alt – und seine Fans freut das überhaupt nicht.

Niemand kommt rein zufällig nach Omaha – und absichtlich kommen auch nur wenige. Die Hauptstadt des US-Bundesstaates Nebraska liegt weit abseits der großen Touristenströme, ist kein Verkehrsknotenpunkt und bietet gezählte null Sehenswürdigkeiten. Nach Omaha verschlägt einen das Schicksal; man wird hier geboren oder muss hier arbeiten. Andere vernünftige Gründe, die Minimetropole im Mittleren Westen anzusteuern, gibt es eigentlich nicht.

Es sei denn, man ist Besitzer einer Aktie der Investmentholding Berkshire Hathaway. Für die Shareholder ist das unscheinbare, langweilige Omaha alljährlich Anfang Mai ein Sehnsuchtsort mit magischer Anziehungskraft. Wenn Warren Buffett, geboren und wohnhaft in Omaha, zum Aktionärstreffen einlädt, kommt Leben in das Städtchen. Zehntausende reisen an, um ihr Idol live zu erleben, an seinen Lippen zu hängen, im selben Steakhouse zu dinieren, oder vielleicht, mit viel Glück, seinen Sakko-Ärmel zu berühren. Buffett revanchiert sich für die Huldigungen, indem er launig über den Finanzmarkt referiert, Autogramme gibt und den Aktionären ein paar Liedchen auf der Ukulele vorspielt.

Warren Buffett ist Vorstandsvorsitzender und größter Aktionär von Berkshire Hathaway, drittreichster Mensch der Erde und in der profanen Welt der Hochfinanz so etwas wie ein Messias. Sein Talent als Investor hat viele Menschen reich gemacht. Nebenbei ist Buffett einer der größten Wohltäter, die es je gab. Am 30. August wird Buffett 80 Jahre alt – doch für seine Anhänger ist das kein freudiges Ereignis. Mit jedem Geburtstag rückt der Tag näher, an dem der Boss den Rückzug antreten wird. Und das „Orakel von Omaha“ kann man nicht ersetzen.

Eine blitzsaubere Sache. Wer 1965 eine Aktie von Buffetts Investmentgesellschaft kaufte, zahlte dafür 18 Dollar. Heute ist das Papier 115.000 Dollar wert und die teuerste Aktie der Welt. Es gab durchaus Rückschläge in diesen Jahren. Doch unter dem Strich war das Investment ein unschlagbares Geschäftsmodell. Bei den Aktionärstreffen kursieren rührende Geschichten über alte Leutchen, die beim Aufräumen im Schrank längst vergessene Berkshire-Aktien fanden – und feststellen durften, dass sich deren Wert seit dem letzten Großputz vertausendfacht hatte. Ob solche Erzählungen stimmen, ist gar nicht wichtig. Sie könnten wahr sein, das ist die Hauptsache. Geld verdienen mit Warren Buffett gilt als moralisch einwandfrei; eine blitzsaubere Angelegenheit, für die sich niemand genieren muss.

Buffetts Vater Howard war Broker und republikanischer Kongressabgeordneter. Der Bub soll, so will es die Legende, schon im zarten Alter von sechs Jahren erste Erfahrungen als Geschäftsmann gesammelt haben: Er kaufte Coca-Cola-Sixpacks für 25 Cent und verkaufte die Flasche für fünf Cent. Warren Buffett studierte an der Wharton Business School der Universität von Pennsylvania und anschließend an der Universität von Nebraska. Sein IQ liegt über 150, doch für seine geschäftliche Strategie reicht eigentlich der Hausverstand. Drei Zitate des Meisters erklären stimmig, wie er seine Beteiligungen auswählt: „Ich suche Unternehmen, die ich verstehe und von deren Zukunftsaussichten ich überzeugt bin.“ „Konzentrieren Sie Ihre Investments. Wenn Sie über einen Harem mit vierzig Frauen verfügen, lernen Sie keine richtig kennen.“ „Man sollte nur in Firmen investieren, die auch ein absoluter Vollidiot leiten kann, denn eines Tages wird genau das passieren.“

Also sprach der Chef, und Berkshire Hathaway spiegelt diese Grundsätze ziemlich exakt wider. Zum Portfolio gehören große Aktienpakete von Coca-Cola, American Express und Kraft Foods. Vor ein paar Monaten steckte Berkshire 26 Milliarden Dollar in die Übernahme einer US-Eisenbahngesellschaft. Die Hightech-Blase samt Absturz Ende der 90er-Jahre ersparte Buffett seinen Aktionären. Unternehmen, deren Geschäftszweck er nicht durchschaut, kauft er nicht. Finanzderivate hat Buffett im Jahr 2002 als „finanzielle Massenvernichtungswaffen“ bezeichnet. Es rächte sich, dass er einmal nicht an die eigenen Grundsätze glaubte: Im zweiten Quartal 2010 hatte Berkshire auf steigende Aktienkurse gesetzt, doch die Indizes fielen. Die Holding verlor 1,4 Milliarden Dollar.

Warren Buffetts wichtigstes Charaktermerkmal ist die Kontinuität. Der Mann schätzt es gar nicht, wenn Dinge sich ändern. Das macht ihn zu einem geduldigen Investor und zu einer sympathisch-kauzigen Figur. Buffett wohnt noch immer in jenem Haus, das er 1958 für 31.500 Dollar gekauft hat. Seit 1982 arbeitet er mit dem sechs Jahre älteren Charlie Munger zusammen. Die beiden sitzen bei den Aktionärsmeetings gemeinsam auf dem Podium, trinken Kirsch-Cola und werfen einander die Pointen zu. Mit seiner 2004 verstorbenen Ehefrau Susan war Buffett 52 Jahre lang verheiratet, obwohl die Gattin schon Ende der Siebzigerjahre ausgezogen und nach San Francisco übersiedelt war. Man blieb eng befreundet, und Susan sorgte selbst für eine Nachfolgerin, indem sie ihren Mann mit einer Freundin bekannt machte – die er 2006 auch folgsam geheiratet hat. Als Chairman von Berkshire lässt sich Buffett ein Jahresgehalt von 100.000 Dollar zahlen, und zwar schon seit dreißig Jahren.

Geld zu besitzen oder gar auszugeben, sei nie der Antrieb seines Vaters gewesen, sagt Howard Buffett, der älteste Sohn. „Ihm geht es hauptsächlich darum, gute Geschäfte zu machen.“ Warren Buffett hat keine Millionärsallüren, und er kann es sich leisten, die eigene Kaste gewerbsmäßig vor den Kopf zu stoßen. Buffett unterstützt seit vielen Jahren die demokratische Partei, tritt für höhere Steuern ein und hält die üppigen Managergagen für unmoralisch. „Es herrscht Klassenkampf, meine Klasse gewinnt, aber das sollte sie nicht“, hat er einmal gesagt. Vor Kurzem gründete Buffett gemeinsam mit Bill Gates die Initiative „The Giving Pledge“ (das Spendenversprechen). Die beiden überredeten vierzig Milliardäre, mindestens die Hälfte ihres Vermögens zu verschenken. Buffett selbst, 47 Milliarden schwer, hat schon sehr viel gespendet und vertraglich festgelegt, dass fast neunzig Prozent seines Vermögens wohltätigen Zwecken zugeführt werden.

Dem Image des Kapitalismus hat der schmächtige Mann mit dem Opa-Charme und den großen Krankenkassenbrillen unschätzbare Dienste erwiesen. Buffett ist der Gegenentwurf zum Klischee des öligen Investmentbankers, der nur auf den nächsten Bonus schielt. Einem netten Typen wie ihm gönnt man das viele Geld irgendwie leichter.

Wall Street im Herzen. Doch Buffett hat auch weniger gemütliche Seiten. Während er gegen Finanzderivate wetterte, ließ er in Washington gegen strengere Auflagen für solche Geschäfte lobbyieren. Seine Kritik an den Ratingagenturen verliert etwas an moralischer Wucht, wenn man weiß, dass Berkshire Großaktionär bei Moody's ist und sehr viel Geld mit dieser Beteiligung verdient. Nur unter Strafandrohung war Buffett bereit, im US-Kongress zur Rolle von Moody's bei der Finanzkrise auszusagen. In die Kritik geriet zuletzt auch sein Engagement bei der Investmentbank Goldman Sachs, die von Berkshire vor dem Ruin bewahrt wurde. Buffett sei faktisch Goldman, schrieb das „New York Magazin“ im vergangenen Mai. „Er ist im Herzen ein Bewohner der Wall Street.“

Auf der Habenseite steht aber eindeutig mehr. Unter anderem Buffetts entwaffnende Ehrlichkeit, wenn es um eigene Fehler geht. Als Berkshire 2008 mit dem Ölwert ConocoPhilips fast zwei Milliarden Dollar Verlust eingefahren hatte, stellte sich der Boss vor die Aktionäre und sagte: „Das Timing für dieses Geschäft war einfach fürchterlich.“ Danach bekam das Publikum einen Kurzfilm zu sehen, in dem Buffett als Matratzenverkäufer auftrat. Der Aufsichtsrat habe ihm geraten, er solle lieber einen anderen Job probieren als den des Vorstandsvorsitzenden.

In Wirklichkeit ist Berkshire Hathaway ohne Warren Buffett kaum vorstellbar. Als Investor genießt der alte Mann eine solche Reputation, dass viele Aktien automatisch steigen, sobald Buffett sie gekauft hat. Ein Nachfolger wird ohne diesen Vertrauensvorschuss arbeiten müssen – dafür im Bewusstsein, dass er einem Idol hinterherhechelt.

Von Buffetts drei Kindern engagiert sich nur sein Sohn Howard im Unternehmen. Nach dem Willen des Vaters soll Howard, optisch die perfekte X-large-Version seines Vaters, eines Tages den Verwaltungsrat leiten. Als CEO ist er nicht vorgesehen. „Wenn ich sterbe, wird innerhalb von 24 Stunden ein neuer Vorstandsvorsitzender die Führung übernehmen“, erzählt Warren Buffett seit Jahren. Der Name des Glücklichen wird aber nicht verraten.

In letzter Zeit verdichten sich die Hinweise, dass ein junger Chinese zumindest einen Teil der Führungsaufgaben übernehmen könnte. „Meiner Ansicht nach ist das eine ausgemachte Sache“, sagte Charlie Munger, Buffetts engster Vertrauter. Der 44-jährige Li Lu leitet sehr erfolgreich einen Hedgefonds und wäre wohl auch sonst ganz nach dem Geschmack des Seniors. Bevor er nach Amerika kam, war er Menschenrechtsaktivist in seiner Heimat und bei den Protesten auf dem Tian'anmen-Platz 1989 dabei.

Doch bis auf Weiteres denkt Buffett nicht daran, sich auf sein Altenteil zurückzuziehen. „Was muss ich tun, um Ihr Nachfolger zu werden?“, fragte ein junger Mann auf der heurigen Aktionärsversammlung. Buffett grinste: „Wahrscheinlich mich erschießen.“

("Die Presse", Print-Ausgabe, 29.08.2010)

  

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Warren Buffett says Berkshire Hathaway is the "dumbest" stock he ever bought.

He calls his 1964 decision to buy the textile company a $200 billion dollar blunder, sparked by a spiteful urge to retaliate against the CEO who tried to "chisel" Buffett out of an eighth of a point on a tender deal.

Buffett tells the story in response to a question from CNBC's Becky Quick for a Squawk Box series on the biggest self-admitted mistakes by some of the world's most successful investors.

Buffett tells Becky that his holding company (presumably with a different name) would be "worth twice as much as it is now" - another $200 billion - if he had bought a good insurance company instead of dumping so much money into the dying textile business.

Here's his story:

BUFFETT: The- the dumbest stock I ever bought- was- drum roll here- Berkshire Hathaway. And- that may require a bit of explanation. It was early in- 1962, and I was running a small partnership, about seven million. They call it a hedge fund now.

And here was this cheap stock, cheap by working capital standards or so. But it was a stock in a- in a textile company that had been going downhill for years. So it was a huge company originally, and they kept closing one mill after another. And every time they would close a mill, they would- take the proceeds and they would buy in their stock. And I figured they were gonna close, they only had a few mills left, but that they would close another one. I'd buy the stock. I'd tender it to them and make a small profit.

So I started buying the stock. And in 1964, we had quite a bit of stock. And I went back and visited the management, Mr. (Seabury) Stanton. And he looked at me and he said, 'Mr. Buffett. We've just sold some mills. We got some excess money. We're gonna have a tender offer. And at what price will you tender your stock?'

And I said, '11.50.' And he said, 'Do you promise me that you'll tender it 11.50?' And I said, 'Mr. Stanton, you have my word that if you do it here in the near future, that I will sell my stock to- at 11.50.' I went back to Omaha. And a few weeks later, I opened the mail-

BECKY: Oh, you have this?

BUFFETT: And here it is: a tender offer from Berkshire Hathaway- that's from 1964. And if you look carefully, you'll see the price is-

BECKY: 11 and-

BUFFETT: -11 and three-eighths. He chiseled me for an eighth. And if that letter had come through with 11 and a half, I would have tendered my stock. But this made me mad. So I went out and started buying the stock, and I bought control of the company, and fired Mr. Stanton. (LAUGHTER)

Now, that sounds like a great little morality table- tale at this point. But the truth is I had now committed a major amount of money to a terrible business. And Berkshire Hathaway became the base for everything pretty much that I've done since. So in 1967, when a good insurance company came along, I bought it for Berkshire Hathaway. I really should- should have bought it for a new entity.

Because Berkshire Hathaway was carrying this anchor, all these textile assets. So initially, it was all textile assets that weren't any good. And then, gradually, we built more things on to it. But always, we were carrying this anchor. And for 20 years, I fought the textile business before I gave up. As instead of putting that money into the textile business originally, we just started out with the insurance company, Berkshire would be worth twice as much as it is now. So-

BECKY: Twice as much?

BUFFETT: Yeah. This is $200 billion. You can- you can figure that- comes about. Because the genius here thought he could run a textile business. (LAUGHTER)

BECKY: Why $200 billion?

BUFFETT: Well, because if you look at taking that same money that I put into the textile business and just putting it into the insurance business, and starting from there, we would have had a company that- because all of this money was a drag. I mean, we had to- a net worth of $20 million. And Berkshire Hathaway was earning nothing, year after year after year after year. And- so there you have it, the story of- a $200 billion- incidentally, if you come back in ten years, I may have one that's even worse. (LAUGHTER)

http://finance.yahoo.com/news/Warren-Buffett-Buying-cnbc-1784378699.html?x=0&sec=topStori es&pos=main&asset=&ccode=

  

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New York (BoerseGo.de) - Die US-Investmentbank Goldman Sachs erwägt, ein Investment in Höhe von fünf Mrd. US-Dollar von Warren Buffetts Gesellschaft Berkshire Hathaway wieder zurückzuzahlen. Dies berichtete jetzt das Wall Street Journal, das mit der Sache vertraute Personen zitiert. Die Zeitung informierte auch, dass Goldman Sachs der Investorenlegende Buffett die Einlage mit rund 10 Prozent pro Jahr vergütet. Daher versuche man die Einlage durch günstigere Mittel am Schuldtitel-Markt zu ersetzen, hieß es. Bisher habe sich Warren Buffet und seine Investmentgesellschaft die Beteiligung über bevorzugte Aktien bei Goldman Sachs mit rund einer Milliarde US-Dollar vergolden lassen, so das Blatt. Buffet hatte sein Investment im Jahr 2008 getätig, zu einem Zeitpunkt, als Bankaktien im freien Fall waren. Der Einstieg galt damals als wichtiger Vertrauensbeweis für den Markt

  

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Arg verkürzt, diese Meldung. Er hat 5 Mrd. investiert, Verzinsung 10% per anno.
Wenn Goldman vorzeitig tilgt, müssen sie 5,5 Mrd. zahlen + die angefallenen
Zinsen.
Die Warrants (massiv im Geld) bleiben ihm weiterhin.


>New York (BoerseGo.de) - Die US-Investmentbank Goldman Sachs
>erwägt, ein Investment in Höhe von fünf Mrd. US-Dollar von
>Warren Buffetts Gesellschaft Berkshire Hathaway wieder
>zurückzuzahlen. Dies berichtete jetzt das Wall Street Journal,
>das mit der Sache vertraute Personen zitiert. Die Zeitung
>informierte auch, dass Goldman Sachs der Investorenlegende
>Buffett die Einlage mit rund 10 Prozent pro Jahr vergütet.
>Daher versuche man die Einlage durch günstigere Mittel am
>Schuldtitel-Markt zu ersetzen, hieß es. Bisher habe sich
>Warren Buffet und seine Investmentgesellschaft die Beteiligung
>über bevorzugte Aktien bei Goldman Sachs mit rund einer
>Milliarde US-Dollar vergolden lassen, so das Blatt. Buffet
>hatte sein Investment im Jahr 2008 getätig, zu einem

  

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Warren Buffett hat sich wieder gefangen. Nachdem sich der US-Finanzkünstler im Frühsommer verspekuliert und seine Investmentholding Berkshire Hathaway einen satten Gewinneinbruch verzeichnet hatte, verdiente das breit aufgestellte Unternehmen im dritten Quartal wieder 3,0 Milliarden Dollar. Das war nicht viel weniger als die 3,2 Milliarden Dollar im Vorjahreszeitraum.

Die Gewinne kamen vor allem von den Industrietöchtern des Konglomerats, nachdem diese im Krisenjahr 2009 noch schwer gelitten hatten. Dagegen gingen die Gewinne der angeschlossenen Versicherer zurück. Mit seinen Finanzspekulationen fuhr der Finanzguru immer noch ein kleines Minus ein. Ausgerechnet in der Krisenzeit hatte Buffett in diesem Bereich Gespür bewiesen und das gesamte Unternehmen mit Gewinnen aus sogenannten Derivategeschäften über Wasser gehalten.

-----------

Immer wieder erstaunlich welche Falschmeldungen verbreitet werden. Der
zweite Absatz ist hinsichtlich Derivate schlicht falsch - während der
Krise hat er daraus hohe Bewertungsverluste hinnehmen müssen (da die
mit Abstand größte Position langlaufende geschriebene Puts auf
verschiedene Aktien-Indices sind.)

  

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ISIM - HUGE find Buffett bets on prefab homes (stocks)

There are a few reasons for long-term investors to look at stocks of manufactured homes. For one, the sector isn't being hit by the subprime lending mess.

By Michael Brush

Few would call Warren Buffett unwise with his money. It takes some smarts to build a fortune of $46 billion, after all.

So what's he doing raising money in the housing sector? Specifically, why is he helping put three-quarters of a billion dollars into manufactured homes, those humble, modestly priced abodes that come shipped in prefabricated components, ready for assembly?

Sales of manufactured homes have been sluggish for years because the industry missed out on the lift from subprime loans. Now, with mortgage lending tightening up and the entire housing market in the dumps, sales of factory-built homes are the lowest they've been in 45 years.

So what's a smart investor like Warren Buffett doing here?

A month ago, Berkshire Hathaway (BRK.A, news, msgs) used its AAA credit rating to raise $750 million through a debt offering for Clayton Homes, a provider of factory-built homes that's in the Oracle of Omaha's portfolio of holdings.

This means it may be time for long-term investors to begin putting money into prefab-home stocks, says Robert Robotti of Robotti & Co. investment advisers, which already holds several of the stocks. Robotti is worth listening to because he's a value investor like Buffett, with Buffett-like returns. His shop has posted after-fee compound annual returns of 20% for the past five calendar years, compared with gains of 11.4% for the Russell 2000 Index $RUT.X).

"To me this is classic contrarian investing in the sense that you become aggressive when everyone else is pulling back," says another index-beating value investor, Robert Rodriguez, whose First Pacific Advisors also has exposure to the sector. "I was encouraged to see that capital was being allocated to this industry. I view that as a positive."
The bank of Buffett
Rodriguez and other observers, including top managers at some of the key factory-built-home producers, think Clayton will use the money to back mortgage lending in the space. Given the casualties among other home mortgage lenders, it makes sense for Buffett to borrow money at the reasonable rates he can get because of his stellar credit rating and take advantage of rising rates in this corner of the mortgage market.

Clayton has two financing divisions, Vanderbilt and 21st Mortgage, that make loans in the sector. "By raising this capital they become the dominant financer of this industry," says Rodriguez. "I think it is intriguing that he is doing this."

http://articles.moneycentral.msn.com/Investing/CompanyFocus/BuffettBetsOnPrefabHomes.aspx


http://investorshub.advfn.com/boards/board.aspx?board_id=16724

SHARE STRUCTURE:
outstanding 610 million
restricted held by management 432 million
public float 178 million

  

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Nicht übel, das war ein hervorragendes Geschäft.
-------------------

Goldman Sachs begleicht Schulden bei Warren Buffett

19.03.2011 | 18:10 | von Hanna Kordik (Die Presse)

Investor Warren Buffett bekommt sein Geld zurück – und macht einen Milliardenprofit. Im September 2008 hatte er der US-Investmentbank Goldman Sachs eine Finanzspritze von fünf Milliarden Dollar gewährt.
(...)
Goldman Sachs wird nun, wie am Samstag bekannt wurde, das Geld an Buffett zurückzahlen. Die US-Notenbank Fed hat dazu ihren Segen erteilt, Goldman Sachs sei nun stark genug, ohne den üppigen Kapitalpolster auszukommen. Weil Buffett aber seinerzeit ebenso üppige Konditionen mit dem Haus vereinbart hat, streift er nun einen Profit aus der „Leihgabe“ in Höhe von 3,7 Milliarden Dollar ein. Er hat zweifellos den richtigen Riecher gehabt.

Der ganze Artikel: http://diepresse.com/home/wirtschaft/international/643213

  

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>Nicht übel, das war ein hervorragendes Geschäft.
>-------------------

Damit dürfte er einer der wenigen Menschen sein die es jemals geschafft
haben Goldman bei einem Geschäft über den Tisch zu ziehen...

  

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>
>Damit dürfte er einer der wenigen Menschen sein die es jemals
>geschafft
>haben Goldman bei einem Geschäft über den Tisch zu ziehen...


  

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OMAHA, Neb. (AP) -- Berkshire Hathaway's annual meeting on Saturday was dominated by somber topics, as Warren Buffett explained to roughly 40,000 shareholders how the company had been battered by a trusted former employee's misdeeds and a string of natural disasters.

http://finance.yahoo.com/news/Buffett-says-mistakes-were-apf-1611345568.html?x=0

  

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Investorenlegende Warren Buffett will die US-Bank OneMain kaufen. Mit seinem Eintritt in ein Bieter-Konsortium erhöhen sich die Erfolgschancen der Interessenten deutlich.

Starinvestor Warren Buffett greift einem Zeitungsbericht zufolge zusammen mit zwei weiteren Investoren nach dem Kundenkreditgeschäft der Citigroup . Buffetts Investmentfirma Berkshire Hathaway habe sich einem Konsortium mit einem Exklusivrecht für Gespräche über den Kauf der Konsumkredittochter OneMain angeschlossen, berichtete das "Wall Street Journal" unter Berufung auf mit dem Vorgang vertraute Kreise.

Die Gesellschaft mit einem Buchwert von rund 2 Mrd. Dollar könne mehr als 8 Mrd. Dollar einbringen, hieß es weiter. Zu dem Konsortium gehören bereits die beiden New Yorker Firmen Centerbridge Capital Partners LLC und Leucadia National.

Mit dem Eintritt von Berkshire seien die Chancen des Konsortiums deutlich gestiegen, da die US-Bank darauf bedacht sei, die Kreditgesellschaft einem finanzstarken Eigentümer zu verkaufen, der das Geschäft stabil halten kann. OneMain betreibt in den USA ein Netzwerk von rund 1300 Filialen.

  

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Einstieg für mehr als zwei Milliarden
Starinvestor Warren Buffett steigt in das Geschäft mit Solarenergie ein. Der zu seinem Investmentkonzern Berkshire Hathaway gehörende Energieversorger MidAmerican Energy wagt sich in ein neues Geschäftsfeld vor und kauft erstmals einen Solarpark.

http://www.n-tv.de/wirtschaft/Buffett-uebernimmt-Solar-Park-article4956961.html

  

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>Was meinst du mit deiner Überschrift? ("Nicht alles ist Gold was glänzt")


dass es auch bei superstars leichen im keller gibt. war aber keinesfalls zynisch gemeint.

  

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MADRID—Berkshire Hathaway Inc. will pay CaixaBank SA €600 million ($778.7 million) for the future cash flow from a portfolio of life insurance policies, the Barcelona-based bank said Friday, a rare dip into a fiscally stressed euro-zone country for the investment firm run by Warren Buffett.

CaixaBank—a lender that, like many of its Spanish competitors, has large insurance operations—said the reinsurance agreement will result in a one-off gain of €524 million for the bank, reinforcing its capital core.

A spokesman said the bank contacted a number of reinsurers on the possible deal after the summer. CaixaBank will continue administering the policies, the spokesman said, adding that the deal will have no commercial impact on its insurance operations.

CaixaBank is one of Spain's strongest banks, but its operations have been hurt by the collapse of the country's real estate market nearly five years ago. The ensuing economic crisis resulted in a decrease of new lending by the bank and the depreciation of its asset portfolio, including a stake in oil firm Repsol.

Still, the bank has a relatively healthy balance sheet and Spain's government has urged it to take over weaker rivals in exchange for government support. Earlier this year, CaixaBank took over Banca Civica SA, and this week it agreed to take over Banco de Valencia SA.

Spanish banking analysts said this kind of deal helps banks meet strict capital requirements while allowing them to unload the risks related to an insurance portfolio.

CaixaBank's move mirrors one made in July by rival Banco Santander SA, SAN.MC +0.24% Spain's largest bank by market value. Santander transferred its life risk insurance portfolio in Spain and Portugal to a unit of Deutsche Bank AG, for a pretax capital gain of €490 million.

As in that deal, CaixaBank's agreement includes the transfer of reserve assets backing up policy payments, often government and corporate bonds, that Berkshire will receive. On the other hand, Berkshire will be in charge of paying insurance claims.

For Berkshire, the purchase is the latest in a string of high-profile reinsurance deals with firms including American International Group Inc., Lloyd's of London and Swiss Re AG.

Often, insurers turn to Berkshire to clean up a troubled portion of their balance sheet, as Lloyd's did when its Equitas business needed to rid itself of asbestos liabilities. Equitas paid Berkshire $7.1 billion in cash and securities for Berkshire to take on those asbestos obligations. Berkshire could be on the hook for up to $13.9 billion in claims in the years to come, though Mr. Buffett has said he thinks Berkshire will turn a healthy profit on the deal—in part because he can grow the $7.1 billion by investing it elsewhere.

In many cases, Berkshire is the only company willing to take on such large liabilities, which can leave it on the hook to pay out to policyholders for decades. Mr. Buffett and his reinsurance lieutenant, Ajit Jain, are known to charge a hefty premium for their one-of-a-kind services.

Mr. Buffett and Mr. Jain didn't immediately respond to a request for comment.

In the case of CaixaBank's transaction, the life insurance policies are far from troubled, which is why Berkshire paid for the rights to the future cash flows, instead of the other way around.

In the deal, Berkshire gets the premiums from a stable business that to some extent is isolated from Spain's economic troubles. Spanish banks often push clients to take up insurance policies jointly with loan or mortgage deals, a practice that has increased their cash flow as other sources of revenue dried out.

And Mr. Buffett, one of the most revered investors in history, gets to put those premiums to work until they're needed to pay claims.

Mr. Buffett has famously called such funds his "float," and has said the investing of premiums are why he finds the insurance business so attractive. It is largely because of Mr. Buffett's successful use of float that Berkshire has grown into one of the largest conglomerates in the world.

Berkshire's float was about $72 billion at the end of the third quarter.

http://online.wsj.com/article/SB10001424127887323751104578150731361974830.html

  

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>naja, er traut sich halt was. bei goldmann war er mit
>ähnlichem risiko jedenfalls sehr erfolgreich.

So besonders großes Risiko nimmt er hier mE gar nicht. Wenn ich das
recht verstehe hat er ihnen ihr Lebensversicherungsgeschäft abgekauft,
behält sie aber weiterhin als Servicer.

Nachdem die Anzahl der Interessenten sich vermutlich in engen Grenzen
gehalten hat ("Spanien? Nein danke.") wird er sicher günstig gekauft haben.

  

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Starinvestor Buffett kauft Heinz Ketchup


Der US-Ketchup-Riese H. J. Heinz wird geschluckt: Für 28 Milliarden Dollar übernehmen der legendäre Starinvestor Warren Buffett und der Finanzinvestor 3G Capital das US-Unternehmen, wie Heinz heute mitteilte.

Der für sein Ketchup weltbekannte Traditionskonzern Heinz teilte mit, seiner Übernahme durch das Investmentkonsortium zugestimmt zu haben. Das Konsortium bietet den Aktionären umgerechnet 72,50 Euro je Anteilsschein.

Buffett sieht Wachtumspotenzial

Gestern hatten Heinz-Aktien bei rund 60 Dollar geschlossen und sprangen heute nach dem Offert vorbörslich um rund 20 Prozent in die Höhe.

„Heinz hat ein starkes, nachhaltiges Wachstumspotenzial“, begründete Buffett den Zukauf. Dieser muss aber noch von den Aktionären und Wettbewerbshütern abgenickt werden. Im dritten Kalenderquartal soll die Übernahme abgeschlossen sein.

  

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Nach der angekündigten Übernahme des amerikanischen Ketschupgiganten H. J. Heinz durch den Investor Warren Buffet ermittelt nun die US-Börsenaufsicht SEC. Es habe „höchst verdächtige“ Transaktionen gegeben, so die Behörde, sie reichte in New York Klage ein. Die Spur führt zu einem Schweizer Konto.


http://orf.at/stories/2166934/2166935/
ps: unangenehm ja, aber "schwerer schlag"?


http://www.bloomberg.com/news/2013-02-15/sec-sues-unidentified-traders-over-heinz-deal-tr ading.html

  

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Nicht einmal unangenehm, solange es nicht jemand von Berkshire war.
In dem Projekt waren sicher zig M&A-Advisors, Law Firms, Leute bei
Heinz usw. involviert,
einer wird halt nicht widerstehen haben können.

Der Name Buffett zieht in einer Story, damit muß er halt leben.


>http://orf.at/stories/2166934/2166935/
>ps: unangenehm ja, aber "schwerer schlag"?
>
>
>http://www.bloomberg.com/news/2013-02-15/sec-sues-unidentified-traders-over-heinz-deal-tr ading.html

  

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Berkshire Hathaway B gekauft zu 144,17.


Erstmals bin ich Berkshire Aktionär ( nach vielen Short Put in der Vergangenheit)

Begründung kann man hier finden: http://www.tilsonfunds.com/BRK.pdf

 

  

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Ich war sehr spät dran, aber aktuell 427, verdreifacht. Hätte ich trotz Buffett bei diesem Koloß nicht erwartet.


>Berkshire Hathaway B gekauft zu 144,17.
>
>
>Erstmals bin ich Berkshire Aktionär ( nach vielen Short Put in
>der Vergangenheit)
>
>Begründung kann man hier finden:
>http://www.tilsonfunds.com/BRK.pdf
>

>

  

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>Ich war sehr spät dran, aber aktuell 427, verdreifacht. Hätte
>ich trotz Buffett bei diesem Koloß nicht erwartet.

Weil man obwohl man es weiß den Zinseszins-Effekt unterschätzt. Es sind 15% p.a.

  

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“Berkshire shares offer an attractive entry point,” Barclays Jay Gelb said on Monday.

That’s Berkshire Hathaway (BRK-A, BRK-B), the $357 billion conglomerate run by Warren Buffett. Initially a textile company turned insurance firm, Berkshire now owns an array of businesses in utilities, railroads, manufacturing, retail, and homebuilding. The company is also famous for its massive portfolio of equity investments hand-picked by Buffett, aka the Oracle of Omaha.

Gelb reiterated his “overweight” rating on the stock, which is essentially a bet on the US economy.

“Berkshire has high gearing to a recovering economy and equity markets through its operating businesses and $157 billion investment portfolio (excluding cash),” Gelb added. “Berkshire is well-positioned to ultimately benefit from improving earnings in the non- insurance businesses as the economy recovers along with a robust balance sheet. However, in 2016 the Burlington Northern railway’s earnings are expected to decline, similar to the rest of the industry.”

Non-insurance businesses made up 77% of operating earnings in 2015, up from just 43% in 2006. Gelb sees growth across businesses, while also highlighting the gains coming from completed and prospective acquisitions.

“Our latest 2016/17 operating EPS estimates per B share equivalent of $7.09/$7.55 could have upside if Berkshire completes additional acquisitions that are typically immediately accretive to earnings,” Gelb said. “This is because the acquisitions generate a positive earnings yield compared to holding the funds in cash.”

With short-term interest rates near 0%, holding cash effectively offers no return.

“Berkshire still has significant cash available for acquisitions even after recent deals including Precision Castparts, which is its largest deal ever,” Gelb continued. “We still expect only a modest earnings contribution from Kraft Heinz through 2016 due to ongoing significant restructuring charges.”

On Friday, Berkshire Hathaway reported that Q2 operating earnings jumped 25% year-over-year.

Gelb has “overweight” ratings on Berkshire’s A-shares and B-shares, with price targets of $249,000 and $166, respectively.

On Monday, A-shares were trading near $217,000. B-shares were near $144.

http://finance.yahoo.com/news/barclays-buy-berkshire-hathaway-000000562.html

  

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Berkshire ertrinkt im Cash

Wer nicht Buffett-Fan ist findet in dem Artikel sicher viele neuen Infos, lesenswert.

In eben dieser Welt steuern ein demnächst 86jähriger und sein 92jähriger kongenialer Partner ein Unternehmen, das über den größten Cashpolster in der westlichen Hemisphäre verfügt. Ende des zweiten Quartals 2016 nannte die, 1955 aus der Fusion zweier Textilunternehmen entstandene, Berkshire Hathaway die stolze Summe von 72,68 Milliarden Dollar an liquiden Mitteln ihr Eigen. Eine Summe, die außerhalb des Banken- und Finanzsektors (274 der 500 ‘liquidesten’ Unternehmen der Welt entstammen diesem Sektor) nur von der in Hong Kong ansässigen CITIC Holding übertroffen wird. Das via CITIC (China International Trust and Investment Corporation) Group mehrheitlich in Staatsbesitz stehende Unternehmen kommt aktuell auf einen Bestand an liquiden Mitteln von 121,8 Milliarden Dollar. Zum Vergleich: das aktuell teuerste Unternehmen der Welt - Apple - verfügte zuletzt (per 25.06.2016) über liquide Mittel von 28,26 Milliarden Dollar.


http://www.boerse-express.com/cat/pages/2821136/fullstory

  

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Cash in diesen Dimensionen wird sicher bereits laufend angeknabbert...?
Vom Gewinnbringer zur Kostenstelle, wer hätte das gedacht.

  

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>Cash in diesen Dimensionen wird sicher bereits laufend angeknabbert...?
>Vom Gewinnbringer zur Kostenstelle, wer hätte das gedacht.

In den USA nur durch die Inflation. Die Nominalzinsen sind im knapp positiven Bereich.

  

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Bei uns bekommt der Wells Fargo Skandal ja wenig Beachtung, aber ich finde

er ist eine interessante case study zu incentives und resultierendem Verhalten.

Erinnert mich an die Engländer in Indien die Prämien für tote Kobras bezahlt haben worauf die Inder viele Kobrazuchten aufgemacht haben..

 

Buffett ist größter Aktionär und wird nicht sehr begeistert sein, vor allem weil er die Incentive Problematik im allgemeinen öfters thematisiert hat.

 

Wells Fargo:

 

Wells Fargo Opened a Couple Million Fake Accounts

 

https://www.bloomberg.com/view/articles/2016-09-09/wells-fargo-opened-a-couple-million-fa ke-accounts

  

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Cash is piling up faster than Warren Buffett can invest it

Nearly $73 billion piled up at Berkshire Hathaway by mid-summer, more than Buffett's conglomerate has ever held before.

And the total continues growing every day Buffett doesn't make a major investment because Berkshire's 90-odd businesses generate roughly $1.5 billion in cash every month.

http://finance.yahoo.com/news/cash-piling-faster-warren-buffett-151851036.html

  

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Buffett’s Cash Soars to Record as Operating Profit Edges Higher

Warren Buffett is sitting on more cash than ever.

His Berkshire Hathaway Inc. had almost $85 billion on its books as of Sept. 30, according to a regulatory filing late Friday. That’s up from the previous record of $72.7 billion on June 30.

http://www.bloomberg.com/news/articles/2016-11-05/buffett-s-cash-soars-to-record-as-opera ting-profit-edges-higher

  

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Beachtliches hat sich in den letzten Tagen zugetragen.

Heinz hat ein Übernahmeangebot für Unilever gelegt, Unilever hat es zurückgewiesen, worauf Heinz nicht den Preis erhöht, sondern sein Angebot zurückgezogen hat. All das innerhalb von drei Tagen.

Mir scheint, daß Heinz die Berkshire-Philosophie soweit verinnerlicht hat, daß mit Maß und Ziel, und jedenfalls nicht um jeden Preis, zugekauft wird. Berkshire hält 52,5% an Kraft Heinz.

  

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>Beachtliches hat sich in den letzten Tagen zugetragen.
>
>Heinz hat ein Übernahmeangebot für Unilever gelegt, Unilever
>hat es zurückgewiesen, worauf Heinz nicht den Preis erhöht,
>sondern sein Angebot zurückgezogen hat. All das innerhalb von
>drei Tagen.
>
>Mir scheint, daß Heinz die Berkshire-Philosophie soweit
>verinnerlicht hat, daß mit Maß und Ziel, und jedenfalls nicht
>um jeden Preis, zugekauft wird. Berkshire hält 52,5% an Kraft
>Heinz.

Wundert mich das er ihnen das nicht sofort abgedreht hat. Er weiß ja was bei Megafusionen meistens herauskommt.

  

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>Wundert mich das er ihnen das nicht sofort abgedreht hat. Er weiß ja was bei Megafusionen meistens herauskommt.


Vielleicht hätt er gar keine Fusion wollen, sondern einfach Unilever kaufen? Ich gehe eigentlich davon aus, daß er schon alleine wegen der Finanzierung der Sache frühzeitig involviert war.

  

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>>Wundert mich das er ihnen das nicht sofort abgedreht hat.
>Er weiß ja was bei Megafusionen meistens herauskommt.
>
>
>Vielleicht hätt er gar keine Fusion wollen, sondern einfach
>Unilever kaufen? Ich gehe eigentlich davon aus, daß er schon
>alleine wegen der Finanzierung der Sache frühzeitig involviert
>war.

Die Truppe die bei Heinz am Ruder ist ist als Cost Cutter bekannt. Die wollten sicher fusionieren und Synergien heben.

Re Involvement: Ja, eben. Sicher, deswegen bin ich verwundert. Er scheint sehr großes Vertrauen in deren Managementfähigkeiten zu haben (Sagt er ja auch)

  

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Wer will da widersprechen?

Share Repurchases

In the investment world, discussions about share repurchases often become heated. But I’d suggest that
participants in this debate take a deep breath: Assessing the desirability of repurchases isn’t that complicated.

From the standpoint of exiting shareholders, repurchases are always a plus. Though the day-to-day impact of
these purchases is usually minuscule, it’s always better for a seller to have an additional buyer in the market.

For continuing shareholders, however, repurchases only make sense if the shares are bought at a price
below intrinsic value. When that rule is followed, the remaining shares experience an immediate gain in intrinsic
value. Consider a simple analogy: If there are three equal partners in a business worth $3,000 and one is bought
out by the partnership for $900, each of the remaining partners realizes an immediate gain of $50. If the exiting
partner is paid $1,100, however, the continuing partners each suffer a loss of $50. The same math applies with
corporations and their shareholders. Ergo, the question of whether a repurchase action is value-enhancing or
value-destroying for continuing shareholders is entirely purchase-price dependent.
It is puzzling, therefore, that corporate repurchase announcements almost never refer to a price above
which repurchases will be eschewed. That certainly wouldn’t be the case if a management was buying an outside
business. There, price would always factor into a buy-or-pass decision.

When CEOs or boards are buying a small part of their own company, though, they all too often seem
oblivious to price. Would they behave similarly if they were managing a private company with just a few owners
and were evaluating the wisdom of buying out one of them? Of course not.
It is important to remember that there are two occasions in which repurchases should not take place,
even if the company’s shares are underpriced. One is when a business both needs all its available money to
protect or expand its own operations and is also uncomfortable adding further debt. Here, the internal need for
funds should take priority. This exception assumes, of course, that the business has a decent future awaiting it
after the needed expenditures are made.
The second exception, less common, materializes when a business acquisition (or some other investment
opportunity) offers far greater value than do the undervalued shares of the potential repurchaser. Long ago,
Berkshire itself often had to choose between these alternatives. At our present size, the issue is far less likely to
arise.
My suggestion: Before even discussing repurchases, a CEO and his or her Board should stand, join
hands and in unison declare, “What is smart at one price is stupid at another.”
************
To recap Berkshire’s own repurchase policy: I am authorized to buy large amounts of Berkshire shares at
120% or less of book value because our Board has concluded that purchases at that level clearly bring an instant and
material benefit to continuing shareholders. By our estimate, a 120%-of-book price is a significant discount to
Berkshire’s intrinsic value, a spread that is appropriate because calculations of intrinsic value can’t be precise.
The authorization given me does not mean that we will “prop” our stock’s price at the 120% ratio. If
that level is reached, we will instead attempt to blend a desire to make meaningful purchases at a value-creating
price with a related goal of not over-influencing the market.
To date, repurchasing our shares has proved hard to do. That may well be because we have been clear in
describing our repurchase policy and thereby have signaled our view that Berkshire’s intrinsic value is
significantly higher than 120% of book value. If so, that’s fine. Charlie and I prefer to see Berkshire shares sell in
a fairly narrow range around intrinsic value, neither wishing them to sell at an unwarranted high price – it’s no
fun having owners who are disappointed with their purchases – nor one too low. Furthermore, our buying out
“partners” at a discount is not a particularly gratifying way of making money. Still, market circumstances could
create a situation in which repurchases would benefit both continuing and exiting shareholders. If so, we will be
ready to act.

One final observation for this section: As the subject of repurchases has come to a boil, some people
have come close to calling them un-American – characterizing them as corporate misdeeds that divert funds
needed for productive endeavors. That simply isn’t the case: Both American corporations and private investors
are today awash in funds looking to be sensibly deployed. I’m not aware of any enticing project that in recent
years has died for lack of capital. (Call us if you have a candidate.)

http://www.berkshirehathaway.com/letters/2016ltr.pdf

  

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Gewinnsprung

Warren Buffett hat den Gewinn seiner Investmentgesellschaft Berkshire Hathaway dank der Börsenrally zum Jahresende kräftig gesteigert. Verglichen mit dem Vorjahreswert legte der Überschuss im vierten Quartal um fast 15 Prozent auf 6,3 Milliarden Dollar (6,0 Mrd. Euro) zu, wie das Unternehmen am Samstag mitteilte.

Im gesamten abgelaufenen Geschäftsjahr verdiente Berkshire Hathaway 24,1 Milliarden Dollar - minimal weniger als im Vorjahr.

  

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Buffett's Berkshire, Chinese property website Juwai.com team up

A real estate brokerage controlled by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Monday announced a marketing agreement with Juwai.com, China's largest international property website, to attract wealthy Chinese citizens hoping to buy homes in the United States.

http://finance.yahoo.com/news/buffetts-berkshire-chinese-property-portal-150406620.html

  

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Barclays says Berkshire Hathaway is 'attractively valued'

he bank wrote in a research note that it thinks the $411 billion company run by billionaire investor Warren Buffett is well positioned to benefit from an improving economy, thanks to its diversified portfolio which consists of non-insurance companies accounting for three-quarters of operating earnings.

But that’s not the only reason Barclays is bullish.

It also thinks the company will profit from “higher short-term interest rates and potential future accretive acquisitions,” which means that future deals are expected to immediately add to its bottom line.

Barclays points out that Berkshire Hathaway’s cash on hand could spark deals down the road. It estimates Berkshire’s immediately deployable cash amounts to around $75 billion and thinks these deals will supplement organic growth. Barclays also projects that Berkshire will produce more than $20 billion of annual free cash flow.

https://finance.yahoo.com/news/call-week-barclays-says-buffetts-berkshire-hathaway-attrac tively-valued-163705825.html

  

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Berkshire Hathaway's stock could be worth 30% more in a year, Whitney Tilson says

On Thursday, Tilson released an updated presentation where he pegged the current intrinsic value for Berkshire’s A-shares at $296,000. Tilson notes the stock is trading 19% below that level.

One year from now, Tilson expects the A-shares to have an intrinsic value of $324,000, 30% above today’s price.

Tilson’s estimates for intrinsic value for Berkshire do not include any premium for having Warren Buffett at the helm. In other words, he expects the company to still grow in the event Buffett is no longer running the company.

https://finance.yahoo.com/news/berkshire-hathaways-stock-worth-30-year-whitney-tilson-say s-144544455.html

  

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>On Thursday, Tilson released an updated presentation where he
>pegged the current intrinsic value for Berkshire’s A-shares at
>$296,000. Tilson notes the stock is trading 19% below that
>level.

Die Präsentation: http://www.tilsonfunds.com/BRK.pdf

  

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Buffett meldet deutlich geringeren Gewinn

Der operative Gewinn seiner Beteiligungsgesellschaft sank um fünf Prozent auf 3,56 Milliarden Dollar Omaha – Warren Buffett hat zu Jahresbeginn ausnahmsweise kein großes Glück an den Finanzmärkten gehabt und mit seiner Beteiligungsgesellschaft Berkshire Hathaway im ersten Quartal erheblich weniger verdient. Verglichen mit dem Vorjahreswert fiel der Überschuss um 27 Prozent auf 4,06 Milliarden Dollar (3,7 Milliarden Euro), wie das Unternehmen am Freitag nach US-Börsenschluss mitteilte. Der operative Gewinn sank um fünf Prozent auf 3,56 Milliarden Dollar.

derstandard.at/2000057099614/Investor-Buffett-meldet-deutlich-geringeren-Gewinn

  

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Aufgestockt um 169,6199 USD. Neben der Aktie auch ein Weg USD zu kaufen, denke der EUR ist schon recht weit gelaufen. For the record: EUR/USD =1,4113

  

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>Aufgestockt um 169,6199 USD. Neben der Aktie auch ein Weg USD
>zu kaufen, denke der EUR ist schon recht weit gelaufen. For
>the record: EUR/USD =1,1413

Und erneut aufgestockt bei 177,0399. EUR / USD bei 1,1823

  

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>>Aufgestockt um 169,6199 USD. Neben der Aktie auch ein Weg
>USD
>>zu kaufen, denke der EUR ist schon recht weit gelaufen.
>For
>>the record: EUR/USD =1,1413
>
>Und erneut aufgestockt bei 177,0399. EUR / USD bei 1,1823


Nochmal ein wenig (primär wg.EUR/USD) @ 178,46. EUR/USD = 1,1925

  

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>>>Aufgestockt um 169,6199 USD. Neben der Aktie auch ein
>Weg
>>USD
>>>zu kaufen, denke der EUR ist schon recht weit
>gelaufen.
>>For
>>>the record: EUR/USD =1,1413
>>
>>Und erneut aufgestockt bei 177,0399. EUR / USD bei 1,1823
>
>
>Nochmal ein wenig (primär wg.EUR/USD) @ 178,46. EUR/USD =
>1,1925

Hurrikan Irma macht nervös, aber Berkshire steckt das weg bzw. eventuell dann steigende Prämien für Rückversicherer helfen ihnen vielleicht sogar. Währung ist auch wieder billiger als zuletzt, daher

erneut aufgestockt bei 173,3699 EUR / USD bei 1,1971

  

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>Hurrikan Irma macht nervös, aber Berkshire steckt das weg bzw.
>eventuell dann steigende Prämien für Rückversicherer helfen
>ihnen vielleicht sogar.

Versicherer brauchen Katastrophen

Das Überangebot auf dem Markt hat die Prämien der Rückversicherer kräftig sinken lassen. Das spiegeln auch die Aktienkurse wider. Hurrikan Irma könnte eine Trendwende bringen.

http://diepresse.com/home/wirtschaft/boerse/5282537/Versicherer-brauchen-Katastrophen

Berkshire dementsprechend gestern sogar im Plus.

  

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Verluste beim Versicherungsgeschäft ziehen den operativen Gewinn nach unten

Berkshire Hathaway (WKN:A0YJQ2) meldete, dass die operativen Gewinne, eine Kennzahl ohne Gewinne von volatilen Investitionen und derivativen Fluktuationen, um 11 % auf 4,1 Milliarden US-Dollar in Q2 gesunken waren. Der Reingewinn, wozu die Gewinne aus Investitionen zählen, fiel um 15 % auf 4,3 Milliarden US-Dollar. Ein Rückgang bei den Gewinnen aus dem Versicherungsgeschäft führte zu diesem Rückgang bei den operativen Gewinnen und dem Reingewinn.

  

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JPMorgan becomes just seventh bank to cover Buffett's Berkshire Hathaway, calling it a screaming buy

"Berkshire is a collection of best-in-class businesses that range from insurance to railroads, utilities and manufacturing. The businesses benefit from best-in-class managements, unmatched balance sheet strength, and many of the companies have strong brands, scale or low-cost competitive advantages," analyst Sarah DeWitt wrote in a note to clients. "Berkshire's largest businesses have meaningful structural advantages that we think will allow it to grow earnings and book value faster than overall equity markets over time," she added. The analyst established a year-end 2018 price target of $210 for Berkshire Hathaway B shares, representing 17 percent upside from Wednesday's close.

https://finance.yahoo.com/news/jpmorgan-becomes-just-seventh-bank-140529378.html

  

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“If I die tonight, I think the stock would go up tomorrow.”

That was Warren Buffett, addressing an arena full of shareholders at Berkshire Hathaway Inc.’s annual meeting in Omaha in May. For more than half a century, he’s made the company his investing canvas, designing an unlikely conglomerate . It owns Geico, BNSF Railway, Fruit of the Loom, Dairy Queen, Duracell, and dozens of other companies, as well as billions of dollars of stock in blue chips such as Apple Inc. and Coca-Cola Co.

The glue is Buffett, who’s argued persuasively for decades that this hodgepodge makes sense. His market-beating returns have helped: $100 invested in Berkshire in 1964, when he began aggressively buying shares to take control, would be worth more than $2 million today. “There’d be speculation about breakups,” Buffett went on at the meeting, and the shares would trade higher because some investors would assume that the parts are worth more than the whole. Finally, the guy standing in the way would be gone, he said, adding dryly, “It would be a good Wall Street story.”

https://finance.yahoo.com/news/decades-hints-buffett-heir-may-110023678.html

  

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Berkshire Hathaway ‘A’ Shares Reach $300,000 for First Time

About three years ago the Berkshire shares crossed the $200,000 mark. It took almost eight years before that to climb from $100,000.

Buffett, 87, started accumulating the stock at $7.50 a share in December 1962.

https://finance.yahoo.com/news/berkshire-hathaway-shares-reach-300-160215401.html

  

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shares are higher today in early trading. The succession plan is getting clearer at Warren Buffett’s Berkshire, as the conglomerate names Gregory Abel and Ajit Jain vice chairmen and increases its board size by two to 14.

  

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Warren Buffett has enough firepower to do a $160 billion deal this year

Warren Buffett's firm Berkshire Hathaway is sitting on a record amount of cash.
UBS speculates that the company could make an acquisition exceeding $160 billion this year, perhaps in the utilities sector.

https://finance.yahoo.com/news/warren-buffett-enough-firepower-160-170746878.html

  

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Last weekend, Berkshire Hathaway Inc. Chairman Warren Buffett spent roughly a fifth of his latest annual letter talking about what he calls “The Bet.”

What he didn’t talk about is even more interesting.

In the bet, made at the end of 2007, Mr. Buffett correctly wagered that several bundles of hedge funds selected by investor Ted Seides wouldn’t be able to outperform the S&P 500 over the ensuing decade. What Mr. Buffett didn’t mention directly in his letter is that Berkshire Hathaway didn’t outperform the S&P 500 over that stretch, either.

Over the 10 years ended last year, Berkshire Hathaway returned an average of 7.7% annually. The S&P 500 returned 8.5%, including dividends.

For decades, Mr. Buffett has been warning that size is the enemy of excellence for any investor and that Berkshire’s future performance was bound to decline.

https://finance.yahoo.com/news/wager-appears-just-too-big-050100774.html

  

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>Over the 10 years ended last year, Berkshire Hathaway returned an
>average of 7.7% annually. The S&P 500 returned 8.5%, including
>dividends.

Allerdings ist es "nur" der Börsenwert von Berkshire, der dem S&P hinterherhinkt. Der Buchwert ist nach meiner Rechnung im Beobachtungszeitraum (2008-2017) um 10,5% p.a. gestiegen. Das Management hat nach seinen eigenen Maßstäben den S&P also sehrwohl geschlagen.

  

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>>Over the 10 years ended last year, Berkshire Hathaway
>returned an
>>average of 7.7% annually. The S&P 500 returned 8.5%,
>including
>>dividends.
>
>Allerdings ist es "nur" der Börsenwert von Berkshire, der dem
>S&P hinterherhinkt. Der Buchwert ist nach meiner Rechnung
>im Beobachtungszeitraum (2008-2017) um 10,5% p.a. gestiegen.
>Das Management hat nach seinen eigenen Maßstäben den S&P
>also sehrwohl geschlagen.

Ja, und Buffett hat schon vor einiger Zeit darauf hingewiesen das sie auch bei dieser Kennzahl bei einem Bullenmarkt in Aktien Schwierigkeiten haben werden mitzukommen. Einfach weil der Anteil von fully owned businesses zunimmt und die nur mit real earnings zulegen und keine Wertsteigerung durch multiple expansion schaffen können. Umgekehrt ein Vorteil wenn die Kurse fallen.

  

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Warren Buffett Is Just an Average Employee

Berkshire Hathaway Inc.’s Warren Buffett is scoring particularly well on a new rule requiring companies to disclose the ratio of a chief executive officer’s pay to that of the median employee.

His annual compensation of $100,000 was just 1.87 times the median employee’s pay of $53,510, a figure calculated from a sample of about two-thirds of Berkshire’s total employees, according to a filing released Friday. He also gives back about $50,000 to the company “for minor items such as postage or phone calls that are personal,” meaning his take-home pay would be less than that median figure.

https://www.bloomberg.com/view/articles/2018-03-19/warren-buffett-is-just-an-average-empl oyee



  

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Für seine Verhältnisse ist das strong action. Er ist offenbar ernstlich angepi..

Buffett's Berkshire will oppose USG board nominees after Knauf bid

(Reuters) - Warren Buffett's Berkshire Hathaway Inc <BRKa.N> plans to vote against four board nominees proposed by USG Corp <USG.N>, giving a boost to a $5.9 billion takeover bid by German's Gebr Knauf AG that the building products company had rejected.

Berkshire, which is USG's largest shareholder with a 31 percent stake, announced its intention on Thursday, two days after Knauf called on USG shareholders to pressure that company to enter merger talks by withholding support for its director slate.

Knauf owns about 10.5 percent of USG.

"Berkshire's present intention is to vote against the four directors proposed by management," Buffett's assistant, Debbie Bosanek, said in an email.

A USG spokeswoman did not respond to a request for comment.

Knauf's takeover bid values USG at $42 per share. USG shares closed up 2.4 percent at $40.77 on Thursday. They closed at $33.51 on March 23, before Knauf's bid became public.

Buffett has called his more than 17-year USG investment disappointing but "no disaster."

A USG takeover could add to the $116 billion of cash and equivalents his Omaha, Nebraska-based conglomerate has to invest.

"You don't normally see this kind of stuff from Berkshire," said Morningstar Inc analyst Greggory Warren. "It's not like they need the capital."

https://finance.yahoo.com/news/berkshire-intends-oppose-usg-board-nominees-knauf-bid-1552 28425--finance.html

  

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Eine der ambitioniertesten Windkraft-Initiativen der USA wird seit Sommer 2016 von einer Tochter aus dem Reich von Warren Buffett im Bundesstaat Iowa entwickelt. Fast 4 Mrd. US-Dollar sollen dort investiert werden und Siemens Gamesa (WKN:A0B5Z8), Vestas (WK 13769) und General Electric (WKN:851144) bekommen alle die Gelegenheit, sich zu beweisen.

Project XI
Der führende Stromversorger in Iowa heißt MidAmerican Energy (MAE), eine Tochter der Berkshire Hathaway Energy. Bereits jetzt sind in Iowa rund 2000 Windturbinen in Betrieb, welche etwa die Hälfte des Stroms von MAE produzieren.

2016 wurde das ambitionierte Projekt „Wind XI“ gestartet, das zum Ziel hat, einen Windstromanteil von rund 90 % zu erreichen. 3,6 Mrd. US-Dollar sollen in die Hand genommen werden um innerhalb von 3 Jahren 2 Gigawatt Kapazität hinzuzufügen. Spätestens Ende 2020 sollen sich alle neuen Windräder auf Hochtouren drehen. In der Folge wird angestrebt, mindestens so viel Windenergie zu produzieren, wie im 3-Millionen-Einwohner-Staat Iowa verbraucht wird.

https://www.boerse-express.com/news/articles/windkraft-berkshire-hathaway-energy-laesst-g e-vestas-und-siemens-gamesa-gegeneinander-antreten-15446

  

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Aktuelle Präsentation:

http://www.tilsonfunds.com/BRK.pdf

Stock price (4/3/18): $296,850
• $197.96 for B shares
• Shares outstanding: 1.64 million
• Market cap: $487 billion
• Total assets (Q4 '17): $702 billion
• Total equity (Q4 '17): $352 billion
• Book value per share (Q4 '17): $211,750
• Repurchase maximum price (1.2x book): $254,100
• Downside to the Buffett repurchase put: 14%
• P/B: 1.40x

Current intrinsic value: $343,000/share
• Plus 6% annual growth of intrinsic value of the business
• Plus ~$10,000/share cash build over next 12 months
• Equals intrinsic value in one year of $374,000
• 26% above today's price

  

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Apple verkauft mehr iPhones und beschenkt Aktionäre

Apple hat im abgelaufenen Quartal mehr iPhones als im Vorjahreszeitraum verkauft und einen höheren Gewinn eingefahren. Das wertvollste Technologieunternehmen kündigte an, sein Aktienrückkaufprogramm um 100 Milliarden Dollar auszuweiten.

https://diepresse.com/home/wirtschaft/unternehmen/5415692/Apple-verkauft-mehr-iPhones-und -beschenkt-Aktionaere

  

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As Warren Buffett's Empire Expands, Many Jobs Disappear

t all points to an often overlooked truth: Despite Buffett’s folksy image, Berkshire has thrived for years by keeping things lean and buying companies that—in his own words—are run by “cost-conscious and efficient managers.” The result? Buffett hasn’t shut down many operations during his five decades atop the firm. But more than two dozen of his companies employ fewer people today than they used to.

https://www.bloomberg.com/graphics/2018-warren-buffett-job-creator/

  

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Q1 2018 - 1,1 Mrd. Verlust

Grund:

In 2018, due to a change in Generally Accepted Accounting Principles (“GAAP”), we are now required
to include the changes in unrealized gains/losses of our equity security investments as a component of
investment gains/losses in our earnings statements. In the table above, investment gains/losses in 2018
include a loss of approximately $6.2 billion due to changes during the first quarter of 2018 in the
unrealized gains/losses of equity security investments held at March 31, 2018. In 2017 and in prior
years, while changes in unrealized gains/losses were reflected in our shareholders’ equity, they were not
included in our earnings statements.

http://berkshirehathaway.com/news/may0518.pdf

  

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>An updated (and completely reformatted) version of our
>42-page slide deck, An Analysis of Berkshire Hathaway, is
>here:
>
>http://www.tilsonfunds.com/TilsonBRK.pdf

Auszug:

BERKSHIRE’S Q1 EARNINGS WERE EXTRAORDINARY

• The headline number looked bad: a net loss of $1.1 billion vs. a $4.1 billion profit in Q1 ’17
– The headline in the WSJ was: Warren Buffett’s Berkshire Hathaway Swings to a Rare Loss on Unrealized
Investment Hit
• This was entirely due to ~$8 billion in unrealized losses in Berkshire’s nearly-$200 billion stock portfolio,
which is totally meaningless
– Due to new accounting rules, the fluctuations in this portfolio appear in the net income line (formerly, it was
in Comprehensive Income)
• But in reality, it was a blowout quarter, as pre-tax profits in the three largest segments soared:
– Manufacturing up 25% from $1.49 billion to $1.86 billion
– Insurance up 130% from $750 million to $1.7 billion
– BNSF up 12% from $1.35 billion to $1.51 billion
• Overall, pre-tax profits rose 30% from $5.1 billion to $6.6 billion
• As a full taxpayer, Berkshire is one of the largest beneficiaries of the new tax law – it’s tax rate fell from
30% in Q1 ‘17 to 20% in Q1 ‘18
• This led to a 49% gain in after-tax operating earnings, from $3.6 billion to $5.3 billion

  

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Buffett gibt Knauf den Sanktus für Milliardendeal

Starinvestor Warren Buffett darf zufrieden sein: Der fränkische Gipskonzern Knauf kauft den US-Rivalen USG für sieben Milliarden Dollar.

Zwei Monate wehrte sich der Vorstand des US-amerikanischen Gipskonzerns USG gegen eine Übernahme durch den deutschen Baustoffkonzern Knauf. Geholfen hat es nichts. Denn erstens machten UGS-Aktionäre wie Warren Buffett Druck auf das Management, dem Deal zuzustimmen, und zweitens sorgte Knauf mit einer Nachbesserung des Angebots für den nötigen Schwung: Am Montag akzeptierte UGS das um zwei Dollar je Dollar nachgebesserte Übernahmegebot. Knauf zahlt je Aktie 43,50 Dollar zusätzlich einer Sonderdividende von 0,50 Dollar.

Am Unternehmen aus Chicago ist Starinvestor Buffett seit 18 Jahren beteiligt. Er hält über seine Finanzholding Berkshire Hathaway 30,8 Prozent der Anteile. Für diese kassiert er nun 1,9 Milliarden Dollar. Knauf ist mit 10,5 Prozent bereits der zweitgrößte Aktionär von USG.

  

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Der hat ein Buch geschrieben : The Checklist Manifesto, lesenswert!

Amazon, Berkshire, JPMorgan name Atul Gawande CEO of healthcare venture

(Reuters) - Well-regarded surgeon and author Atul Gawande, a critic of his industry's medical practices, has been tapped to lead the healthcare company Amazon.com Inc, Berkshire Hathaway Inc and JPMorgan Chase & Co hope will slash costs.

The Boston-based venture will target the cost of serving the companies' employees and will operate free from profit-making incentives, the three companies, which employ more than 1 million people, said in a joint statement.

Amazon, Berkshire and JPMorgan announced the venture in January, rattling shares of the healthcare supply chain, including CVS Health Corp and Express Scripts, among others.

Amazon and its partners say they will use big-data analysis and other high-tech tools to improve care and cut wasteful spending.

Gawande practices general and endocrine surgery at Brigham and Women's Hospital and is a professor at the Harvard T.H. Chan School of Public Health and Harvard Medical School.

https://finance.yahoo.com/news/amazon-berkshire-jpmorgan-name-ceo-healthcare-venture-1342 18550--sector.html

  

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>Der hat ein Buch geschrieben : The Checklist Manifesto,
>lesenswert!

Und hier ein ebenfalls interessanter Artikel von ihm über Behandlungskosten:

The primary cause of McAllen’s extreme costs was, very simply, the across-the-board overuse of medicine.

https://www.newyorker.com/magazine/2009/06/01/the-cost-conundrum

  

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Aktie +3%

Berkshire Removes Cap on Share Buybacks, Stock Climbs

Berkshire Hathaway Inc. ( BRK.B) has granted its top employees more flexibility to spend cash on repurchasing shares. In a press release, the Omaha, Nebraska-based conglomerate confirmed that previous restrictions have now been lifted, paving the way for CEO Warren Buffett and Vice Chairman Charlie Munger to authorize buybacks when both of them believe that the repurchase price is “below Berkshire’s intrinsic value.” Under the old policy, executives at the company were only permitted to buy back shares when the price for the stock did not exceed a 120% premium of the book value.

https://finance.yahoo.com/m/e2b950a3-903b-3b66-94b4-789df24188d6/berkshire-removes-cap-on .html

  

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Mohnish Pabrai: What I've Learned From Warren and Charlie

But what would you learn that no one else knows if you had the chance to sit down one-on-one with Warren and Charlie? Last month, I asked someone who has done just that: value investor Mohnish Pabrai. In 2007, Pabrai and a colleague paid $650,000 for a lunch with Warren (proceeds went to charity) and followed up with a private lunch with Munger.

https://www.fool.com/investing/general/2013/01/10/mohnish-pabrai-what-ive-learned-from-wa rren-and-ch.aspx

  

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Berkshire Hathaway profit surges as economy gives Buffett a boost

Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Saturday said quarterly operating profit rose 67 percent, as insurance underwriting rebounded and several business units benefited from a growing economy.

Results easily topped analyst forecasts. Underwriting profit at the Geico auto insurance unit more than quintupled, the BNSF railroad benefited from demand to ship consumer products, grain, petroleum and steel, and the Berkshire Hathaway Automotive car dealership financed more vehicle purchases.

“Good results across the board,” said Doug Kass, who runs the hedge fund Seabreeze Partners Management Inc in Palm Beach, Florida. He has previously sold Berkshire shares short, betting on a decline, but is not doing so now.

Berkshire also said second-quarter net income nearly tripled, though that reflected a new accounting rule requiring it to report unrealized investment gains with earnings. Buffett says the rule distorts net results and can mislead investors.

Operating profit rose to $6.89 billion, or roughly $4,190 per Class A share, from $4.12 billion, or $2,505 per share, a year earlier.

Analysts on average expected operating profit of $3,387 per share, according to Thomson Reuters I/B/E/S.

Net income rose to $12.01 billion, or $7,301 per Class A share, from $4.26 billion, or $2,592 per share, a year earlier.

  

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Berkshire Hathaway reported Q2 2018 earnings this morning. The headline numbers for the quarter were startling, with net earnings per share almost tripling from $4.3 billion to $12.0 billion.

 

These headline numbers were impacted by a number of items, the most important of which was a new accounting rule that requires changes in the value of equity holdings, both realized and unrealized, to be shown in the income statement (previously the income statement only reflected realized gains). In addition, Berkshire is a major beneficiary of the lower corporate tax rate for U.S. corporations.

 

But even excluding these two items, Berkshire’s pretax operating earnings soared 67% (!) from $4.1 billion to $6.9 billion. The standout was the insurance group, led by GEICO, where pretax income jumped more than 5x from $119 million to $673 million. Overall, insurance underwriting profits were $1.2 billion vs. -$24 million in Q2 ’17.

 

Investment income was up almost 8%, increasing to a run-rate of over $5 billion annually, and the pretax profit of all other operating businesses, the largest of which are manufacturing and BNSF, grew 9%.

 

Other items of note:

Float grew by $2 billion year to date to $116 billion.Book value per share grew to $217,677 per share, up 3% year to date.With the stock today at $304,671, it’s trading at 1.4x book value.No shares were bought back under the repurchase program.Cash and investments per share were virtually unchanged from the end of 2017.

 

In summary, it was an exceptionally strong quarter. However, since the majority of the change in earnings came from insurance underwriting, our estimate of intrinsic value didn’t change as much as one might expect (we only include an estimate of normalized insurance underwriting pretax profit of $1 billion annually in our valuation methodology – an overly conservative assumption in all likelihood, in light of the $1.7 billion underwriting profit in only the first half of this year).

 

Net net, our estimate of intrinsic value, using cash and investments plus an 11x multiple on normalized pretax earnings, is now $348,000 for the A shares and $232 for the B shares, meaning that Berkshire today is trading at a 12% discount to intrinsic value.

  

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Gerade wieder nochmal den letzten annual letter gelesen:

http://www.berkshirehathaway.com/letters/2017ltr.pdf

War mir ganz entgangen, Berkshire hält 8,2% an BYD, gekauft um 232 Mio, und jetzt wert ca. 2 Mrd(!). Ein Ten-Bagger.

  

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Aktie aktuell ein bisserl billiger zu haben:

Buffett Puts Cash to Work Buying Back $928 Million in Shares

Berkshire Hathaway Inc. bought back $928 million of its own stock during three weeks in August as Warren Buffett took advantage of a new policy that gives him more freedom to decide when repurchases are worth it.
A change in Berkshire’s repurchase policy announced in July spurred buybacks of both classes of the company’s stock in the third quarter. Berkshire’s chairman paid an average price of $312,806.74 to repurchase 225 Class A shares, and bought back more than 4 million Class B shares at an average price of $207.09, the company said in a regulatory filingSaturday.

  

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4 reasons it's a big deal Buffett is buying Berkshire stock

...
In Buffett’s long career, he’s rarely been wrong when he’s made a major stock purchase, and we see no reason why this case would be any different, especially since it’s his own company, about which he has perfect information.

https://finance.yahoo.com/news/4-reasons-big-deal-buffett-buying-berkshire-stock-16163981 5.html

  

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Warren Buffett to Expand His Real Estate Empire to Milan, Dubai

One of Warren Buffett’s real estate brokerages waited 18 years to sign its first overseas franchise deal. Now the firm is extending its reach to regions from Italy to Japan and the Middle East.

https://www.bloomberg.com/news/articles/2018-11-13/warren-buffett-to-expand-his-real-esta te-empire-to-milan-dubai

  

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Der Chef der Versicherungssparte von Berkshire:

A Berkshire tidbit: Ajit Jain just purchased $20 million of Berkshire stock, which is meaningful even for a wealthy person.

  

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>Der Chef der Versicherungssparte von Berkshire:
>
>A Berkshire tidbit: Ajit Jain just purchased $20 million of
>Berkshire stock, which is meaningful even for a wealthy
>person.

Da sollen sich die Ösi Vorstände mal ein Vorbild nehmen. Die wenigsten investieren zumindest ein Jahresgehalt ins eigene Unternehmen.

  

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Apple plunge deepens Warren Buffett's book value woes

It followed a fourth-quarter slump in stock prices that may have already cost Berkshire 8.2 percent of its book value, according to Keefe Bruyette & Woods analyst Meyer Shields.

Among Berkshire's 10 largest stock holdings, only Coca-Cola Co (KO.N) escaped the carnage, rising 2.5 percent. Shields said a 9 percent drop in Apple could reduce Berkshire's book value another 0.74 percent.

https://finance.yahoo.com/news/apple-plunge-deepens-warren-buffetts-185908985.html

  

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Berkshire Hathaway profit expectation slashed following Kraft Heinz stock crash



Barclays slashed its earnings estimates for Berkshire Hathaway (BRK-A, BRK-B) following the crash in Kraft Heinz (KHC) stock.

Berkshire, which is run by legendary investing billionaire Warren Buffett, owns nearly 27% of Kraft Heinz common shares.


https://finance.yahoo.com/news/barclays-cuts-berkshire-hathaway-eps-estimates-kraft-heinz -143729441.html

  

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>Berkshire Hathaway profit expectation slashed following Kraft
>Heinz stock crash
>
>

Interessanter ist mE der 100Mrd Cash Bestand von Buffet, die er wohl für den nächsten Crash bereithält um als Retter in der Not wieder abzustauben. Das hat er ja schon mehrmals gleich gezeigt.

  

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http://www.berkshirehathaway.com/letters/2018ltr.pdf

Highlights mE:

Long-time readers of our annual reports will have spotted the different way in which I opened this letter. For
nearly three decades, the initial paragraph featured the percentage change in Berkshire’s per-share book value. It’s
now time to abandon that practice.
The fact is that the annual change in Berkshire’s book value – which makes its farewell appearance on page
2 – is a metric that has lost the relevance it once had. Three circumstances have made that so. First, Berkshire has
gradually morphed from a company whose assets are concentrated in marketable stocks into one whose major value
resides in operating businesses. Charlie and I expect that reshaping to continue in an irregular manner. Second, while
our equity holdings are valued at market prices, accounting rules require our collection of operating companies to be
included in book value at an amount far below their current value, a mismark that has grown in recent years. Third, it
is likely that – over time – Berkshire will be a significant repurchaser of its shares, transactions that will take place at
prices above book value but below our estimate of intrinsic value.
The math of such purchases is simple: Each
transaction makes per-share intrinsic value go up, while per-share book value goes down. That combination causes
the book-value scorecard to become increasingly out of touch with economic reality.

...

Many stocks have offered far more for
our money than we could obtain by purchasing businesses in their entirety. That disparity led us to buy about $43
billion of marketable equities last year, while selling only $19 billion.
Charlie and I believe the companies in which
we invested offered excellent value, far exceeding that available in takeover transactions.

...

In the years ahead, we hope to move much of our excess liquidity into businesses that Berkshire will
permanently own. The immediate prospects for that, however, are not good: Prices are sky-high for businesses
possessing decent long-term prospects.
That disappointing reality means that 2019 will likely see us again expanding our holdings of marketable
equities.


...

Berkshire, in fact, may be the only company in the Fortune 500 that does not prepare monthly earnings reports
or balance sheets. I, of course, regularly view the monthly financial reports of most subsidiaries. But Charlie and I
learn of Berkshire’s overall earnings and financial position only on a quarterly basis.

JPMorgan Chase & Co Anteil Wert 4,9 Mrd, gekauft um 5,6 Mrd.

  

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My greatest disappointment for the quarter was the slow pace of share buybacks. Berkshire repurchased approximately $1.3 billion stock in 2018, less than 0.3 percent of the shares outstanding. The average price paid was approximately $300,000 per A share. The majority of the repurchase activity took place in the middle of December when the company repurchased 790 A shares and no B shares. We estimate that Berkshire could have acquired multiples of that amount if it had been a little more aggressive and been active in the B shares as well.

  

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Turning to our estimate of intrinsic value, our methodology is simple: we take cash and investments per share and add an estimate for the value of the operating businesses, which we calculate as 11 times adjusted pre-tax earnings (excluding investment income and all but $1 billion of annual profit from the insurance businesses, which is about half of the average for the last decade).

In 2017, cash and investments per share totaled $200,043 and adjusted pre-tax earnings were $12,624, so our estimate of intrinsic value was $200,043 + (11 x $12,624) = $338,908.

In 2018, cash and investments per share dropped slightly to $195,771 and adjusted pre-tax earnings rose to $13,773, so our estimate of intrinsic value is now $347,275, up 2.5% -- almost exactly in line with the 2.8% increase in the stock price during the year. (Hey, maybe markets are rational sometimes!)

With the stock today at $302,000, we estimate that it’s trading at a 13% discount to its intrinsic value – which may be conservative in light of the fact that Buffett’s been buying around these levels.

  

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Here’s Doug Kass’s take on Buffett’s letter:

Some Thoughts on Warren Buffett's Letter to Berkshire Shareholders
* Strong operating results seen, adjusted for the accounting (and loss) from marketable securities
* More flaws became apparent in the company's investing portfolio - as moats in several large positions have been damaged (most notably Kraft Heinz)
* As I did when I appeared at the company's Annual Meeting, I continue to (respectfully) question the investment process at Berkshire (that has, in certain high profile instances, failed to identify the loss of pricing power in a changing and more competitive business landscape)
* 2018 uncovered more evidence that Berkshire Hathaway has become so large that, going forward, it will continue to resemble an S&P Index Fund

Er wird von Buffett immer zur HV eingeladen um die Short-These zu argumentieren.

  

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as anfängliche Geschenk von 25 Mio. Klasse-B-Aktien war damals etwa 1,5 Mrd. US-Dollar wert, doch es war nur das erste in einer fortlaufenden Reihe von jährlichen Geschenken. Im Jahr 2007 stieg der Aktienbestand der Gates Foundation auf 48,75 Mio. Aktien, und jährlich kommen weitere Aktiengeschenke hinzu.

Zuerst schien sich das Milliardärspaar damit zufrieden zu geben, dass die Stiftung diese Aktien einfach behält. Ab 2008 begann man jedoch regelmäßigen damit, die gespendeten Berkshire-Aktien auf dem offenen Markt zu verkaufen. In den Jahren 2009 und 2010 verkaufte man jährlich fast genau 10 Mio. Aktien der Klasse B pro Jahr. Das beschleunigte sich von 2011 bis heute dann auf eine stabile Rate von 20 Mio. Aktien pro Jahr.

https://www.boerse-express.com/news/articles/dieser-milliardaer-hat-mehr-aktien-von-berks hire-hathaway-verkauft-als-jeder-andere-105069

  

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Buffett Preps Berkshire Shareholders for Soaring Stock Buybacks

(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. started snapping up its own stock last year after loosening the company's buyback policy. Now the billionaire investor is signaling a lot more to come.

After $1.3 billion in repurchases during 2018, the eventual total could soar to as high as $100 billion, Buffett said in a Financial Times interview published Thursday, without giving a time frame. The remarks build on the chief executive officer's annual letter to shareholders in February, when he said Berkshire was likely to eventually become a “significant” buyer of its own stock.

https://finance.yahoo.com/news/buffett-preps-berkshire-shareholders-soaring-182647252.htm l

  

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Buffetts Investmentfirma beteiligt sich erstmals an Amazon

Berkshire Hathaway erwirbt Aktien des Onlinehändlers Omaha – Die Beteiligungsgesellschaft Berkshire Hathaway von Starinvestor Warren Buffett hat sich erstmals mit Aktien des weltgrößten Online-Händlers Amazon eingedeckt. Buffett sagte dem Sender CNBC am Donnerstag, dass der Kauf von einem seiner Investmentmanager, Todd Combs oder Ted Weschler, getätigt wurde.

derstandard.at/2000102431417/Buffetts-Investmentfirma-beteiligt-sich-erstmals-an-Amazon

  

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Buffett’s 2,472,627% Return Fueled Berkshire Billionaire Families
Company’s growth has helped create at least seven billionaires

Bill Child entered negotiations to sell his business to Warren Buffett armed with a crucial piece of advice: Try to get some Berkshire Hathaway Inc. stock as part of the deal.

“That was one of the best decisions I’ve ever made,” said Child, who sold R.C. Willey Home Furnishings for Berkshire shares in 1995, when the stock was trading around $24,000. Those shares would now be worth roughly $2.5 billion – or about a 14-fold increase – if the family hadn’t sold some of its stake, according to calculations by Bloomberg.

https://www.bloomberg.com/news/articles/2019-05-03/warren-buffett-has-created-at-least-7- berkshire-billionaires

  

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Buffett deutete mögliche Nachfolger an Berkshire-Hathaway-Spitze an

OMAHA. Der US-Milliardär Warren Buffett hat am Samstag einen Hinweis auf mögliche Nachfolger an der Spitze seiner Holdinggesellschaft Berkshire Hathaway gegeben.

Auf der Aktionärsversammlung in seiner Geburtsstadt Omaha im US-Bundesstaat Nebraska antwortete der 88-Jährige auf Fragen nach der Nachfolge nicht direkt, lobte aber in den höchsten Tönen die Manager Gregory Abel und Ajit Jain.

https://www.nachrichten.at/nachrichten/wirtschaft/buffett-deutete-moegliche-nachfolger-an -berkshire-hathaway-spitze-an;art15,3126329

  

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Berkshire Ramps Up Stock Buybacks as Cash Pile Keeps Growing

he Omaha, Nebraska-based conglomerate repurchased $1.7 billion of shares as the stock dipped in the first quarter. That was more than the $1.3 billion that Berkshire, which historically has preferred using its cash on equities or acquisitions, spent all of last year after relaxing its policy on buybacks.

https://www.bloomberg.com/news/articles/2019-05-04/berkshire-buys-back-more-stock-as-cash -pile-continues-to-grow

  

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Ich verstehe den immer noch anhaltenden Hype um Buffet ehrlich gesagt nicht. Schafft er es durch seine Größe und den besseren Bewertungsmechanismen seit Jahren nicht mehr den S&P 500 zu schlagen. Auch seine Einstiege in Apple und Amazon sind jeweils um ein Jahrzehnt zu spät gekommen.

  

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>Ich verstehe den immer noch anhaltenden Hype um Buffet
>ehrlich gesagt nicht. Schafft er es durch seine Größe und den
>besseren Bewertungsmechanismen seit Jahren nicht mehr den
>S&P 500 zu schlagen. Auch seine Einstiege in Apple und
>Amazon sind jeweils um ein Jahrzehnt zu spät gekommen.

Zum Teil sicher weil absehbar ist daß es diese HVs mit ihm realistischerweise nicht mehr lange geben wird.
Zum anderen hat die Aktie (die er nicht direkt beeinflussen kann) den S&P nicht geschlagen, der Buchwert von Berkshire Hathaway hat es aber schon.

  

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>Ich verstehe den immer noch anhaltenden Hype um Buffet
>ehrlich gesagt nicht. Schafft er es durch seine Größe und den
>besseren Bewertungsmechanismen seit Jahren nicht mehr den
>S&P 500 zu schlagen. Auch seine Einstiege in Apple und
>Amazon sind jeweils um ein Jahrzehnt zu spät gekommen.


In the stock market, small margins separate success from failure. Ten per cent is a big difference in performance; 100 per cent, an oceanic one.
And then there is Warren Buffett. Over the past 54 years, shares in his company Berkshire Hathaway have outpaced the S&P 500 — a broad index of American stocks — by almost 2.5m percentage points. The degree to which Buffett has outwitted successive generations of Wall Street rivals almost defies comprehension.
It is striking, then, that over the past decade Buffett has fallen behind. A dollar invested in Berkshire 10 years ago is worth about $2.40; the same dollar in an S&P 500 tracker fund is worth $3.20. More striking still is what Buffett says about this. Ahead of Berkshire’s annual meeting, Buffett sat down in his office for a rare newspaper interview with the FT lasting nearly three hours.
At the outset, he was asked which would be the better investment to put in a child’s account — a share in Berkshire, or a share in the S&P? He did not hesitate: “I think the financial result would be very close to the same.”

  

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>in Berkshire 10 years ago is
>worth about $2.40; the same dollar in an S&P 500 tracker
>fund is worth $3.20. More striking still is what Buffett says
>about this. Ahead of Berkshire’s annual meeting, Buffett sat
>down in his office for a rare newspaper interview with the FT
>lasting nearly three hours.
>At the outset, he was asked which would be the better
>investment to put in a child’s account — a share in Berkshire,
>or a share in the S&P? He did not hesitate: “I think the
>financial result would be very close to the same.”
>

Wie immer eine klare ehrliche Aussage. Wieso sollte man sich dann das Risiko einer Berkshire Aktie antun?

  

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>>in Berkshire 10 years ago is
>>worth about $2.40; the same dollar in an S&P 500
>tracker
>>fund is worth $3.20. More striking still is what Buffett
>says
>>about this. Ahead of Berkshire’s annual meeting, Buffett
>sat
>>down in his office for a rare newspaper interview with the
>FT
>>lasting nearly three hours.
>>At the outset, he was asked which would be the better
>>investment to put in a child’s account — a share in
>Berkshire,
>>or a share in the S&P? He did not hesitate: “I think
>the
>>financial result would be very close to the same.”
>>
>
>Wie immer eine klare ehrliche Aussage. Wieso sollte man sich
>dann das Risiko einer Berkshire Aktie antun?


Das sagt er auch in dem Artikel: Man lernt mehr.

  

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Auch sind S&P-Aktien nicht wirklich handelbar. Und mit einem ETF hat man schon wieder Spesen weit über dem Overhead von Berkshire.

  

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>Auch sind S&P-Aktien nicht wirklich handelbar. Und mit
>einem ETF hat man schon wieder Spesen weit über dem Overhead
>von Berkshire.

Das ist im Vergleich schon berücksichtigt. Die Kosten der üblichen ETFs sind überschaubar:


VFINX (Vanguard Equity Investment Group): expense ratio 0.14%

WPPX (Charles Schwab Investment Management): expense ratio 0.02%

FXAIX (Fidelity): expense ratio 0.02%.

REIX (T. Rowe): expense ratio 0.23%

  

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Naja, summiert sich teilweise auch zu über einem Prozent in 10 Jahren. BRK ist 0,0nix (100k für Buffett und einige Millionen für die 25 MA im Headquarter.

m Vergleich schon berücksichtigt. Die Kosten der
>üblichen ETFs sind überschaubar:
>
>
>VFINX (Vanguard Equity Investment Group): expense ratio 0.14%
>
>WPPX (Charles Schwab Investment Management): expense ratio
>0.02%
>
>FXAIX (Fidelity): expense ratio 0.02%.
>
>REIX (T. Rowe): expense ratio 0.23%

  

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>Naja, summiert sich teilweise auch zu über einem Prozent in
>10 Jahren. BRK ist 0,0nix (100k für Buffett und einige
>Millionen für die 25 MA im Headquarter.
>

>>FXAIX (Fidelity): expense ratio 0.02%.

aber auch nur zu 0,2% ...


  

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Warren Buffett liefert starke Zahlen zum Aktionärstreffen

Im ersten Quartal stieg der operative Gewinn im Jahresvergleich um fünf Prozent auf 5,6 Milliarden Dollar (5,0 Milliarden Euro), wie das Unternehmen am Samstag bei der Hauptversammlung in Omaha im US-Bundesstaat Nebraska mitteilte.

Der Nettoüberschuss betrug sogar 21,7 Milliarden Dollar. Buffett selbst rät jedoch davon ab, dem viel Beachtung zu schenken. Seit Einführung einer neuen Bilanzierungsmethode, durch die der Marktwert unrealisierter Investmentgewinne laufend ausgewiesen werden muss, schwankt das Ergebnis heftig und ist stark verzerrt. So hatte es hier im Vorjahreszeitraum einen Verlust von 1,1 Milliarden Dollar gegeben.

https://diepresse.com/home/wirtschaft/boerse/5622726/Warren-Buffett-liefert-starke-Zahlen -zum-Aktionaerstreffen

  

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Jo, danke übrigens, Warren Buffett,
fürs regelmäßige Liefern von Zahlen in diesem Forum!
Nach Dir ist lange nichts ... kaum einer is so bemüht!

  

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My $650,100 Lunch with Warren Buffett

...

"It's very important to live your life by an internal yardstick," he told us, noting that one way to gauge whether or not you do so is to ask the following question: "Would you rather be considered the best lover in the world and know privately that you're the worst — or would you prefer to know privately that you're the best lover in the world, but be considered the worst?"

http://content.time.com/time/business/article/0,8599,1819293,00.html

  

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Icahn Slams Occidental, Says Buffett Took CEO ‘to the Cleaners’

Occidental’s executives, with limited mergers and acquisitions experience, gave up too much in the $10 billion financing deal they struck with Warren Buffett’s Berkshire Hathaway to outbid Chevron, Icahn said. Hollub was "arrogant" to think she could negotiate with Buffett, he said.

"Buffett literally took her to the cleaners,” he said in the letter. “The Buffett deal was like taking candy from a baby and amazingly she even thanked him publicly for it!”

https://finance.yahoo.com/news/icahn-slams-occidental-says-buffett-140921009.html

  

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>Icahn Slams Occidental, Says Buffett Took CEO ‘to the
>Cleaners’
>
>Occidental’s executives, with limited mergers and acquisitions
>experience, gave up too much in the $10 billion financing deal
>they struck with Warren Buffett’s Berkshire Hathaway to outbid
>Chevron, Icahn said. Hollub was "arrogant" to think she could
>negotiate with Buffett, he said.
>
>"Buffett literally took her to the cleaners,” he said in the
>letter. “The Buffett deal was like taking candy from a baby
>and amazingly she even thanked him publicly for it!”
>
>https://finance.yahoo.com/news/icahn-slams-occidental-says-buffett-140921009.html

Jaja so is er der Buffett. Der gute is hier im Forum.

  

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Die Bedingungen klingen wirklich sehr gut für Berkshire:


Buffett's Planned Investment In Occidental

-Worth $10 billion
-Berkshire receives 100,000 shares of cumulative perpetual preferred stock
-Each preferred share issued by Occidental has a value of $100,000
-The preferred stock issued by Occidental pays an 8% dividend
-Berkshire also gets warrant to buy up to 80 million OXY shares at $62.50
-Investment is contingent on Occidental being winning bidder

https://www.investopedia.com/why-buffett-is-betting-usd10-billion-on-occidental-in-anadar ko-bidding-war-4685821

  

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>Die Bedingungen klingen wirklich sehr gut für Berkshire:

Ja auch wenn die Zinsen in den USA höher sind ist das sehr vorteilhaft. Und man kann einfach partizipieren indem man die B- Aktie kauft

  

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>>Die Bedingungen klingen wirklich sehr gut für Berkshire:
>
>Ja auch wenn die Zinsen in den USA höher sind ist das sehr
>vorteilhaft. Und man kann einfach partizipieren indem man die
>B- Aktie kauft

hmm das klingt ja wie der Echte.

  

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Buffett Distracts From 'Mind-Numbing' Earnings

As a larger-than-life CEO, Warren Buffett tends to overshadow anything happening within his $500 billion conglomerate, Berkshire Hathaway Inc. Case in point: An entirely inconsequential charity lunch that’s been canceled between the billionaire and a Chinese cryptocurrency entrepreneur has gotten far more attention than today’s quarterly earnings report from Berkshire will.

https://www.washingtonpost.com/business/warren-buffett-distracts-from-mind-numbing-earnin gs/2019/08/03/c8f6318a-b5f7-11e9-acc8-1d847bacca73_story.html

  

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>>Berkshire Second Quarter Operating Income $6.14 Bln,
>-11%
>>Y/y
>>
>
>Ist das die gute trumpsche Konjunkturlage?

Da muss man schon tiefer in die Ergebnisse reingehen, um richtige Rückschlüsse über die US wirtschaft zu ziehen. Insurance income war 63% down. BNSF hingegen mit +2% mehr Gewinn.

Buffett’s railroad eked out profit gains in the quarter, thanks to growth in shipments of industrial and agricultural products and cost cutting measures. BNSF Railway’s profit climbed 2% and topped $1.2 billion for the fifth straight quarter, a level it had never reached before last year. Buffett's BNSF has topped $1.2 billion in profit for five straight quarters

Consumer sektor hingegen schwächer.

https://www.bloomberg.com/news/articles/2019-08-03/berkshire-s-insurance-slump-and-key-ta keaways-from-its-results


  

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Analysis of Berkshire Hathaway's Q2 earnings

Glenn Tongue, my former partner at T2 Partners and Kase Learning, shares my passion for Berkshire Hathaway (BRK-B). Here are his thoughts on the company's second-quarter earnings report...

Berkshire Hathaway reported strong second-quarter earnings last Saturday that reinforced what an earnings machine the company is, with perhaps the country's most resilient balance sheet coupled with truly massive liquidity.

The bottom-line results can be misleading due to a change in generally accepted accounting principles ("GAAP"), which now require unrealized gains/losses of the equity portfolio to be reflected in the income statement. So while quarterly GAAP earnings grew to $5.74 per B share, up from $4.87 a year ago, this is meaningless.

The more important analysis looks at the performance of the operating businesses, which is disclosed on page 26 of the 10-Q (followed by 16 pages of "Management's Discussion and Analysis")...

Though insurance underwriting income (pretax) declined to $456 million from $1.2 billion, this simply reflects the inherent lumpiness of insurance earnings, especially reinsurance. GEICO was impacted by an increase in loss severity, a dynamic that should normalize.

Investment income was strong, growing 18% from $1.39 billion to 1.65 billion. Given Berkshire's enormous investment portfolio, this bodes well for Berkshire's future.

The noninsurance businesses (BNSF, BH Energy, Manufacturing, McLane, and Service/Retailing) were all basically flat, with pretax profit collectively rising 2%.

In summary, Berkshire's operating businesses continued to generate gobs of cash.

Turning to the balance sheet, it continues to be rock solid, with cash and short term investments growing to $119 billion. Insurance float rose to $125 billion, up $2 billion from the start of the year.

Lastly, the cash flow statement revealed that operating cash flow rose from $8.5 to $9.2 billion year over year, while cap ex fell slightly from $3.7 to $3.6 billion. As a result, free cash flow rose 17% from $4.8 to $5.6 billion.

Most of this just piled up, as Buffett and his investment team only bought $2.8 billion of stocks (down from $20.8 billion in Q2 '18) and sold $4.5 billion (down from $9.0 billion a year ago). In addition, he only spent $318 million making acquisitions and another $548 million repurchasing stock.

While the tepid share repurchases are a little disappointing, you can be sure that when Warren Buffett buys in even a single share of his stock, he's confident that he's getting a good value.

Today, Berkshire's share price is a bit below where Buffett was buying it last quarter. If it was good enough for him then, it's good enough for us now...

Whitney Tilson

  

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>>https://www.welt.de/debatte/kommentare/article198093539/Konjunktur-Warum-Warren-Buffett-n icht-mehr-investieren-will.html
>
>Glaub ich nicht. Ich denke, es bot sich halt noch keine
>Möglichkeit für eine $100bn Akquisition. Unilever wollte er,
>die wollten nicht.

Ja könnte schon sein, dass er noch so als Abschluss einen Mega Deal hinlegen will und dafür spart. Könnte aber auch an zu hohen Bewertungen liegen und er füllt deswegen die Kriegskasse um in 1-2 Jahren aufzusammeln.

  

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>>>https://www.welt.de/debatte/kommentare/article198093539/Konjunktur-Warum-Warren-Buffett-n icht-mehr-investieren-will.html
>>
>>Glaub ich nicht. Ich denke, es bot sich halt noch keine
>>Möglichkeit für eine $100bn Akquisition. Unilever wollte
>er,
>>die wollten nicht.
>
>Ja könnte schon sein, dass er noch so als Abschluss einen Mega
>Deal hinlegen will und dafür spart. Könnte aber auch an zu
>hohen Bewertungen liegen und er füllt deswegen die Kriegskasse
>um in 1-2 Jahren aufzusammeln.


In den USA sind die Bewertungen schon um einiges höher. S&P 500 ist nahe All-Time-High. Umgekehrt hat er allerdings auch nicht viel verkauft.

  

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>>>>https://www.welt.de/debatte/kommentare/article198093539/Konjunktur-Warum-Warren-Buffett-n icht-mehr-investieren-will.html
>>>
>>>Glaub ich nicht. Ich denke, es bot sich halt noch
>keine
>>>Möglichkeit für eine $100bn Akquisition. Unilever
>wollte
>>er,
>>>die wollten nicht.
>>
>>Ja könnte schon sein, dass er noch so als Abschluss einen
>Mega
>>Deal hinlegen will und dafür spart. Könnte aber auch an
>zu
>>hohen Bewertungen liegen und er füllt deswegen die
>Kriegskasse
>>um in 1-2 Jahren aufzusammeln.
>
>
>In den USA sind die Bewertungen schon um einiges höher.
>S&P 500 ist nahe All-Time-High. Umgekehrt hat er
>allerdings auch nicht viel verkauft.
>

Verkauft Bufett überhaupt? Ich mein do ganz generell

  

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>Verkauft Bufett überhaupt? Ich mein do ganz generell


Selten aber doch. IBM z.B. hatte er mal große Position und dann wieder verkauft.

  

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Pershing Square's Bill Ackman's disclosure last week that he had taken a big stake (11% of his fund) in Berkshire Hathaway (BRK-B) inspired me to update my Berkshire slide deck, which Glenn Tongue and I first created 15 years ago. You can see it here:

https://assets.empirefinancialresearch.com/uploads/2019/08/Berkshire-Hathaway-analysis-Wh itney-Tilson-8-21-19.pdf

  

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Warum Bill Ackman Berkshire gekauft hat

Recently, PSH acquired Berkshire Hathaway common stock representing approximately 11% of NAV. My interest in Berkshire
began decades ago when I began following the company in 1988. I have attended the substantial majority of shareholder
meetings since the early 1990s and followed the company and Warren Buffett—Berkshire’s Chairman, CEO and controlling
shareholder—extremely closely since that time. Yet, funds I have managed have owned Berkshire only once for a brief period
in late 1999 and 2000.
The catalyst for our current investment in Berkshire is our view that the company is currently trading at one of the widest
discounts to its intrinsic value in many years, at a time when we expect the operating performance of its subsidiaries to
improve as a result of certain managerial and organizational changes at the company. While Mr. Buffett has long been one of
most high-profile and closely followed investors in the world, we believe that Berkshire Hathaway’s undervaluation is partially
explained by the fact that it is one of the least followed and misunderstood mega-cap companies.
Berkshire is often described in the media as akin to an investment fund, leaving many with the impression that Berkshire’s
shareholder returns are dependent on Warren Buffett’s extraordinary stock-picking ability. While this depiction of Berkshire
was a better reflection of its reality in its earlier years, it no longer reflects the company’s current reality. Today, Berkshire is a
$500 billion market cap holding company with about half of its value residing in its insurance subsidiaries, and the balance in
controlling stakes in highly diversified operating companies. Mr. Buffett has clearly designed the company to succeed decades
after he is no longer running the company. As a result, we believe that Berkshire should continue to generate high returns
for shareholders from the current stock price even if the investment returns from the company’s large cash holdings and
marketable securities portfolio are similar to that of the broad market indices.
Berkshire’s primary asset is the world’s largest insurance business, which we estimate represents nearly half of Berkshire’s
intrinsic value. In its primary insurance segment, Berkshire focuses on the reinsurance and auto insurance segments. In
reinsurance, Berkshire’s strong competitive advantages are derived from its enormous capital base, efficient underwriting (a
quick yes or no), ineffable trustworthiness, and its focus on long-term economics rather than short-term accounting profits,
all of which allows the company to often be the only insurer capable of and willing to insure extremely large and/or unusual,
bespoke insurance policies.
We believe that Berkshire’s reinsurance business, operating primarily through National Indemnity and General Re, is uniquely
positioned to serve its clients’ needs to protect against the increasing frequency and growing severity of catastrophic losses.
In auto insurance, Berkshire subsidiary GEICO operates a low-cost direct sales model which provides car owners with lower
prices than competitors that rely on a traditional agent-based sales approach. GEICO’s low cost, high quality service model
has enabled it to consistently gain market share for decades.
The enduring competitive advantages of Berkshire’s insurance businesses have allowed it to consistently grow its float (the
net premiums received held on Berkshire’s balance sheet that will be used to pay for expected losses in the often distant
future) at a higher rate and a lower cost than its peers. While Mr. Buffett is best known as a great investor, he should perhaps
also be considered the world’s greatest insurance company architect and CEO because the returns Berkshire has achieved on
investment would not be nearly as good without the material benefits it has realized by financing these investments with lowcost insurance float.

For more than the last decade, Berkshire has grown its float at an 8% compounded annual growth rate while achieving a
negative 2% average cost of float due to its profitable insurance underwriting, while incurring an underwriting loss in only one
out of the last 15 years. These are extraordinary results particularly when compared with the substantial majority of insurance
companies which lose money in their insurance operations and are only profitable after including investment returns.
Furthermore, we believe that Berkshire’s cost of float will remain stable or even decline as its fastest growing insurance
businesses (GEICO and BH Primary) have a lower cost of float than the company’s overall average.
Since the end of 2007, we estimate that Berkshire has averaged a nearly 7% annual rate of return on its insurance investment
portfolio while holding an average of 20% of its portfolio in cash. Berkshire has been able to produce investment returns that
significantly exceed its insurance company peers as the combination of the company’s long-duration float and significant
shareholders’ equity allow it to invest the substantial majority of its insurance assets in publicly traded equities, while its peers
are limited to invest primarily in fixed-income securities. We believe these structural competitive advantages of Berkshire’s
insurance business are enduring and will likely further expand.
Berkshire also owns a collection of high-quality, non-insurance businesses, which include market-leading industrial
businesses, the largest of which are the Burlington Northern Santa Fe railroad and Precision Castparts, an aerospace metal
parts manufacturer. While Berkshire’s non-insurance portfolio is comprised of highly diversified businesses that have been
acquired during the last 50 or so years, we estimate that the portfolio derives more than 50% of its earnings from its largest
three businesses: Burlington Northern (>30%), Precision Castparts (~10%), and regulated utilities (~10%).
Burlington Northern is North America’s largest railroad which benefits from strong barriers to entry, industry-leading scale,
and long-term secular growth due to rail’s cost advantages over trucking in moving freight over long distances.
Precision Castparts has a strong competitive position in complex metal parts and components manufacturing due to the
stringent regulatory requirements in the aerospace industry, and an excellent future growth outlook due to a nearly decadelong backlog of aircraft deliveries that are required to support the world’s growing travel needs.
Berkshire’s regulated utilities business primarily consists of a handful of well-managed, highly efficient energy utilities that
earn a reasonable return on equity while satisfying their customers’ and regulators’ desire for low energy prices. Berkshire’s
regulated utilities business is relatively insulated from economic downturns due to the essential nature of the service it
provides, which has allowed it to steadily grow its earnings during all phases of the economic cycle.
While we have utilized a number of different approaches to our valuation of Berkshire, we believe it is perhaps easiest to
understand the company’s attractive valuation by estimating Berkshire’s underlying economic earnings power, and comparing
the company’s price-earnings multiple to other businesses of similar quality and earnings growth rate. Using this approach,
we believe that Berkshire currently trades at only 14 times our estimate of next 12 months’ economic earnings per share
(excluding the amortization of acquired intangibles), assuming a normalized rate of return of 7% on its insurance investment
portfolio. While generating a 7% return on such a large amount of investment assets is not a given—particularly in an
extraordinarily low-rate environment—we believe that Berkshire’s ability to invest the substantial majority of its insurance
assets in equity and equity-like instruments and hold them for the long term makes this a reasonable assumption. Based
on these assumptions, we believe that Berkshire’s valuation is extremely low compared to businesses of similar quality and
growth characteristics.
Berkshire’s current earnings are also meaningfully understated in the currently low interest rate environment as the company
is earning a minimal return on its approximately $100 billion of excess cash which is invested in short dated, risk free assets.

Net of its excess cash, Berkshire currently trades at less than 12 times our estimate of earnings per share over the next year.
Given the company’s strong competitive position, solid future growth prospects, large degree of excess cash and superlative
track record of value creation, we believe that Berkshire should be valued at a large premium to its current valuation.
Moreover, we believe an investor’s downside is limited due to the company’s fortress balance sheet, highly diversified business
portfolio, and significant earnings contribution from recession-resistant businesses such as insurance and regulated utilities.
Furthermore, we expect that certain recent positive developments will highlight and enhance the per-share value of
Berkshire’s business over the next several years. First, we believe that it is likely that management will intelligently deploy
some of its $100 billion of excess cash into value-enhancing large-scale business acquisitions and/or a greater than historical
amounts of share repurchases. We believe that this can be achieved because Mr. Buffett has built a deep bench of managerial
and investment talent and a durable culture of character and performance.
Second, Berkshire created a new managerial structure in 2018 to elevate two long-time managers, Ajit Jain and Greg Abel who
now directly oversee the insurance and non-insurance businesses. Both managers have a track record of improving operations
under their purview. We expect this new management structure will empower them to enhance the operational performance
of Berkshire’s businesses that have underperformed their peers. For example, Burlington Northern’s current operating profit
margins are nearly 500 basis points below the average of its North American peers, and nearly 800 basis points below that of
its best-in-class peer despite BNSF’s industry-leading scale. In Berkshire’s insurance subsidiaries, GEICO’s loss ratio is more
than 800 basis points higher, and its underwriting profit margin about 400 basis points lower, than its closest competitor,
Progressive Corp., and General Re’s expense ratio offers the potential for significant improvement based on our due diligence.
We expect that Berkshire’s enviable competitive advantages and the positive underlying growth trends in most of its
businesses will allow the company to sustainably grow its earnings at a high-single digit rate without any operational
improvement at its larger businesses, and without including the benefit of the productive deployment of excess capital.
If Berkshire can improve its operations and intelligently deploy a substantial portion of its excess capital over time, we
estimate that the company’s earnings per share should grow at a mid-teens’ compounded annual rate over the intermediate
term. In light of the company’s currently depressed valuation, understated near-term earnings, and the potential for
significant future earnings per share growth, we believe that Berkshire’s share price is likely to increase substantially over the
coming years.

  

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RE: Warum Bill Ackman Berkshire gekauft hat
Warum Bill Ackman Berkshire gekauft hat

Weil er Angst hat und er sich nicht für schlechte Performance von Berkshire rechtfertigen muss.

Ansonsten is es ja ein gutes Investment. Was soll man gegen 120 Milliarden Cash schon sagen. Wenn Buffett noch mit einer riesen Akq. rausgeht is es ja gut.

  

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>RE: Warum Bill Ackman Berkshire gekauft hat
>Warum Bill Ackman Berkshire gekauft hat
>
>Weil er Angst hat und er sich nicht für schlechte Performance
>von Berkshire rechtfertigen muss.


Im letzten Jahr hat Ackman > +40% gemacht, die Rechtfertigungsjahre sind vorerst vorbei.

  

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>>RE: Warum Bill Ackman Berkshire gekauft hat
>>Warum Bill Ackman Berkshire gekauft hat
>>
>>Weil er Angst hat und er sich nicht für schlechte
>Performance
>>von Berkshire rechtfertigen muss.
>
>
>Im letzten Jahr hat Ackman > +40% gemacht, die
>Rechtfertigungsjahre sind vorerst vorbei.
>

Underperformed SPX über die letzten 7 Jahre.

  

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>>>RE: Warum Bill Ackman Berkshire gekauft hat
>>>Warum Bill Ackman Berkshire gekauft hat
>>>
>>>Weil er Angst hat und er sich nicht für schlechte
>>Performance
>>>von Berkshire rechtfertigen muss.
>>
>>
>>Im letzten Jahr hat Ackman > +40% gemacht, die
>>Rechtfertigungsjahre sind vorerst vorbei.
>>
>
>Underperformed SPX über die letzten 7 Jahre.


Deshalb ja "vorerst vorbei""

  

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Es mag nicht Buffetts Entscheidung gewesen sein, doch Berkshire Hathaway hat gerade nachgekauft.

Amazon-Aktien im Wert von 1 Mrd. US-Dollar
In einer neuen vierteljährlichen 13F-Einreichung teilte Berkshire mit, dass das Unternehmen im zweiten Quartal 54.000 weitere Aktien gekauft hatte, was den Gesamtbestand auf 537.300 Aktien erhöhte. Das entspricht einer sequentiellen Steigerung von 11 %. Ende Juni waren die Aktien mit rund 1,02 Mrd. US-Dollar bewertet. Das Gesamtportfolio von Berkshire Hathaway ist über 200 Mrd. US-Dollar wert, sodass eine Position von 1 Mrd. US-Dollar ziemlich klein ist.

https://www.boerse-express.com/news/articles/berkshire-hathaway-kauft-mehr-aktien-von-ama zon-138552

  

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Buffett-Anekdote:


3) To understand the tradeoffs between a business's pursuit of maximum profits versus other considerations, I'd like to share an anecdote my late friend Sam Taylor told me...

Sam was the CEO of Oriental Trading, an Omaha-based party supplies company that also sells arts and crafts, toys and novelties, and school supplies. If you're planning a Star Wars-themed birthday party for your kid – with costumes, streamers, hats, plates, etc. – Oriental Trading is the place to go.

The business was founded in 1932 and run by the Watanabe family until it sold the company to a private-equity firm in 2000, which then flipped it to another private-equity firm near the peak of the buyout bubble in 2006. Two years later, the Great Recession hit, and the company struggled to support its massive debt load, so the owners brought in Sam to turn things around.

Sam told me that from day one, the funds pressured him to do whatever was necessary to boost short-term profits so they could sell the company. One way they proposed to do so was by outsourcing the customer service phone number to India, which would have required shutting down the Omaha call center and firing all of its employees, many of whom had been with the company for decades.

Sam didn't think it was right to do this, but knew that a moral argument wouldn't fly with the owners. Instead, he argued (correctly) that when American moms called to ask for advice about what to buy for the perfect Star Wars-themed birthday party, they needed to talk to another American mom instead of some random person at a call center in India.

Luckily for the employees – and the business – Sam was able to hold off the barbarians at the gate (er, I mean, the funds) until he was able to engineer the sale of the company to Berkshire Hathaway (BRK-B) in November 2012. When he told the call-center employees that Warren Buffett had bought the company and that their jobs were safe, Sam said many employees were crying...

Tragically, a few years later in 2016, Sam was diagnosed with an aggressive form of brain cancer. He was soon unable to work full time, so he went to see Buffett to tell him that he needed to take a leave of absence. Sam shared with me and a room full of other businesspeople that Buffett sat with him for two hours, asked what he could do to help and how his wife and three daughters were, and assured Sam that would continue to receive his full salary and his job would be waiting for him once he was better. Sam was crying as he told this story. There wasn't a dry eye in the room.

I asked Sam what would have happened had Oriental Trading still been owned by the funds. I'll never forget his reply: "They would have kicked me to the curb."

Whitney Tilson

  

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>Buffett-Anekdote:
>
>
>3) To understand the tradeoffs between a business's pursuit of
>maximum profits versus other considerations, I'd like to share
>an anecdote my late friend Sam Taylor told me...
>
>Sam was the CEO of Oriental Trading, an Omaha-based party
>supplies company that also sells arts and crafts, toys and
>novelties, and school supplies. If you're planning a Star
>Wars-themed birthday party for your kid – with costumes,
>streamers, hats, plates, etc. – Oriental Trading is the place
>to go.
>
>The business was founded in 1932 and run by the Watanabe
>family until it sold the company to a private-equity firm in
>2000, which then flipped it to another private-equity firm
>near the peak of the buyout bubble in 2006. Two years later,
>the Great Recession hit, and the company struggled to support
>its massive debt load, so the owners brought in Sam to turn
>things around.
>
>Sam told me that from day one, the funds pressured him to do
>whatever was necessary to boost short-term profits so they
>could sell the company. One way they proposed to do so was by
>outsourcing the customer service phone number to India, which
>would have required shutting down the Omaha call center and
>firing all of its employees, many of whom had been with the
>company for decades.
>
>Sam didn't think it was right to do this, but knew that a
>moral argument wouldn't fly with the owners. Instead, he
>argued (correctly) that when American moms called to ask for
>advice about what to buy for the perfect Star Wars-themed
>birthday party, they needed to talk to another American mom
>instead of some random person at a call center in India.
>
>Luckily for the employees – and the business – Sam was able to
>hold off the barbarians at the gate (er, I mean, the funds)
>until he was able to engineer the sale of the company to
>Berkshire Hathaway (BRK-B) in November 2012. When he told the
>call-center employees that Warren Buffett had bought the
>company and that their jobs were safe, Sam said many employees
>were crying...
>
>Tragically, a few years later in 2016, Sam was diagnosed with
>an aggressive form of brain cancer. He was soon unable to work
>full time, so he went to see Buffett to tell him that he
>needed to take a leave of absence. Sam shared with me and a
>room full of other businesspeople that Buffett sat with him
>for two hours, asked what he could do to help and how his wife
>and three daughters were, and assured Sam that would continue
>to receive his full salary and his job would be waiting for
>him once he was better. Sam was crying as he told this story.
>There wasn't a dry eye in the room.
>
>I asked Sam what would have happened had Oriental Trading
>still been owned by the funds. I'll never forget his reply:
>"They would have kicked me to the curb."
>
>Whitney Tilson

Buffett erzählt solche Gschichtln nicht zum Spaß. Er möchte das weitere Unternehmer ihm ihre Firma verkaufen. Das er dabei oftmals nicht den fairen Wert gezahlt hat, verschweigt er nätürlich.

  

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Das er dabei
>oftmals nicht den fairen Wert gezahlt hat, verschweigt er
>nätürlich.
>

Wo? Die ühaben alle freiwillig verkauft und er hat gezahlt was sie wollten. Der Informationsvorteil ist bei diesen Gründer-Unternehmern ganz auf deren Seite.

P.S.: Meines Wissens gibt es über sein ganzes Geschäftsleben keinen Fall wo jemand behauptet Buffett hätte ihn irgendwie rasiert. Dürfte nicht viele erfolgreiche Menschen (schon gar nicht bei Erfolg in diesem Ausmaß ) geben die das von sich behaupten können.

  

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>Das er dabei
>>oftmals nicht den fairen Wert gezahlt hat, verschweigt er
>>nätürlich.
>>
>
>Wo? Die ühaben alle freiwillig verkauft und er hat gezahlt was
>sie wollten. Der Informationsvorteil ist bei diesen
>Gründer-Unternehmern ganz auf deren Seite.
>
>P.S.: Meines Wissens gibt es über sein ganzes Geschäftsleben
>keinen Fall wo jemand behauptet Buffett hätte ihn irgendwie
>rasiert. Dürfte nicht viele erfolgreiche Menschen (schon gar
>nicht bei Erfolg in diesem Ausmaß ) geben die das von sich
>behaupten können.

Ein paar Fälle gibt's da schon, ich muss die mal wieder raussuchen. Zuletzt bei Precision Castparts, die hat er billig eingehamstert und öffentlich darüber gejammert wie viel er nicht zahlen musste. Nun verliert er kein Wort mehr über die Performence von PCP. Der ein oder andere ehmalige shareholder könnte sich düpiert vorkommen.

Oder den deal mit Occidential. Die headline war "Warren Buffett took Occidental CEO ‘to the cleaners’: Carl Icahn".

Das waren nur zwei Beispiele aus jüngster Vergangenheit.

  

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>>Das er dabei
>>>oftmals nicht den fairen Wert gezahlt hat, verschweigt
>er
>>>nätürlich.

>Ein paar Fälle gibt's da schon, ich muss die mal wieder
>raussuchen.


Würden mich sehr interessieren


Zuletzt bei Precision Castparts, die hat er billig
>eingehamstert und öffentlich darüber gejammert wie viel er
>nicht zahlen musste. Nun verliert er kein Wort mehr über die
>Performence von PCP. Der ein oder andere ehmalige shareholder
>könnte sich düpiert vorkommen.


An der Börse gekauft. Jeder konnte zum gleichen Preis verkaufen oder kaufen.

>Oder den deal mit Occidential. Die headline war "Warren
>Buffett took Occidental CEO ‘to the cleaners’: Carl Icahn".

Aber der CEO (eigentlich die, glaub ich) hat sich nicht beschwert

  

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wenn du reich bist, dann bist du klug, hast immer recht, du bist
schön, machst alles richtig, und wenn du es willst, wird man dir auch
bezeugen, daß du sehr gut singen kannst.

quelle: mein paps 1965

  

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>wenn du reich bist, dann bist du klug, hast immer recht, du bist
>schön, machst alles richtig, und wenn du es willst, wird man dir auch
>bezeugen, daß du sehr gut singen kannst.
>
>quelle: mein paps 1965

Schön bemerkt - und, sagt man Dir schon dass Du singen kannst, oder musst Du an Deinem Glauben festhalten?

  

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>... und, sagt man Dir schon dass Du singen kannst, oder musst Du an Deinem Glauben festhalten?

ich denke beides kann recht gut in gleichzeitigkeit stattfinden

  

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>>... und, sagt man Dir schon dass Du singen kannst, oder
>musst Du an Deinem Glauben festhalten?
>
>ich denke beides kann recht gut in gleichzeitigkeit stattfinden

Touché - ja, Erfolg qualifiziert in vielerlei Hinsicht, naturgemäß zu recht.

Persönlichkeit ist dann, wo noch differenziert werden kann, obwohl auch die Wahrnehmung von Persönlichkeit durch Erfolg stark beeinflusst wird.

  

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>wenn du reich bist, dann bist du klug, hast immer recht, du
>bist
>schön, machst alles richtig, und wenn du es willst, wird man
>dir auch
>bezeugen, daß du sehr gut singen kannst.
>
>quelle: mein paps 1965


I see your point. Aber Gates und Bezos z.B. erfreuen sich kaum guter Nachrede.

  

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>I see your point. Aber Gates und Bezos z.B. erfreuen sich kaum guter Nachrede.

tja, wir haben auch nicht mehr 1965. im lauf der zeit tendieren die
hervorragendsten leistungen durch gewöhnungseffekte aber auch durch
prioritätenverschiebungen zur selbstverständlichkeit zu degenerieren.
mittlerweile ist auch gott nicht mehr das was er einmal war.

  

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Ziemliches Trumm, diese Tochter:

This is the first investor presentation I've ever seen for Berkshire Hathaway Energy.

https://www.brkenergy.com/assets/pdf/2019-fiic-presentation.pdf

• Berkshire Hathaway ownership
– Access to capital from Berkshire Hathaway allows us to take advantage of
market opportunities
– Berkshire Hathaway is a long-term owner of assets which promotes
stability and helps make Berkshire Hathaway Energy the buyer of choice in
many circumstances
– Tax appetite of Berkshire Hathaway has allowed us to receive significant
cash tax benefits from our parent of $884 million and $636 million in 2018
and 2017, respectively

  

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Buffett’s Peak Quarter Brings New Records on Profit and Cash

Berkshire’s 2019 net income is highest of any public company
Cash pile also hit a record even with $10 billion investment

To start, Berkshire Hathaway Inc.’s operating profit topped its best levels. That was lifted by record earnings from BNSF railroad, his biggest-ever acquisition. Gains on his stock bets pushed the conglomerate’s 2019 net income to a staggering $52 billion, making Berkshire the most profitable public company in the world.

And the legendary investor now has more cash than ever to play with: $128 billion. That’s the record which has Berkshire’s stock languishing as investors grapple with a question amid all the superlatives: What comes next?

https://www.bloomberg.com/news/articles/2019-11-02/buffett-s-peak-quarter-brings-new-reco rds-on-profit-and-cash

  

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Share repurchases were a paltry $700 million during the quarter and $2.8 billion for the year. But interestingly, the repurchase price per share in September was approximately $310,000. Keep in mind that Buffett doesn't buy anything unless he believes he is getting a bargain, so while Friday's closing price of $323,400 isn't screaming cheap, it's still a solid entry point.

  

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Wie viel Warren Buffett an Bank of America verdient hat

...

Rechnet man alles zusammen, erhält Buffett 19,89 Milliarden US-Dollar an Kapitalgewinnen, plus 1,65 Milliarden US-Dollar an Vorzugsdividenden, plus 1,21 Milliarden US-Dollar an Stammdividenden – insgesamt also 22,75 Milliarden US-Dollar.

https://www.boerse-express.com/news/articles/wie-viel-warren-buffett-an-bank-of-america-v erdient-hat-172095

  

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Warren Buffett spurned Tiffany as deal drought continued

When Tiffany & Co was looking for an alternative suitor after receiving a takeover approach from LVMH, the US jeweller turned to a longtime admirer: Warren Buffett.

https://www.ft.com/content/9da47898-237a-11ea-b8a1-584213ee7b2b

  

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>>>Berkshire Hathaway B aufgestockt @ 223,14
>>
>>
>>Aufgestockt @ 220,9
>>
>
>mutig, viel Glück

Das Unternehmen ertrinkt im Cash und Buffett hat klargemacht er kauft zurück wenn es tiefer geht. Glück wär gut, sehr viel Mut braucht es dazu denke ich nicht.

  

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Das Apple-Investment war mir zwar klar, aber die gewaltige Size war mir nicht so bewußt:

Berkshire's investment in Apple is a bold manifestation of his avoidance of portfolio diversification which has characterized his investing style for over five decades... it is the largest investment that Berkshire has ever made and, by far, the most profitable (on a time-adjusted or absolute dollar basis) of any investment portfolio position he has made.

On an initial investment of $36 billion, Berkshire has made approximately $43 billion. Almost all of that gain is unrealized and has been achieved in the last 12 months!

It can now be argued that, in both time (brief) and amount (huge), Berkshire Hathaway's purchase of more than 255 million Apple shares was the single greatest investment ever made of a publicly listed company in history and by far, the most consequential investment of a listed company that Buffett has ever made. That's saying a lot for the 89 year old Warren Buffett who has compounded money at almost a +20% annual rate of return over more than half a century!

However, given the sheer success (and size) of Buffett's investment in Apple, we must now question whether Berkshire Hathaway should or will sell a large portion of their Apple shares.

I believe he will.

Let me explain... but before I do, I first wanted to chronicle the history behind this enormously successful investment made by Berkshire Hathaway in Apple.

Berkshire Hathaway first disclosed the purchase of 9.8 million shares of Apple (at the time it was worth a bit more than $1 billion) in a 13F filing with the SEC on May 16, 2016. (Buffett later confirmed on CNBC that either Todd Combs or Ted Weschler – his two investment managers – made the investment).
Since the original 9.8 million share investment was disclosed, Warren Buffett piggybacked his managers and, by the end of 2018, Berkshire Hathaway owned 255.3 million shares at a cost of about $36 billion ($141/share).
In a 13F in late November 2018, Berkshire Hathaway announced it sold 2.9 million shares of Apple. At the time the sale was generally believed to have been sold by Todd or Ted in order to make room for some other investment.
In an interview with CNBC in February 2019 (following a first quarter warning and after a -20% share price drop from September 2018) Warren Buffett declared that Apple's shares were too expensive to purchase at the then current level of $175/share. ("If it were cheaper, we'd be buying it. We aren't buying it here.")
In a 13F in late November 2019, Berkshire Hathaway announced it sold an additional 750k shares of Apple.
Apple's shares closed at about $166/share on December 31, 2018 – providing an unrealized gain of approximately $4.2 billion.
Apple's shares closed at $300/share on December 31, 2019 – and the estimated unrealized gain grew to about $38 billion.
Apple's shares closed at $318/share last Friday – increasing the estimated unrealized gain to almost $43 billion.
By expressing enough confidence to make Apple (at a cost of $36 billion and by far its largest investment of a publicly held company), Berkshire Hathaway has reaped over $43 billion of gains. As less than four million shares have been reportedly sold, almost all of the gains are unrealized.

To the best of my knowledge this is the most substantial dollar return of any investment made by any entity of a publicly held company in history. It surely is the greatest time-adjusted return (with most of the gain achieved in the last 12-13 months).

Which brings us to the risks associated with how large Berkshire's Apple investment is relative to other investments, total Berkshire book value, etc.

At year end 2018, Berkshire Hathaway had over $40 billion committed to Apple's shares (with an unrealized gain of $4.2 billion) – compared to about $20 billion in long held positions in each of Bank of America (BAC), Wells Fargo (WFC), and Coca-Cola (KO). The unrealized gains in Bank of America and Wells Fargo are about $10 billion each and with Coca-Cola of about $17 billion.

But, Berkshire's gain in Apple has catapulted from $4.2 billion at the end of 2018 to over $43 billion today (as of Friday's closing price of $318/share) and the total investment value of its Apple holdings is about $80 billion, compared to its second largest portfolio holding (Bank of America, worth only about $30 billion).

The $80 billion marked to market investment in Apple is almost 15% of Berkshire Hathaway's market capitalization of $555 billion and represents 23% of Berkshire's equity.

As measured against Berkshire's year end 2018 investment holdings, $80 billion in Apple shares would represent 46% of its $172 billion portfolio of 13 months ago. Assuming an estimated rise of about $55 billion in value of that total investment portfolio (with almost $40 billion from Apple's share price appreciation alone), Berkshire's Apple holdings likely represent approximately 35% of Berkshire's entire investment positions.

Put another way, it took Berkshire decades to realize $18 billion unrealized gain on its $1.2 billion investment in 9.4% of Coca-Cola.

It took Berkshire only about one year to realize a $40 billion unrealized gain on its $36 billion investment in 5.4% of Apple!

Bottom Line

To me, Warren Buffett has put an explanation point on his remarkable investing career with his spectacular investment in Apple.

Consider that The Oracle is currently 89 years old – and that he made his single best portfolio investment in over a half century at 87 years old!

This is truly amazing and testimony to his investing genius.

But, too much of a good thing (Apple) may no longer be wonderful for Berkshire Hathaway as the Apple position has a dramatically outsized size relative to a number of Berkshire metrics (market capitalization, shareholders equity and investment portfolio size).

For these reasons I say Berkshire will reduce its $80 billion invested in Apple – and that possible move may not be interpreted positively by other investors.

Whitney Tilson

  

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Apple-Rekord: 22 Milliarden Dollar Gewinn in drei Monaten

Apple hat erstmals seit einem Jahr wieder mehr iPhones verkauft und damit einen Umsatz und Gewinn über den Expertenerwartungen eingefahren. Im laufenden Quartal stellt sich der Konzern auf Turbulenzen in seiner chinesischen Zuliefererkette durch das neue Coronavirus ein.

Apple hat die Schwäche im iPhone-Geschäft überwunden und das vergangene Weihnachtsgeschäft mit Rekordzahlen abgeschlossen. Der Quartalsgewinn erreichte 22,2 Milliarden Dollar (20,17 Mrd. Euro) nach knapp 20 Milliarden Dollar ein Jahr zuvor. Der Umsatz stieg im Jahresvergleich um neun Prozent auf 91,8 Milliarden Dollar und übertraf damit die von Refinitiv veröffentlichten Experten-Vorhersagen von 88,5 Milliarden Dollar. Der Gewinn je Aktie lag mit 4,99 Dollar ebenfalls über den Erwartungen von 4,55 Dollar.


https://www.diepresse.com/5760043/apple-rekord-22-milliarden-dollar-gewinn-in-drei-monate n

  

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DAVENPORT, Iowa (AP) — Lee Enterprises will buy Berkshire Hathaway's BH Media Group publications and The Buffalo News for $140 million, the company said Wednesday.

The deal covers 30 daily newspapers in 10 states as well as 49 paid weekly publications with digital sites and 32 other print products. Among the daily papers are the Omaha World-Herald in Nebraska, the Tulsa World in Oklahoma and the Winston-Salem Journal in North Carolina. As part of the agreement, Lee will enter into a 10-year lease for BH Media's real estate.

Lee has been the BH Media publications since July 2018.

“This is a compelling and transformative transaction for Lee,” said Mary Junck, Lee's chairman. “It both refinances our long-term debt on attractive terms and provides new revenue opportunities as well as operational synergies across an expanded portfolio.”

Warren Buffett, Berkshire's chairman and CEO, said he and his partner, Charlie Munger, have long admired Lee.

“We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges,” Buffett said.

Berkshire Hathaway is providing about $576 million in long-term, 9% financing to Lee, which Lee will use to pay for the Berkshire properties and refinance Lee's approximately $400 million in existing debt. Berkshire will be Lee's sole lender after the deal closes.

Lee's portfolio will grow to 81 daily papers nearly double its audience size, the company said. The deal is expected to close in mid-March.

  

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>Charlie Munger, Buffett's Kompagnon hat auch seine eigene
>HV:
>
>Legendary investor Charlie Munger speaks at Daily Journal
>annual meeting – 2/12/2020


Über Elon Musk: "Never underestimate people who overestimate themselves"

  

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>Halleluja, der Buffett-Letter für 2019 ist da
>
>https://berkshirehathaway.com/letters/2019ltr.pdf

Seite 10 Auflistung der großen Holdings mit den Gewinnen (Verlust hat er auf keiner Position)

Mit Apple hat er fast schon 40 Mrd. Profit! Aber auch mit der simplen Bank of America +20 Mrd...

  

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Buffett sucht Verkäufer

In past reports, we’ve discussed both the sense and nonsense of stock repurchases. Our thinking, boiled down:
Berkshire will buy back its stock only if a) Charlie and I believe that it is selling for less than it is worth and b) the
company, upon completing the repurchase, is left with ample cash.
Calculations of intrinsic value are far from precise. Consequently, neither of us feels any urgency to buy an
estimated $1 of value for a very real 95 cents. In 2019, the Berkshire price/value equation was modestly favorable at
times, and we spent $5 billion in repurchasing about 1% of the company.
Over time, we want Berkshire’s share count to go down. If the price-to-value discount (as we estimate it)
widens, we will likely become more aggressive in purchasing shares. We will not, however, prop the stock at any
level.
Shareholders having at least $20 million in value of A or B shares and an inclination to sell shares to Berkshire
may wish to have their broker contact Berkshire’s Mark Millard at 402-346-1400. We request that you phone Mark
between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.

  

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In 2019, Berkshire sent $3.6 billion to the U.S. Treasury to pay its current income tax. The U.S. government
collected $243 billion from corporate income tax payments during the same period. From these statistics, you can take
pride that your company delivered 11⁄2% of the federal income taxes paid by all of corporate America.

  

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>>Halleluja, der Buffett-Letter für 2019 ist da
>>
>>https://berkshirehathaway.com/letters/2019ltr.pdf
>
>Seite 10 Auflistung der großen Holdings mit den Gewinnen
>(Verlust hat er auf keiner Position)
>
>Mit Apple hat er fast schon 40 Mrd. Profit! Aber auch mit der
>simplen Bank of America +20 Mrd...

https://seekingalpha.com/instablog/234439-whitney-tilson/5407617-charlie-mungers-2020-dai ly-journal-annual-meeting-liveblog

  

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In his annual letter, Buffett is clear that he's looking to buy back a lot more (he's never before been so specific about who shareholders should call if they want to sell their stock to the company). He writes:

In past reports, we've discussed both the sense and nonsense of stock repurchases. Our thinking, boiled down: Berkshire will buy back its stock only if a) Charlie and I believe that it is selling for less than it is worth and b) the company, upon completing the repurchase, is left with ample cash.

Calculations of intrinsic value are far from precise. Consequently, neither of us feels any urgency to buy an estimated $1 of value for a very real 95 cents. In 2019, the Berkshire price/value equation was modestly favorable at times, and we spent $5 billion in repurchasing about 1% of the company.

Over time, we want Berkshire's share count to go down. If the price-to-value discount (as we estimate it) widens, we will likely become more aggressive in purchasing shares. We will not, however, prop the stock at any level.

Shareholders having at least $20 million in value of A or B shares and an inclination to sell shares to Berkshire may wish to have their broker contact Berkshire's Mark Millard at 402-346-1400. We request that you phone Mark between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.

Here's my interpretation of what Buffett is saying:

We don't think Berkshire is a 50-cent dollar. But nor is it a 95-cent dollar. It's roughly an 80-cent dollar. At this valuation, we're content to buy back more than the 1% of our shares we repurchased last year – perhaps 2% – so please call us if you have a meaningfully sized block to sell. And at a 10% lower valuation, we'd be quite a bit more aggressive – and 20% or more lower, we'd back up the truck!

Whitney Tilson

  

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I just updated my valuation model for Berkshire Hathaway (BRK-B). It's a simple one: take investments per share and add the value of the operating businesses, calculated by placing a reasonable multiple on the company's pretax earnings.

At the end of 2019, Berkshire had $252,000 per A share of investments and $14,464 per share of pretax earnings. To this, I applied a 12 multiple – equal to a 15 after-tax price-to-earnings (P/E) multiple, which is well below market – to arrive at a value of $174,000 per share for the operating businesses. Adding $252,000 and $174,000 yielded intrinsic value of $426,000.

But the world has changed. Berkshire's stock portfolio has taken a beating, earnings will be lower this year (though I think they'll hold up better than most large companies), and multiples have compressed.

So, to arrive at a new valuation, I gave the stock portfolio a 25% haircut from its year-end value (in line with the decline of the S&P 500 Index), trimmed pretax 2019 earnings by 10% (they might be lower, but I'm estimating normalized earnings), and reduced the multiple on those earnings from 12 to 10.

This results in investments of $212,000 per A share and earnings of $12,674 per share (worth $127,000 per share), resulting in intrinsic value of $339,000 per A share (or $226 per B share) – a bit more than 20% lower than my estimate a month ago. That sounds very conservative to me.

And I'm being even more conservative because I'm not factoring in the value Warren Buffett will likely create as he puts his $128 billion cash hoard to work amidst this chaos: buying back his own stock in size, buying other stocks, and negotiating deals with desperate companies.

During the global financial crisis – the last time investors panicked and the market crashed – Buffett made a fortune by quickly putting more than $50 billion to work in preferred stock with warrants (on terms only he could get) in Goldman Sachs ($5 billion), Bank of America ($5 billion in 2011), and General Electric ($3 billion)... snapping up auction rate securities ($6.5 billion)... backing Mars' acquisition of Wrigley ($6.5 billion) and Dow Chemical's acquisition of Rohm and Haas ($3 billion)... and buying 65.4% of Marmon ($4.5 billion).

I continue to believe Berkshire is the "No. 1 Retirement Stock in America." It's the perfect investment for more risk-averse investors who want a stock that is likely to modestly outperform the market, irrespective of its direction.

Importantly for all investors – and especially retirees, particularly in times like these – it's super safe. It's an incredible collection of high-quality businesses... it's run by the greatest investor of all time... and it has the ultimate, Fort Knox-like balance sheet: $128 billion in cash and short-term investments, $19 billion in bonds, and roughly $200 billion in liquid, blue-chip stocks.

And Berkshire's intrinsic value is growing at a healthy rate – rising 17% last year, 10.8% annually over the past five years, and 13.5% compounded over the past decade.

Best of all, the stock is cheap. Berkshire's B shares closed yesterday at $174.68 – a 23% discount to their intrinsic value.

Whitney Tilson

  

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Some folks are staying away because they're worried about the company's potential exposure to "business interruption insurance" and perhaps workers' compensation insurance as well.

The short answer is that nobody knows for sure what Berkshire's exposures are related to the current crisis until it reports earnings, but I'm not worried. With insurance companies, more than almost any other type of business, investors have to trust management – and there are no two people I trust more than Berkshire's CEO Warren Buffett and Vice Chairman of Insurance Operations Ajit Jain.

I'd say the same of Microsoft (MSFT) founder Bill Gates, who's been thinking about pandemic as long and as presciently as anyone. He and Buffett have been best friends since the day they met 29 years ago, and Gates served on Berkshire's board for the past 16 years until recently resigning to focus on his work at the Bill & Melinda Gates Foundation.

And Buffett himself has been thinking about pandemic risk for more than a decade, as you can see in this 2009 article: Warren Buffett bets on pandemic insurance.

https://crofsblogs.typepad.com/h5n1/2009/05/warren-buffett-bets-on-pandemic-insurance.htm l

Excerpt:

Berkshire would consider writing insurance policies for pandemics, including one that Buffett said assumes the U.S. mortality rate rises by 25% in 2010, equivalent to roughly an additional 600,000 deaths.

The company paid out billions of dollars on claims losses from Hurricane Katrina, but will still assume big risks for the right price.

"You could get us to quote a policy on the present potential pandemic," Buffett said, though "you may not like" how much Berkshire would charge.

"You need someone with a real sense of the probabilities" to write such policies, he said.

Whitney Tilson

  

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Dem stimme ich vorbehaltlos zu.

Wenn jemand das richtige Pricing von Versicherungsverträgen verstanden hat, dann Warren Buffet und seine Direktoren.

  

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>Dem stimme ich vorbehaltlos zu.
>
>Wenn jemand das richtige Pricing von Versicherungsverträgen
>verstanden hat, dann Warren Buffet und seine Direktoren.


Graue Haare (=langjährige Erfahrung) helfen. In den 70ern als er das große Potenzial von Versicherungen für die Verwendung seiner Investitionsfähigkeiten erkannt hatte, hat er einen aggresiven Expansionskurs seiner kleinen Versicherungen mit Expansion in neue Geschäftsfelder und Regionen betrieben und dabei ziemliche Underwriting-Verluste erlitten. Den Float hat er halt trotzdem sehr profitabel investiert. Nachzulesen in seinen annual Letters aus dieser Zeit.

  

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The conglomerate’s first-quarter net income plunged to a loss of $49.7 billion, driven by $55.5 billion in unrealized losses in the massive stock portfolio. Gains in the insurance unit’s investing portfolio helped push operating earnings up almost 6% to $5.87 billion.

Berkshire bought $1.8 billion of stocks on a net basis in the period, and repurchased just $1.7 billion of its own stock, less than it did in the last three months of 2019. The company recently disclosed that it pared back stakes in Delta Air Lines Inc. and Southwest Airlines Co. as airlines have been pummeled by travel restrictions and stay-at-home orders worldwide.

https://finance.yahoo.com/news/buffett-stays-sidelines-cash-pile-121126057.html

  

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>Buffett!, Gates!, und überhaupt! *Sarkasmus off*
>
>Buffett's Brick Company Linked to Antifa in Online
>Conspiracies
>A unit of Berkshire Hathaway gets pulled into the online rumor
>mill
>
>https://www.bloomberg.com/news/articles/2020-06-13/buffett-s-brick-company-linked-to-anti fa-in-online-conspiracies

Was ich dich schon länger fragen wollte , bei welchen Broker schreibst du deine Optionen?

  

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>Buffett!, Gates!, und überhaupt! *Sarkasmus off*
>Buffett's Brick Company Linked to Antifa in Online Conspiracies
>A unit of Berkshire Hathaway gets pulled into the online rumor mill
>
>https://www.bloomberg.com/news/articles/2020-06-13/buffett-s-brick-company-linked-to-anti fa-in-online-conspiracies

Eigentlich kann man schon nicht mehr von der Hand weisen, dass auch größere Firmenkomplexe verborgen Trump-subversiv tätig sein könnten. Der größte Vorteil bei der Einschätzung von zukünftigen Entwicklungen sind stabile Rahmenbedingungen.

Ein Börsenguru-Splitter (https://aktien-portal.at/forum/boerse-aktien.php?az=show_mesg&forum=124&topic_id=203844&m esg_id=217444&page=):
A drop such as Thursday’s should be bought, according to JPMorgan Chase & Co.’s quant guru Kolanovic. His reasoning is that it occurred in the absence of a further deterioration in U.S.-China relations. Kolanovic considers the three principal risks to U.S. stocks to be the China relationship, the Covid-19 pandemic and domestic social unrest.

Ein Hinweis darauf, wie sehr um überhaupt noch prognosefähige Indikatoren gerungen wird,

Dass Trump mit seiner Konfrontationssucht mittlerweile zu einer langfristigen Hauptquelle aller globalen Instabilität, dem Gift aller Börsen, avanciert ist, ist schon lange keine Vermutung mehr, sondern bestätigte Tatsache. Ich bin geneigt, so mancher Anti-Trump Verschwörungstheorie Glauben zu schenken.

  

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>Dass Trump mit seiner Konfrontationssucht mittlerweile zu
>einer langfristigen Hauptquelle aller globalen Instabilität,
>dem Gift aller Börsen, avanciert ist, ist schon lange keine
>Vermutung mehr, sondern bestätigte Tatsache. Ich bin geneigt,
>so mancher Anti-Trump Verschwörungstheorie Glauben zu
>schenken.

Seine 'Konfrontationssucht' ist aber auf wirtschaftlicher Ebene und nicht, wie bei vorherigen Präsidenten, auf militärischer Ebene.

Egal was man von Trump hält, das NAFTA Abkommen von 1994 war ein Schlag ins Gesicht für die amerikanische Wirtschaft und die gesamte Umwelt. siehe. Textilproduzenten. Sie siedelten praktisch am 2. Jänner 1994 nach China, wo es keine Umweltauflagen gab, ab.

  

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>Seine 'Konfrontationssucht' ist aber auf wirtschaftlicher
>Ebene und nicht, wie bei vorherigen Präsidenten, auf
>militärischer Ebene.
>
>Egal was man von Trump hält, das NAFTA Abkommen von 1994 war
>ein Schlag ins Gesicht für die amerikanische Wirtschaft und
>die gesamte Umwelt. siehe. Textilproduzenten. Sie siedelten
>praktisch am 2. Jänner 1994 nach China, wo es keine
>Umweltauflagen gab, ab.

Das Aufkündigen einer multinationalen Vereinbarung nach der anderen, das Reduzieren möglichst aller internationalen Beziehungen auf bilaterale Abkommen, nach dem Prinzip "Teile und herrsche", und daher die Methode, alles Nicht-Trump'sche oder Nicht-Amerikanische national und international zu spalten, stellt vor allem eine politische Destabilisierung dar. Unilaterale, oft auf erpressungsgleiche Druckmittel aufbauende, Machtpolitik ist auch nichtmilitärisch gewaltsam. Ich plädiere ja nicht unbedingt für eine Weltregierung, aber es gibt viele Themen, die auf global gemeinschaftlicher Basis anstatt einem Kleckerwerk von Einzelverträgen gelöst werden müssen.
Kooperation sucht Trump nur mit Geisteskindern seines Schlages, und das nur, wenn sie sich nicht besser als Gegner eignen, was früher oder später mit allen der Fall sein dürfte. Denn die Gemeinschaft der Egozentriker ist ein sehr fragiles und kurzfristiges, weil im Prinzip widersprüchliches, Zweckbündnis.
Ein etwaiger Gemeinschaftssinn beruht hier vor allem auf der Anwendung ähnlicher Methodik, und das mehr aus Selbstrechtfertigungsgründen denn aus Sympathie, und auch wiederum nur, solange diese Methodik nicht aufeinander gerichtet ist. Was sich zwangsläufig früher oder später nicht vermeiden lässt, eben wegen der konstitutionellen Selbstbezogenheit.

  

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Von wegen zur Kurspflege - Schwachsinn.

Investor Warren Buffett trumpft mit neuem Cash-Rekord auf

Insgesamt beträgt das Vermögen nun 146,6 Milliarden US-Dollar.

Warren Buffetts Investmentgesellschaft Berkshire Hathaway hat ihre Barreserven in der Coronakrise abermals kräftig erhöht. Im zweiten Quartal stieg der Geldberg, auf dem der 89-jährige Staranleger sitzt, um gut zehn Milliarden auf den Rekordbetrag von 146,6 Milliarden US-Dollar (124,4 Mrd. Euro), wie am Samstag aus dem Geschäftsbericht von Berkshire Hathaway hervorging.

Statt die enormen Cash-Bestände von Berkshire Hathaway in Beteiligungen oder Zukäufe zu investieren, setzte Buffett zuletzt immer stärker auf Aktienrückkäufe zur Kurspflege. In den drei Monaten bis Ende Juni wurde dafür der Rekordbetrag von 5,1 Milliarden Dollar aufgewandt. Das Tagesgeschäft litt unterdessen weiter unter der Krise.

Der Betriebsgewinn des Konglomerats, zu dem an die 90 Unternehmen und etliche große Aktienbeteiligungen gehören, ging im Jahresvergleich um zehn Prozent auf 5,5 Milliarden Dollar (4,7 Mrd. Euro) zurück. Der Überschuss von Berkshire schoss unterdessen dank der Kurserholung an den Börsen von 14,1 Milliarden auf 26,3 Milliarden Dollar in die Höhe.

Beim Nettoergebnis müssen allerdings auch unrealisierte Investmentgewinne und -Verluste ausgewiesen werden. Deshalb schwankt diese Kennziffer stark und ist als Gradmesser für den tatsächlichen Geschäftsverlauf relativ ungeeignet. Zum Vergleich: Im Vorquartal hatte es hier noch ein Rekordminus von 50 Milliarden Dollar gegeben.

  

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>Warren Buffetts Investmentgesellschaft Berkshire Hathaway hat
>ihre Barreserven in der Coronakrise abermals kräftig erhöht.
>Im zweiten Quartal stieg der Geldberg, auf dem der 89-jährige
>Staranleger sitzt, um gut zehn Milliarden auf den Rekordbetrag
>von 146,6 Milliarden US-Dollar (124,4 Mrd. Euro), wie am
>Samstag aus dem Geschäftsbericht von Berkshire Hathaway
>hervorging.

Presseaussendung:

https://www.berkshirehathaway.com/news/aug0820.pdf

und der Bericht:

https://www.berkshirehathaway.com/qtrly/2ndqtr20.pdf

  

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Buffett kauft eigene Aktien:

Repurchases of Equity Securities
Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that
Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charles Munger, Vice Chairman of the Board,
believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. Repurchases may be in the open
market or through privately negotiated transactions. Information with respect to Berkshire’s Class A and Class B common stock
repurchased during the second quarter of 2020 follows.
Period
Total number of
shares purchased
Average price
paid per share
Total number of
shares purchased
as part of publicly
announced program
Maximum number or
value of shares that yet
may be repurchased
under the program
May:
Class A common stock 540 $ 262,967.67 540 *
Class B common stock 18,828,006 $ 174.58 18,828,006 *
June:
Class A common stock 1,282 $ 268,815.58 1,282 *
Class B common stock 7,514,590 $ 178.59 7,514,590 *

Seite 47, https://www.berkshirehathaway.com/qtrly/2ndqtr20.pdf

  

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Berkshire = Apple

i.e. zu einem erheblichen Teil:

Berkshire’s Apple Inc. stake, its largest common stock bet, ended the
quarter at $91.5 billion, meaning it accounted for about 44% of the
company’s stock portfolio.

https://www.bloomberg.com/news/articles/2020-08-09/buffett-shows-faith-in-berkshire-portf olio-with-record-buybacks

  

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>meaning it accounted for about 44% of the
>company’s stock portfolio.

Allerdings unter 20% der Berkshire Market Cap.
Berkshire ist ja nicht nur ein common stock Portfolio.

  

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>>meaning it accounted for about 44% of the
>>company’s stock portfolio.
>
>Allerdings unter 20% der Berkshire Market Cap.
>Berkshire ist ja nicht nur ein common stock Portfolio.


Mittlerweile nicht mal zur Hälfte mehr. Aber schon gewaltige Position, dürfte nicht vielen Leuten bewußt sein. (mir war es in dem Ausmaß nicht)

  

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>>>meaning it accounted for about 44% of the
>>>company’s stock portfolio.
>>
>>Allerdings unter 20% der Berkshire Market Cap.
>>Berkshire ist ja nicht nur ein common stock Portfolio.
>
>
>Mittlerweile nicht mal zur Hälfte mehr. Aber schon gewaltige
>Position, dürfte nicht vielen Leuten bewußt sein. (mir war es
>in dem Ausmaß nicht)

Mir auch nicht. Und ich glaube, das war auch nicht so geplant. Apple hat sich seit dem Kauf einfach unglaublich gut entwickelt. Und Buffett ist keiner, der sich vor einer schweren Position fürchtet und nur deshalb verkauft, weil das Portfolio nicht ausgewogen wirkt.

  

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>>Mittlerweile nicht mal zur Hälfte mehr. Aber schon
>gewaltige
>>Position, dürfte nicht vielen Leuten bewußt sein. (mir war
>es
>>in dem Ausmaß nicht)
>
>Mir auch nicht. Und ich glaube, das war auch nicht so geplant.


Sicher nicht, sonst wäre es zu Beginn eine 40%-Position gewesen. Wäre nicht das erste Mal.

  

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My longtime friend and former partner, Glenn Tongue, is the ax on Berkshire Hathaway (BRK-B).

So, as I do every quarter, I asked if he'd share his thoughts on the company's recent earnings report (here are links to the press releaseand 10-Q). Here's what Glenn sent me:

Berkshire Hathaway reported Q2 2020 earnings on Saturday morning. Given the global effects of COVID-19, there was surprisingly little action of note during the quarter.

One of the headline items was that the company repurchased $5.1 billion of its stock during the quarter. While not huge in the context of Berkshire's $508 billion market cap and its cash balances of $143 billion, it was by far the biggest quarterly repurchase ever, more than double the $2 billion in the fourth quarter of last year.

Given that CEO Warren Buffett didn't have the company repurchase any of its stock in March, when it hit a multi-year low under $240,000, or April, as the stock market rallied, it's noteworthy that he got more aggressive in May and June. Buffett's bullishness regarding his own stock appears to have continued subsequent to the end of the quarter, as it appears that the company repurchased an additional $2.4 billion of stock in July.

Berkshire was a large net seller of stocks during the second quarter, purchasing only $800 million of equity securities while selling $13.6 billion. While we don't yet know for sure what was sold during the quarter, Buffett reported in May that he sold all of Berkshire's airline holdings in April. Other equity sales appear to have come from some of the many bank stocks Berkshire owns, though Buffett in recent weeks (starting on July 20) has invested more than $2 billion in Bank of America (BAC), adding to Berkshire's already-large position. One enormously bright spot for the company was the performance of its largest position by far, Apple (AAPL), which soared 43% during the quarter.

Total operating earnings in the second quarter fell 10% year over year, from $6.1 billion to $5.5 billion. This is not surprising, given the broad-based global slowdown resulting from COVID-19.

Berkshire's stock has declined 6% year to date versus a 3.4% gain for the S&P 500 Index, a disparity that I think is unwarranted. While Berkshire did not take advantage of the opportunities that the market presented in March to the degree that I would have hoped, the company is incredibly safe, has solid growth prospects, and the stock is cheap.

I agree with your estimate, Whitney, from your July 16 e-mail that Berkshire's intrinsic value, conservatively calculated, is $386,000 per A share, 21% above current levels.

Whitney Tilson

  

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Another longtime friend, Doug Kass of Seabreeze Partners, also weighed in on Buffett and Berkshire:

It Feels Like Deja Vu All Over Again

The rising criticism of Warren Buffett is hilarious, foolish, and has an historic precedent

Late into the dot-com boom, in the second half of 1999, Warren Buffett was universally criticized for his lack of exposure in high-growth technology stocks and for his concentration on banks and consumer non-durable companies.

Warren got the last laugh, as he is likely to again in the upcoming market cycle.

Of course the current critics (many who should really know better) fail to mention that Berkshire's investment in Apple only a few years ago was the largest by far on a cost basis in the company's history. Berkshire currently owns 251 million shares at a cost of about $140/share ($35 billion). This equates to an unrealized gain of over $75 billion – marked to market.

I would end by stating that Buffett's net worth is above $70 billion – and that is after making large charitable contributions of his shares – making him the fourth-wealthiest person in the world.

Again, the criticism – especially from those trading cryptocurrency miner Marathon Patent Group (MARA), Chinese electric vehicle maker Kandi Technologies Group (KNDI), and the rest of the shiny objects admired by speculators – is laughable and is testimony to the state of the market and to the opinions from those in the cheap seats who think they know more than the smartest long-term investor in history.

  

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Buffett’s Berkshire Wagers $6 Billion on Japan Trading Firms

Warren Buffett’s Berkshire Hathaway Inc. bought stakes in five of Japan’s biggest trading companies, adding to the billionaire investor’s wager on the commodities sector and marking one of his largest-ever forays into Asia’s second-largest economy.

Berkshire acquired the stakes of about 5% in Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co. and Sumitomo Corp. over the past twelve months, the U.S. conglomerate said in a statement. The investments were valued at more than $6 billion combined after shares of all five companies jumped at least 5% in Tokyo trading on Monday.

https://www.bloomberg.com/news/articles/2020-08-31/buffett-s-berkshire-takes-stakes-in-ja panese-trading-companies

  

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>>Seit wann investiert der in ein Tech ipo?
>
>Das können wohl nur seine beiden Adjutanten gewesen sein.

In Buffet Dimensionen ist es nur ein Kleinbetrag - aber wie wird das mal enden/weitergehen?

  

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Berkshire Hathaway’s many businesses make it a good proxy for corporate America, and a Biden regime could bring change on several fronts. The most important thing is stopping Covid-19.

https://www.bloomberg.com/opinion/articles/2020-11-06/warren-buffett-and-berkshire-hathaw ay-face-2020-election

  

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Wesentlichster Punkt:

. Berkshire has repurchased more shares since yearend and is likely to
further reduce its share count in the future.

https://www.berkshirehathaway.com/letters/2020ltr.pdf

Apple: gekauft 31 Mrd. Aktueller Wert: 120 Mrd.

Unrealisierte Gewinne insgesamt: ca. 170 Mrd.

Recently, I learned a fact about our company that I had never suspected: Berkshire owns American-based
property, plant and equipment – the sort of assets that make up the “business infrastructure” of our country – with a
GAAP valuation exceeding the amount owned by any other U.S. company. Berkshire’s depreciated cost of these
domestic “fixed assets” is $154 billion. Next in line on this list is AT&T, with property, plant and equipment of $127
billion.

und so kann eine Eisenbahn auch aussehen:

Berkshire acquired BNSF early in 2010. Since our purchase, the railroad has invested $41 billion in fixed
assets, an outlay $20 billion in excess of its depreciation charges. Railroading is an outdoor sport, featuring mile-long
trains obliged to reliably operate in both extreme cold and heat, as they all the while encounter every form of terrain
from deserts to mountains. Massive flooding periodically occurs. BNSF owns 23,000 miles of track, spread throughout
28 states, and must spend whatever it takes to maximize safety and service throughout its vast system.

Nevertheless, BNSF has paid substantial dividends to Berkshire – $41.8 billion in total. The railroad pays us,
however, only what remains after it both fulfills the needs of its business and maintains a cash balance of about
$2 billion.

  

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>und so kann eine Eisenbahn auch aussehen:
>
>Berkshire acquired BNSF early in 2010. Since our purchase, the
>railroad has invested $41 billion in fixed
>assets, an outlay $20 billion in excess of its depreciation
>charges. Railroading is an outdoor sport, featuring mile-long
>trains obliged to reliably operate in both extreme cold and
>heat, as they all the while encounter every form of terrain
>from deserts to mountains. Massive flooding periodically
>occurs. BNSF owns 23,000 miles of track, spread throughout
>28 states, and must spend whatever it takes to maximize safety
>and service throughout its vast system.
>
>Nevertheless, BNSF has paid substantial dividends to Berkshire
>– $41.8 billion in total. The railroad pays us,
>however, only what remains after it both fulfills the needs of
>its business and maintains a cash balance of about
>$2 billion.

Güterverkehr ist immer profitabel. Der Personenverkehr treibt die (Infrastruktur)Kosten durch die hohen Fahrgeschwindigkeiten und Anforderungen an Ste Streckenführung.

  

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>Güterverkehr ist immer profitabel. Der Personenverkehr treibt
>die (Infrastruktur)Kosten durch die hohen
>Fahrgeschwindigkeiten und Anforderungen an Ste
>Streckenführung.

Welchen Return on Assets hat die ÖBB Cargo?

  

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>>Güterverkehr ist immer profitabel. Der Personenverkehr
>treibt
>>die (Infrastruktur)Kosten durch die hohen
>>Fahrgeschwindigkeiten und Anforderungen an Ste
>>Streckenführung.
>
>Welchen Return on Assets hat die ÖBB Cargo?
>

3,7 Prozent, wobei die auch Verkehre und Leistungen erbringen müssen die ein Privater nicht machen würde.

  

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>>>Güterverkehr ist immer profitabel. Der
>Personenverkehr
>>treibt
>>>die (Infrastruktur)Kosten durch die hohen
>>>Fahrgeschwindigkeiten und Anforderungen an Ste
>>>Streckenführung.
>>
>>Welchen Return on Assets hat die ÖBB Cargo?
>>
>
>3,7 Prozent, wobei die auch Verkehre und Leistungen erbringen
>müssen die ein Privater nicht machen würde.


Wo sieht man diesen RoA? Aus dem GB wurde ich diesbezüglich nicht schlau, aber daß auch der Cargo-Bereich zu meinem Erstaunen öffentliche Zahlungen erhält habe ich gelesen (wohl für diese Leistungen).

  

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Seine Holdings:

12/31/20
Shares* Company
Percentage of
Company
Owned Cost** Market
(in millions)
25,533,082 AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 $ 2,333 $ 2,736
151,610,700 American Express Company .................. 18.8 1,287 18,331
907,559,761 Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 31,089 120,424
1,032,852,006 Bank of America Corp. ...................... 11.9 14,631 31,306
66,835,615 The Bank of New York Mellon Corp. . . . . . . . . . . . 7.5 2,918 2,837
225,000,000 BYD Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2 232 5,897
5,213,461 Charter Communications, Inc. . . . . . . . . . . . . . . . . . 2.7 904 3,449
48,498,965 Chevron Corporation . . . . . . . . . . . . . . . . . . . . . . . . 2.5 4,024 4,096
400,000,000 The Coca-Cola Company . . . . . . . . . . . . . . . . . . . . . 9.3 1,299 21,936
52,975,000 General Motors Company . . . . . . . . . . . . . . . . . . . . 3.7 1,616 2,206
81,304,200 Itochu Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 1,862 2,336
28,697,435 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2,390 2,347
24,669,778 Moody’s Corporation ........................ 13.2 248 7,160
148,176,166 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 5,638 6,904
146,716,496 Verizon Communications Inc. . . . . . . . . . . . . . . . . . 3.5 8,691 8,620
Others*** ................................. 29,458 40,585
Total Equity Investments Carried at Market ...... $ 108,620 $ 281,170

* Excludes shares held by pension funds of Berkshire subsidiaries.
** This is our actual purchase price and also our tax basis.
*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to
buy common stock, a combination now being valued at $9 billion.

  

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>https://youtu.be/8OcegOGAGIs
>
>Warren Buffett als er noch jung war...

Seine Lebensregeln:
1. Don't lose
2. Always remember rule 1

Vielleicht noch:
3. Rely on facts, not on opinions

Während 1 und 2 ein tautologisches Wortspiel sind, das ja nur trivial klingt, ohne trivial erfüllbar zu sein, scheint 3 schlüssiger zu sein.

Aber heute gilt leider deutlich mehr als früher: opinions are facts.

Wenn man die Zeiten der Hexenverbrennungen heranzieht, waren eigentlich schon immer Meinungen entscheidende "Facts".

  

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>Seine Lebensregeln:
>1. Don't lose
>2. Always remember rule 1
>
>Vielleicht noch:
>3. Rely on facts, not on opinions
>
>Während 1 und 2 ein tautologisches Wortspiel sind, das ja nur
>trivial klingt, ohne trivial erfüllbar zu sein, scheint 3
>schlüssiger zu sein.
>
>Aber heute gilt leider deutlich mehr als früher: opinions are
>facts.
>
>Wenn man die Zeiten der Hexenverbrennungen heranzieht, waren
>eigentlich schon immer Meinungen entscheidende "Facts".

https://www.currentmarketvaluation.com/models/buffett-indicator.php

https://www.visualcapitalist.com/the-buffett-indicator-at-all-time-highs-is-this-cause-fo r-concern/

  

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>Aber heute gilt leider deutlich mehr als früher: opinions are facts.

Und: opinions change facts.

Wenn alle glauben, daß eine Branche Erfolg haben wird, fließt viel Geld hinein, das zum Großteil verbrannt wird, aber zu einem kleinen Teil die Forschung beflügelt und die Branche tatsächlich nach oben bringt.

  

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Meine Kritik wäre ja gewesen, daß Berkshire wider besseres Wissens Geld mit Fluglinienaktien in den Sand gesetzt hat. Wozu das gut war, hätte mich interessiert.

  

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>Meine Kritik wäre ja gewesen, daß Berkshire wider besseres
>Wissens Geld mit Fluglinienaktien in den Sand gesetzt hat.
>Wozu das gut war, hätte mich interessiert.

Konservatives Risikoinvestment, das nicht aufgegangen ist?

  

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>>Meine Kritik wäre ja gewesen, daß Berkshire wider
>besseres
>>Wissens Geld mit Fluglinienaktien in den Sand gesetzt
>hat.
>>Wozu das gut war, hätte mich interessiert.
>
>Konservatives Risikoinvestment, das nicht aufgegangen ist?


Buffett hat jahrelang gegen Fluglinienaktien polemisiert, sogar einmal gemeint, daß man ihn entmündigen möge, wenn er so etwas jemals wieder kauft. Und dann tut er genau das, nur um sie zu Coronabeginn wieder zu verramschen.

Da hätte mich schon interessiert, wie es dazu gekommen ist. Aber vielleicht stellt ja jemand diese Frage in der kommenden Hauptversammlung.

  

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Warren Buffett says Greg Abel is his likely successor at Berkshire Hathaway

Warren Buffett ended long-running speculation about his successor at Berkshire Hathaway Inc (BRKa.N) by saying Greg Abel, who oversees the conglomerate's non-insurance businesses, would be named chief executive if he were to step down.

Buffett told CNBC that "the directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning."

https://www.reuters.com/business/warren-buffett-says-greg-abel-is-his-likely-successor-be rkshire-hathaway-2021-05-03/

  

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Buffett’s Berkshire Appetite Surpasses Cash Spent on Apple Stock

Berkshire spent nearly $20 billion more repurchasing its own stock since the middle of 2018 than it deployed accumulating its Apple stake through the end of last year. In total, Buffett poured about $51 billion into buybacks since a change to its policy more than three years ago, and appears to have continued snapping up at least $1.7 billion of stock since the end of September.

https://finance.yahoo.com/news/buffett-berkshire-appetite-surpasses-cash-173252893.html

  

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Buffett’s Cash Pile Tops Record With $149.2 Billion On Hand

Berkshire’s cash pile hit new heights at $149.2 billion of funds in the third quarter, surpassing a record set in early 2020, the company said in its earnings report Saturday.

https://finance.yahoo.com/news/buffett-cash-pile-tops-record-121332931.html

  

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Vermutlich allerdings seine beiden Adjutanten gewesen:

Buffett's Berkshire bought Activision shares before Microsoft takeover

(Reuters) - Warren Buffett's Berkshire Hathaway Inc acquired nearly $1 billion of shares in Activision Blizzard Inc before Microsoft Corp agreed to buy the video game maker for $68.7 billion, according to a Monday regulatory filing.

Berkshire said that as of Dec. 31, it owned 14.7 million shares worth about $975 million of the "Call of Duty" maker.

Microsoft announced its plan to buy Activision Blizzard on Jan. 18, in its largest ever acquisition.

Activision shares are up 23% this year to $81.50, though they remain well below the proposed $95 per share takeover price, reflecting potential antitrust concerns.

https://finance.yahoo.com/news/buffetts-berkshire-buys-activision-blizzard-223946840.html

  

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Dank der wirtschaftlichen Erholung von der Corona-Krise hat die Investmentgesellschaft von US-Staranleger Warren Buffett zum Jahresende glänzend verdient. Im Schlussquartal 2021 steigerte Berkshire Hathaway den Betriebsgewinn gegenüber dem Vorjahreswert laut eigener Mitteilung vom Samstag um 45 Prozent auf 7,3 Milliarden Dollar (6,5 Mrd Euro). Das Versicherungsgeschäft lief nach roten Zahlen im Vorjahreszeitraum wieder besser. Auch andere Sparten wie die Güterbahngesellschaft BNSF legten deutlich zu.

Berkshires Hathaways Nettoergebnis wuchs in den drei Monaten bis Ende Dezember um elf Prozent auf 39,6 Milliarden Dollar. Hier werden allerdings auch stark schwankende unrealisierte Buchgewinne der vielen Aktienbeteiligungen ausgewiesen. Deshalb ist die Aussagekraft mit Blick auf den Geschäftsverlauf begrenzt. Buffett rät davon ab, der Kennzahl viel Aufmerksamkeit zu schenken. Insgesamt gehören zu Berkshire Hathaway an die 90 Firmen. Hinzukommen Aktienpakete an Konzernen wie Apple oder Coca-Cola .

Die auf dem Finanzmarkt mit Spannung verfolgten Barbestände verringerte Berkshire auf 146,7 Milliarden Dollar. Im Vorquartal hatten sie den Rekordwert von 149,2 Milliarden Dollar erreicht. Anleger fiebern seit Jahren auf Buffetts nächsten großen Deal hin, doch er tut sich bei der Suche nach Übernahmezielen schwer. Stattdessen nutzt Buffett die hohen Reserven schon länger verstärkt für Aktienrückkäufe. Hierfür gab Berkshire im Schlussquartal 6,9 Milliarden Dollar aus, nach 7,6 Milliarden im Vorquartal.

  

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Berkshire Hathaway berichtet erstmals zu ihren Klimazielen

Seite A-3
https://www.berkshirehathaway.com/2021ar/2021ar.pdf

BHE, through its Iowa utility MidAmerican Energy, began construction of its first wind turbines in 2004,
investing a little over $300 million in these assets. Today, MidAmerican has over 3,400 turbines in operation and
has invested $13.6 billion in wind production. This incredible expenditure helps MidAmerican to produce
renewable energy equivalent to 88% of its Iowa customers’ annual energy needs. It is attracting new customers
too – data center activity is growing exponentially throughout Iowa, driven by MidAmerican’s combination of
low cost and clean power. This is not the end of MidAmerican’s journey – just last month, the company
announced plans for a new $3.9 billion wind and solar project, which will enable renewable generation in excess
of its customers’ annual usage in Iowa by 2025.
The commitment to renewables goes beyond Iowa. In addition to the $13.6 billion invested in wind at
MidAmerican, BHE has invested $16.5 billion in other wind, solar and geothermal energy projects that it
operates and has financed an additional $6.9 billion for other operators.

While making these significant investments in renewables, BHE has retired 16 of its coal generation units.
Looking ahead, BHE plans to retire an additional 16 coal units between 2022 and 2030 in a reliable and cost-effective
manner for its customers, thereby achieving its 50% GHG emissions reduction target for 2030. Progress has been
consistent with this objective.
Simultaneously, BHE plans to invest billions of dollars in wind, solar and storage capacity, as well as invest in
new transmission lines in the West – a story told in Berkshire’s 2020 annual report. These transmission lines
connect remote noncarbon resources to far-away population centers. As additional noncarbon generation is
deployed and transmission is expanded, BHE plans to retire all remaining coal units by 2049 and all natural gas
units by 2050, enabling it to achieve net zero GHG emissions.

  

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April 19 (Reuters) - CalPERS, the largest U.S. public pension fund, on Tuesday said it will vote for a shareholder proposal that Berkshire Hathaway Inc (BRKa.N) replace Warren Buffett as chairman, though he would remain chief executive officer.

Buffett recently controlled about 32% of Berkshire's voting power, while owning about 16% of its stock.

https://www.reuters.com/business/calpers-vote-replace-buffett-berkshire-chairman-2022-04- 19/

  

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>Livestream der Berkshire Hathaway HV
>
>https://www.cnbc.com/brklive22/

Frage zu Bitcoin: "Wenn mir jemand 1% aller landwirtschaftlichen Flächen der USA um 25 Mrd. USD anbietet kaufe ich sofort. Wenn man mir 1% aller Bitcoins um 25 USD anbietet sage ich nein."

Munger: "Die chinesischen Kommunisten sind schlauer als wir. Die haben Bitcoin verboten."

  

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>Frage zu Bitcoin: "Wenn mir jemand 1% aller
>landwirtschaftlichen Flächen der USA um 25 Mrd. USD anbietet
>kaufe ich sofort. Wenn man mir 1% aller Bitcoins um 25 USD
>anbietet sage ich nein."
>
>Munger: "Die chinesischen Kommunisten sind schlauer als wir.
>Die haben Bitcoin verboten."

Hier ausführlicher:

https://www.cnbc.com/2022/04/30/warren-buffett-gives-his-most-expansive-explanation-for-w hy-he-doesnt-believe-in-bitcoin.html

  

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Berkshire Hathaway hält operativen Gewinn stabil


Die Investmentgesellschaft Berkshire Hathaway von US-Staranleger Warren Buffett hat den operativen Gewinn zum Jahresstart wegen größere Belastungen in Teilen des Versicherungsgeschäfts nur konstant gehalten. Gestiegene Schadensforderungen beim Erstversicherer Geico belasteten die Resultate in dem Bereich, wie Berkshire Hathaway heute in Omaha mitteilte. Der Betriebsgewinn blieb im ersten Quartal mit gut sieben Mrd. US-Dollar (6,7 Mrd. Euro) auf dem Niveau des Vorjahres.

Im Rückversicherungsgeschäft, bei der Güterbahngesellschaft BNSF sowie bei Fabrikationsunternehmen und im Einzelhandel lief es hingegen besser als vor einem Jahr. Berkshires Hathaways Nettoergebnis fiel indes um gut die Hälfte auf 5,5 Mrd. Dollar. Hier werden allerdings auch stark schwankende unrealisierte Buchgewinne und -verluste der vielen Aktienbeteiligungen ausgewiesen. Deshalb ist die Aussagekraft mit Blick auf den Geschäftsverlauf begrenzt. Buffett rät davon ab, der Kennzahl viel Aufmerksamkeit zu schenken. Zu Berkshire Hathaway gehören viele Unternehmen. Hinzukommen Aktienpakete an Konzernen wie Apple oder Coca-Cola.

Die Barbestände von Berkshire fielen. Allerdings waren sie in den letzten Jahren ordentlich gewachsen, weil sich Buffet bei der Suche nach Übernahmenzielen angesichts hoher Unternehmensbewertungen schwer tat.

  

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Apple reports record revenue of $83B

Apple (AAPL) released its Q3 earnings on Thursday, beating analysts' expectations with record revenue of $83 billion despite fears of rising inflation.

Here are the most important numbers from the report, and how they compare to Wall Street's expectations, as compiled by Bloomberg.

Revenue: $83 billion versus $82.7 billion expected

Earnings per share: $1.20 versus $1.16 expected

iPhone revenue: $40.7 billion versus $38.9 billion expected

iPad revenue: $7.22 billion billion versus $6.9 billion expected

Mac revenue: $7.4 billion billion versus $8.4 billion expected

Wearables revenue: $8.1 billion versus $8.8 billion expected

Services revenue: $19.6 billion billion versus $19.7 billion expected

Apple's stock was up more than 3% after the report.

https://finance.yahoo.com/news/apple-q-3-earnings-142517224.html

  

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Warren Buffett’s Berkshire Takes a Beating on Auto Insurance

The conglomerate reported a $962 million loss on insurance underwriting in the third quarter, the worst quarterly loss in a year. Auto-insurer Geico took the biggest hit among its insurance businesses, with a pretax loss of $759 million. The unit hasn’t turned a quarterly profit since the second quarter last year.

https://finance.yahoo.com/news/warren-buffett-berkshire-takes-beating-150957698.html< br />

  

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Approximately $2.6 billion was used to repurchase Berkshire shares during the fourth quarter bringing the total for
the year to approximately $7.9 billion.


Das vs. Market Cap 671,4 bn

  

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Berkshire Hathaway - Starkes Q2-23

https://www.berkshirehathaway.com/news/aug0523.pdf

Approximately $1.4 billion was used to repurchase Berkshire shares during the second quarter of 2023, bringing
the six-month total to $5.8 billion.

  

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6 Prozent des 366 Milliarden Dollar umfassenden Aktienportfolios von Berkshire entfallen auf Apple. Die Aktie des iPhone-Herstellers hat seit Jahresbeginn um mehr als 40 Prozent zugelegt, auch wenn sie nach der Präsentation der jüngsten Quartalszahlen ein wenig zurückgefallen ist. Sonst gibt es keine Position, die mehr als zehn Prozent des Aktienportfolios von Berkshire ausmacht. Zwischen fünf und zehn Prozent entfallen auf American Express, Coca-Cola, Bank of America und den Ölkonzern Chevron – allesamt Unternehmen, an denen Berkshire schon jahrelang beteiligt ist.

https://www.diepresse.com/13928922/warren-buffett-erzielt-rekordgewinn

  

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Immer wieder würden ihn Leute fragen, wie man schnell reich wird, erzählte er einmal. Das wisse er aber nicht. Er wisse nur, wie man langsam reich wird. Doch das frage selten jemand.

  

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>6 Prozent des 366 Milliarden Dollar umfassenden
>Aktienportfolios von Berkshire entfallen auf Apple. Die Aktie
>des iPhone-Herstellers hat seit Jahresbeginn um mehr als 40
>Prozent zugelegt, auch wenn sie nach der Präsentation der
>jüngsten Quartalszahlen ein wenig zurückgefallen ist. Sonst
>gibt es keine Position, die mehr als zehn Prozent des
>Aktienportfolios von Berkshire ausmacht. Zwischen fünf und
>zehn Prozent entfallen auf American Express, Coca-Cola, Bank
>of America und den Ölkonzern Chevron – allesamt Unternehmen,
>an denen Berkshire schon jahrelang beteiligt ist.
>
>https://www.diepresse.com/13928922/warren-buffett-erzielt-rekordgewinn
>

Wundert etwas, dass er an der Apple so festhält.
Denn die Aktie hatte die letzten Jahre einen super Lauf, während die Umsätze etc. eigentlich stagnieren.
Und kein Trigger am Horizont erkennbar ist, der da wieder Schwung reinbringt. Die Aktie lebt derzeit von der Hoffnung, dass sie es schaffen die Umsätze im Servicebereich kontinuierlich zu erhöhen.
Denn Hardware wird zunehmend schwer werden. Kenne niemanden der das 15er freudig erwartet. Generell zu bemerken, dass die meisten bei Ersatz das Vorgänger oder gar VorVorgänger Modell kaufen.

  

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>Wundert etwas, dass er an der Apple so festhält.

So leicht kommt er da auch nicht mehr raus.
Das Apple iPhone ist übrigens das wichtigste Industrieprodukt weltweit, gemessen am Umsatz.

  

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Apple-Kursverfall bringt Warren Buffett Milliardenverlust

Der Kursverfall der Apple-Aktie hat das Firmenkonglomerat des Starinvestors Warren Buffett tief in die roten Zahlen getrieben. Der Nettoverlust im dritten Quartal fiel mit 12,77 Milliarden Dollar viermal so hoch aus wie ein Jahr zuvor, wie der Berkshire-Hathaway-Konzern heute mitteilte.

Dass der Apple-Kurs um zwölf Prozent nachgab und andere von Berkshire Hathaway gehaltene Aktienpakete ebenfalls an Wert verloren, bescherte der Firmengruppe Buchverluste von 23,5 Milliarden Dollar. Aufgrund derartiger Bewertungseffekte schwankt das Nettoergebnis der Firmengruppe des 93-jährigen Investors oft stark.

Dass die Buchverluste nicht voll durchschlugen, verdankte der Konzern profitablen Geschäften eigener Unternehmen. Weil etwa der Autoversicherer Geico für weniger Unfälle aufkommen musste und das Rückversicherungsgeschäft von einer vergleichsweise wenig schadensträchtigen Hurrikansaison profitierte, kletterte der operative Gewinn von Berkshire Hathaway um 41 Prozent auf 10,76 Milliarden Dollar.

Auch der im vergangenen Jahr übernommene Spielzeughersteller Jazwares, der für seine Squishmallows-Plüschtiere bekannt ist, berichtete von guten Geschäften. Bei der Güterbahn BNSF schrumpfte der Gewinn hingegen aufgrund rückläufiger Nachfrage nach dem Transport von Konsumgütern.

  

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Approximately $2.2 billion was used to repurchase Berkshire shares during the fourth quarter of 2023 bringing the
total for the year to approximately $9.2 billion.

  

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