Here’s a full list of every book Warren Buffett has recommended this decade—in his annual letters

Since we bought MiTek in 2001, it has made 33 ‘tuck-in’ acquisitions, almost all successful,” Buffett wrote in 2011. Loomis’ offers readers insights into Buffett’s investment strategies, along with his wisdom on management, philanthropy, public policy and even parenting. ″[‘The Outsiders’] is an outstanding book about CEOs who excelled at capital allocation,” Buffett wrote in 2012. It “includes an index that I find particularly useful, specifying page numbers for individuals, companies and subje


Since we bought MiTek in 2001, it has made 33 ‘tuck-in’ acquisitions, almost all successful,” Buffett wrote in 2011.
Loomis’ offers readers insights into Buffett’s investment strategies, along with his wisdom on management, philanthropy, public policy and even parenting.
″[‘The Outsiders’] is an outstanding book about CEOs who excelled at capital allocation,” Buffett wrote in 2012.
It “includes an index that I find particularly useful, specifying page numbers for individuals, companies and subje
Here’s a full list of every book Warren Buffett has recommended this decade—in his annual letters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: tom popomaronis
Keywords: news, cnbc, companies, warren, investors, buffett, wrote, investment, investing, book, recommended, letter, heres, decadein, list, annual, wisdom, buffetts, letters


Here's a full list of every book Warren Buffett has recommended this decade—in his annual letters

1. ‘Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger’

Edited by Peter D. Kaufman This book offers a treasure trove of financial wisdom in the form of speeches and essays written by Charlie Munger, Buffett’s longtime business partner and vice president of Berkshire. If you enjoy Buffett’s unique sense of humor, wit and insights, you’ll certainly get a kick out of “Poor Charlie Almanack.” One favorite among many Munger fans is “The Psychology of Human Misjudgment,” an essay in which he writes about the cognitive traps that investors often fall into. “Just buy a copy and carry it around; it will make you look urbane and erudite,” Buffett joked in his 2010 shareholder letter.

2. ‘The Intelligent Investor’

By Benjamin Graham Buffett has praised “The Intelligent Investor” on several occasions. “In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life.” The billionaire investor mentioned it again in 2013: “Of all the investments I ever made, buying Ben’s book was the best (except for my purchase of two marriage licenses). In contrast, Ben’s ideas were explained logically in elegant, easy-to-understand prose (without Greek letters or complicated formulas).”

3. ‘Mitek: A Global Success Story, 1981-2011’

By Jim Healy You might not have much luck finding this one on Amazon, but it can be purchased online from The Bookworm, an Omaha-based independent bookstore (and Buffett’s go-to for must-reads). MiTek Industries Inc., a supplier of engineered products for construction, is known as one of Berkshire’s very successful subsidiaries. This book tells the story of how MiTek, which started out as a small Midwestern firm in 1955, went from being on the verge of financial collapse to becoming a dominant supplier in its industry. “You’ll learn how my interest in the company was originally piqued by my receiving in the mail a hunk of ugly metal whose purpose I couldn’t fathom. Since we bought MiTek in 2001, it has made 33 ‘tuck-in’ acquisitions, almost all successful,” Buffett wrote in 2011.

4. ‘A Few Lessons for Investors and Managers From Warren Buffett’

Edited by Peter Bevelin This is a short (roughly 81 pages) and easy must-read for managers and investors looking to soak up timeless wisdom from the Oracle of Omaha. In his own words, Buffett explains how to think about important topics such as business valuation, traits of good and bad businesses, acquisitions and their traps, how to reduce risk, corporate governance and the importance of trust. It essentially “sums up what Charlie and I have been saying over the years in annual reports and at annual meetings,” he wrote 2011.

5. ‘Tap Dancing to Work: Warren Buffett on Practically Everything’

By Carol J. Loomis In his 2012 letter, Buffett gave a shout-out to Carol Loomis, a former editor-at-large at Fortune magazine and author of “Tap Dancing to Work.” She “has been invaluable to me in editing this letter since 1977,” he wrote. Loomis’ offers readers insights into Buffett’s investment strategies, along with his wisdom on management, philanthropy, public policy and even parenting. (In case you’re curious: the billionaire plans to leave his kids “enough money so they would feel they could do anything, but not so much that they could do nothing.”). Also included in one of the chapters is a 1996 essay from Microsoft co-founder Bill Gates,’ describing his early impressions of Buffett as they struck up their close friendship.

6. ‘The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success’

By William N. Thorndike In “The Outsiders,” William N. Thorndike, a graduate of Harvard College and the Stanford Graduate School of Business, details the extraordinary success of eight successful CEOs who took a radically different approach to corporate management. You might not recognize all their names, but you’ve probably heard of their companies: General Cinema, Ralston Purina, Berkshire Hathaway, General Dynamics and Capital Cities Broadcasting, to name just a few. ″[‘The Outsiders’] is an outstanding book about CEOs who excelled at capital allocation,” Buffett wrote in 2012. “It has an insightful chapter on our director, Tom Murphy, overall the best business manager I’ve ever met.”

7. ‘The Clash of the Cultures: Investment vs. Speculation’

By John C. Bogle This is another book from Buffett’s 2012 letter. In “Clash of the Cultures,” John C. Bogle, founder of The Vanguard Group (who has been credited as the creator of the first index fund), writes about the changing culture in the mutual fund industry, how speculation has invaded our national retirement system and the need for a federal standard of fiduciary duty. For investors, the most valuable takeaway is his list of 10 simple rules of “Common Senses Investing.” According to Bogle, it “may not be the best strategy ever devised. But the number of strategies that are worse is infinite.” One of my favorite lines from the book: “Where returns are concerned, time is your friend. But where costs are concerned, time is your enemy.” (Why? Because it can pretty much apply to all aspects of your life, not just investing.)

8. ‘Investing Between the Lines: How to Make Smarter Decisions by Decoding CEO Communications’

By L.J. Rittenhouse Buffett also recommended this title in his 2012 shareholder letter. Drawing from more than 10 years’ worth of research, L.J. Rittenhouse, a trust and valuation expert, outlines a system to measure organizational trustworthiness as a predictor of investment potential. “So many books have been written on how to analyze a company, but so few have been written on how to analyze the person in control of a company,” according to one Amazon reviewer, who gave Investing Between the Lines a five-star rating. “This book solves that problem.”

9. ‘Berkshire Hathaway Letters to Shareholders’

Edited by Max Olson This is one of Max Olson’s many compilations of Berkshire Hathaway letters, going back to 1965. It “includes an index that I find particularly useful, specifying page numbers for individuals, companies and subject matter,” Buffett wrote in 2013. It might be rare for you to want to read several decades’ worth of annual letters, but I imagine it’d be nice just keep on your bookshelf.

10. ’40 Chances: Finding Hope in a Hungry World’

By Howard G. Buffett In 2006, when Buffett announced he would begin to give away a bulk of his fortune to philanthropy, he challenged his son, Howard G. Buffett, to do something great in the world. So Howard decided to give himself 40 years to put more than $3 billion to work on this challenge. This book, which Buffett said readers “will enjoy,” captures that journey. Some standout principles from “40 Chances”: Roots: “Every goal without a plan is just a wish. Start planning your goals at the root level.”

“Every goal without a plan is just a wish. Start planning your goals at the root level.” Bravery: “Growth comes from taking calculated, smart risks — always with your plan in mind.”

“Growth comes from taking calculated, smart risks — always with your plan in mind.” Lessons: “Many of the things worth doing in life are accomplished because we make mistakes; they’re accomplished because we learn from those mistakes and take those lessons with us into the next chance.”

11. ‘The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns’

By John C. Bogle This second book from Bogle that Buffett recommended is perhaps the most important one one this list for entry-level investors. “There are a few investment managers, of course, who are very good — though in the short run, it’s difficult to determine whether a great record is due to luck or talent,” Buffett wrote in 2014. He continued: “Rather than listening to their siren songs, investors — large and small — should instead read ‘The Little Book of Common Sense Investing.'”

12. ‘Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street’

By Fred Schwed Buffett recommended this “wonderful” book in his 2014 letter, but it wasn’t the first time he gave it significant praise. “This is the funniest book ever written about investing,” he proclaimed back in 2006. “It lightly delivers many truly important messages on the subject.” In “Where Are the Customer Yachts?,” Fred Schwed exposes the hypocrisy of Wall Street through the story of a visitor to New York who admires the yachts of bankers and brokers. He then wonders where all the customers’ yachts have gone. (Hint: They didn’t have any because … well, they couldn’t afford them — despite the fact that they all followed the advice of their bankers and brokers.) Michael Lewis, best-selling author of “Liar’s Poker,” also approves of the book: “Once I picked it up, I did not put it down until I finished.”

13. ‘Limping On Water’

By Phil Beuth and K.C. Schulberg In “Limping on Water,” Phil Beuth chronicles his broadcasting career at Capital Cities/ABC-TV, which operates in several areas of the media business. The book “tells you a lot about its leaders, Tom Murphy and Dan Burke. These two were the best managerial duo — both in what they accomplished and how they did it — that Charlie and I ever witnessed,” Buffett wrote in 2015. “Much of what you become in life depends on whom you choose to admire and copy.”

14. ‘Warren Buffett’s Ground Rules: Words of Wisdom from the Partnership Letters of the World’s Greatest Investor’

By Jeremy C. Miller Pulling from letters Buffett wrote to his partners between 1956 and 1970, veteran financial advisor Jeremy Miller dissects the billionaire’s “ground rules” for investing. “Mr. Miller has done a superb job of researching and dissecting the operation of Buffett Partnership Ltd. and of explaining how Berkshire’s culture has evolved from its BPL origin,” Buffett wrote in 2015. “If you are fascinated by investment theory and practice, you will enjoy this book.”

15. ‘Shoe Dog’


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: tom popomaronis
Keywords: news, cnbc, companies, warren, investors, buffett, wrote, investment, investing, book, recommended, letter, heres, decadein, list, annual, wisdom, buffetts, letters


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Warren Buffett’s latest attempt to put his cash to work is thwarted

Now, we finally have an idea of what Warren Buffett has been thinking of doing with some of that money. Berkshire Chairman and CEO Warren Buffett said one week ago he bid $140 a share, or just over $5 billion excluding debt, for Tech Data. Apollo’s latest offer topped Buffett’s bid, and was accepted by Tech Data as the better offer. Tech Data is a global distributor of technology products and services. About 16% of its sales come from Apple products, while products from Cisco and Hewlett Packard


Now, we finally have an idea of what Warren Buffett has been thinking of doing with some of that money.
Berkshire Chairman and CEO Warren Buffett said one week ago he bid $140 a share, or just over $5 billion excluding debt, for Tech Data.
Apollo’s latest offer topped Buffett’s bid, and was accepted by Tech Data as the better offer.
Tech Data is a global distributor of technology products and services.
About 16% of its sales come from Apple products, while products from Cisco and Hewlett Packard
Warren Buffett’s latest attempt to put his cash to work is thwarted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: becky quick, fred imbert, silvia amaro
Keywords: news, cnbc, companies, attempt, berkshire, products, warren, cash, billion, technology, share, data, bid, latest, buffetts, work, tech, buffett, thwarted


Warren Buffett's latest attempt to put his cash to work is thwarted

Berkshire Hathaway’s cash hoard keeps growing, topping $128 billion according to the company’s latest SEC filing. Now, we finally have an idea of what Warren Buffett has been thinking of doing with some of that money.

In a little-noticed announcement late Wednesday, Tech Data said that it had agreed to be bought by private-equity firm Apollo Global Management for $145 a share, which values the tech company at about $5.14 billion, excluding debt. The deal was sweetened from Apollo’s previous bid of $130 a share, or just over $4.77 billion, after an unnamed suitor topped Apollo’s original offer.

The undisclosed competing suitor was none other than Berkshire Hathaway, CNBC has learned exclusively. Berkshire Chairman and CEO Warren Buffett said one week ago he bid $140 a share, or just over $5 billion excluding debt, for Tech Data.

Apollo’s latest offer topped Buffett’s bid, and was accepted by Tech Data as the better offer. Buffett said he does not intend to make a higher offer.

Tech Data is a global distributor of technology products and services. It supplies small companies with technology software and hardware made by large technology companies. It had $37 billion in revenue last year. About 16% of its sales come from Apple products, while products from Cisco and Hewlett Packard Enterprise make up about 11% each.


Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: becky quick, fred imbert, silvia amaro
Keywords: news, cnbc, companies, attempt, berkshire, products, warren, cash, billion, technology, share, data, bid, latest, buffetts, work, tech, buffett, thwarted


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Charles Schwab just broke one of Warren Buffett’s biggest rules about acquisitions

Warren Buffett Gerard Miller | CNBCWith two huge mergers being the talk of Wall Street, which one would Warren Buffett do? Buffett’s rules of the road for acquisitions have been expressed in years of shareholder letters. A stock deal allows shareholders to benefit from those synergies — albeit always uncertain in the initial estimation on deal date — that can accrue over time. Even as Berkshire’s cash hoard has grown to near-$130 billion, Buffett has been reluctant to make big deals. But managem


Warren Buffett Gerard Miller | CNBCWith two huge mergers being the talk of Wall Street, which one would Warren Buffett do?
Buffett’s rules of the road for acquisitions have been expressed in years of shareholder letters.
A stock deal allows shareholders to benefit from those synergies — albeit always uncertain in the initial estimation on deal date — that can accrue over time.
Even as Berkshire’s cash hoard has grown to near-$130 billion, Buffett has been reluctant to make big deals.
But managem
Charles Schwab just broke one of Warren Buffett’s biggest rules about acquisitions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: tim mullaney, eric rosenbaum
Keywords: news, cnbc, companies, billion, buffett, buffetts, cash, deal, warren, schwab, charles, broke, wrote, biggest, shares, rules, acquisitions, company, stock


Charles Schwab just broke one of Warren Buffett's biggest rules about acquisitions

Warren Buffett Gerard Miller | CNBC

With two huge mergers being the talk of Wall Street, which one would Warren Buffett do? On Monday Charles Schwab announced a $26 billion all-stock deal for TD Ameritrade. LVMH, meanwhile, approved on Sunday a $16 billion all-cash deal for Tiffany’s. Most investors know that Buffett, chairman and CEO of Berkshire Hathaway, is full of advice for individual investors. But the Oracle of Omaha’s market musings — doled out year after year across decades of annual letters to Berkshire shareholders and interviews — are also reflected in the actions of major corporations and the ways in which they leverage their balance sheets. The two big corporate acquisitions show divergent paths when it comes to one of Buffett’s strongly stated beliefs about making deals: Don’t use your own stock. Use cash. Buffett’s rules of the road for acquisitions have been expressed in years of shareholder letters. His advice to CFOs, implicitly, shows up in these letters, according to the editor of “The Essays of Warren Buffett” and George Washington University professor Lawrence Cunningham. Read enough of them and the 89-year-old chief executive of Berkshire Hathaway gets around to giving his distinctively value-tinged, commonsense approaches to accounting, mergers, stock buybacks, dividends and other tricks of the trade to build value. “Everyone sort of nods when they’re reading, but then they don’t listen,” said Cunningham, a corporate-governance expert at George Washington University Law School. The fifth edition of the book-length distillation of Buffett’s decades of shareholder letters just came out. “Then they go make the mistakes themselves.” Berkshire famously never has paid a cash dividend, for example, and has moved more slowly on stock buybacks than most companies of its size (its market capitalization is $535 billion). Especially, Buffett sounds repeated warnings on the subject of acquisitions, though Berkshire itself has been a serial acquirer — either of whole companies like Geico and the Burlington Northern Railroad or of big stakes in public companies like Apple, IBM and American Express. Buffett’s preference for cash over stock in M&A can be summed up this way: If a company is in a position to buy a rival, it’s probably in better shape than the target is, and that means its stock is worth more of a premium, Buffett wrote in 1997. Paying cash helps the acquirer avoid giving away the appreciation of its existing business to holders of the company getting bought out, which, if you’re doing it right, is larger than the gain likely to come from the acquisition, he wrote. “For a baseball team, acquiring a player who can expected to bat .350 is almost always a wonderful event — except when the team must trade a player hitting .380 to make the deal,” Buffett wrote. In one instance of Buffett going public with this belief about giving away shares in a deal he chastised then Kraft CEO Irene Rosenfeld in 2010 for using Kraft shares in a takeover of Cadbury. He did break his own all-cash rule once, notably, using a combination of cash and shares to buy Burlington Northern, at the time Berkshire’s biggest acquisition ever. News of the Schwab and LVMH deals hit just as a new edition of the Buffett book is hitting the stands. And the headlines underscore how timely Buffett’s advice remains for corporate titans. The 89-year old has long been known in his personal life for being a bit of a miser, eating McDonald’s for breakfast and living in the same modest home in Omaha for decades. When it comes to spending a company’s cash or stock, in acquisitions or otherwise, his grip on his wallet is no more loose.

Why Schwab analysts say the stock deal is OK

Analysts who cover the brokerage industry say Buffett’s words are wise, but the specifics of the Schwab-TD Ameritrade deal make the decision to finance it with stock a reasonable one. “Buffett has over $100 billion in cash. Schwab had about $20 billion at Sept. 30, so could not have financed this entire transaction with cash,” wrote Argus Research analyst Stephen Biggar in an email. Morningstar analyst Michael Wong said for Schwab shareholders the deal probably would have been more accretive if it was cash financed, but he does think that TD Ameritrade would have balked at a $26 billion valuation in cash. “Even if Schwab shareholders gave up a little bit of the value by issuing shares, both are better off from this deal.” That’s because the long-term synergies that would result from the combination of the similar businesses — which should reach into billions of dollars — would have required a much higher cash premium in a deal. A stock deal allows shareholders to benefit from those synergies — albeit always uncertain in the initial estimation on deal date — that can accrue over time. Schwab is trading at 19.5x 2020 earnings, while AMTD is at 16.5x. Both stocks have risen since news of the deal was first broken by CNBC. “Both shares rising is an indication that investors see the merit in the expected 15%-20% cash EPS accretion by this third year,” Biggar wrote. “While true that financing is currently inexpensive, keep in mind Schwab is trading at 19.5x 2020 earnings, while AMTD is at 16.5x, so Schwab is buying a similar revenue stream with a more favorable currency.” Biggar also noted that TD Ameritrade shares are 43% held by Toronto-Dominion, a large shareholder unlikely to sell. Schwab did not immediately respond to a request for comment.

Where Buffett sees market opportunity

Buffett also says to consider buying part of the business rather than all of it. Buying shares in open markets, as Berkshire often does (it has reported stakes in about 45 other public companies) lets Buffett and his team, led by vice chair Charlie Munger and investment officers Todd Combs and Ted Weschler, avoid paying takeover premiums in order to get a piece of the business, while still building value for Berkshire stockholders. In fact, right now that is Buffett’s publicly stated preference. Even as Berkshire’s cash hoard has grown to near-$130 billion, Buffett has been reluctant to make big deals. Buffett wrote in last year’s annual letter that he continues to hunt for the “elephant-sized” acquisition: “In recent years, the sensible course for us to follow has been clear: 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. … That disappointing reality means that 2019 will likely see us again expanding our holdings of marketable equities. We continue, nevertheless, to hope for an elephant-sized acquisition.”

Buffett on buybacks and dividends

Here are some more of Buffett’s biggest beliefs for the C-suite. Don’t fall in love with your own management skills. Too many acquirers think their kiss alone will turn a toad of a company into a prince, Buffett wrote in a witty 1981 letter. It rarely happens. That leads to Buffett’s most famous rule of acquisitions: It’s better to buy a good company at a fair price than a fair company at a good price, an idea he explained in 1992. “We have occasionally tried to buy toads at bargain prices,” Buffett said. “Clearly our kisses fell flat. We’ve done well with a couple of prices — but they were princes when purchased. At least our kisses didn’t turn them into toads.” A similar combination of skepticism (about the market) and belief (in Berkshire’s own business) explains why Buffett doesn’t believe in cash dividends, Cunningham said. Dividends should be paid in cash only when the company doesn’t have a better place to invest the money in its own business, a point Buffett explained in 1984 with a math-dense illustration of why that’s rarely so for a well-run company. Buy more of your own stock. One place where the cash can often be put to good work is on stock buybacks, as long as management is disciplined, Buffett said, on a topic he has revisited five times in shareholder letters, as recently as 2018. Bought at the right price, the shrinking share base will boost earnings per share. But management too often falls for the hype around their own stock and overpay, Buffett wrote in the bubble year of 1999. At Berkshire the rule had long been that the company won’t pay more than 110% of shares’ intrinsic value, a subjective measurement of the value of future cash flows projected by management, but it has more recently broken that rule to snag large blocks of shares when they became available.


Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: tim mullaney, eric rosenbaum
Keywords: news, cnbc, companies, billion, buffett, buffetts, cash, deal, warren, schwab, charles, broke, wrote, biggest, shares, rules, acquisitions, company, stock


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Warren Buffett’s Berkshire Hathaway reveals new stake in furniture retailer RH, shares surge

Berkshire Hathaway owned 1.2 million shares of furniture retailer RH, formerly known as Restoration Hardware, at the end of the third quarter, according to a filing with the Securities and Exchange Commission. Warren Buffett’s conglomerate also revealed a new stake in Occidental Petroleum worth around $332 million, according to the company’s 13-F filing. The filing showed Berkshire decreased its stake in Wells Fargo by 7.7% to about 378 million shares. Berkshire also trimmed its Phillips 66 stak


Berkshire Hathaway owned 1.2 million shares of furniture retailer RH, formerly known as Restoration Hardware, at the end of the third quarter, according to a filing with the Securities and Exchange Commission.
Warren Buffett’s conglomerate also revealed a new stake in Occidental Petroleum worth around $332 million, according to the company’s 13-F filing.
The filing showed Berkshire decreased its stake in Wells Fargo by 7.7% to about 378 million shares.
Berkshire also trimmed its Phillips 66 stak
Warren Buffett’s Berkshire Hathaway reveals new stake in furniture retailer RH, shares surge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: yun li
Keywords: news, cnbc, companies, shares, reveals, hathaway, stake, furniture, filing, owned, berkshire, buffetts, end, worth, warren, surge, according, retailer, million


Warren Buffett's Berkshire Hathaway reveals new stake in furniture retailer RH, shares surge

Berkshire Hathaway owned 1.2 million shares of furniture retailer RH, formerly known as Restoration Hardware, at the end of the third quarter, according to a filing with the Securities and Exchange Commission.

Shares of RH surged 7.5% in after-hours trading on Thursday. The stock has rallied 41% this year.

Warren Buffett’s conglomerate also revealed a new stake in Occidental Petroleum worth around $332 million, according to the company’s 13-F filing. The filing documents the company’s holdings as of end of September.

The filing showed Berkshire decreased its stake in Wells Fargo by 7.7% to about 378 million shares. Berkshire also trimmed its Phillips 66 stake by 6.7% to 5.2 million shares worth around $530 million, according to the filing.

Berkshire maintained its positions in Bank of America, Delta Air Lines, Bank of New York Mellon and Coca-Cola. It also owned 325 million shares of Kraft Heinz by the end of September.


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: yun li
Keywords: news, cnbc, companies, shares, reveals, hathaway, stake, furniture, filing, owned, berkshire, buffetts, end, worth, warren, surge, according, retailer, million


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Warren Buffett’s Berkshire Hathaway reports better-than-expected profit and a $128 billion cash pile

Berkshire benefited as resilience in consumer spending helped cause U.S. economic growth to slow less than expected, offsetting a contraction in business investment. Berkshire said third-quarter operating income rose to $7.86 billion, or roughly $4,816 per Class A share, from $6.88 billion, or roughly $4,189 per share, a year earlier. Analysts on average expected operating profit of $4,405.16 per share, according to Refinitiv IBES. Net income fell 11% to $16.52 billion, or $10,119 per Class A sh


Berkshire benefited as resilience in consumer spending helped cause U.S. economic growth to slow less than expected, offsetting a contraction in business investment.
Berkshire said third-quarter operating income rose to $7.86 billion, or roughly $4,816 per Class A share, from $6.88 billion, or roughly $4,189 per share, a year earlier.
Analysts on average expected operating profit of $4,405.16 per share, according to Refinitiv IBES.
Net income fell 11% to $16.52 billion, or $10,119 per Class A sh
Warren Buffett’s Berkshire Hathaway reports better-than-expected profit and a $128 billion cash pile Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-02
Keywords: news, cnbc, companies, rose, profit, betterthanexpected, operating, shares, share, warren, roughly, pile, billion, cash, buffetts, reports, expected, stock, hathaway, class, berkshire


Warren Buffett's Berkshire Hathaway reports better-than-expected profit and a $128 billion cash pile

Warren Buffett, chairman and CEO of Berkshire Hathaway Inc

Berkshire Hathaway on Saturday said its quarterly operating profit rose more than analysts expected, as growth in several business lines offset the drag from trade tensions and tariffs and billionaire Warren Buffett’s inability to deploy the conglomerate’s cash.

Berkshire benefited as resilience in consumer spending helped cause U.S. economic growth to slow less than expected, offsetting a contraction in business investment.

But rising stock prices are still impeding Buffett’s efforts to find places to invest.

Berkshire ended September with a record $128.2 billion of cash, despite repurchasing $700 million of stock in the quarter, and its stock price has lagged the broader market by the most since 2009.

Buffett has gone nearly four years since making a major acquisition.

His Omaha, Nebraska-based conglomerate operates more than 90 businesses including the Geico auto insurer, BNSF railroad, Dairy Queen ice cream, Fruit of the Loom underwear, and its namesake energy company and real estate brokerage.

Berkshire said third-quarter operating income rose to $7.86 billion, or roughly $4,816 per Class A share, from $6.88 billion, or roughly $4,189 per share, a year earlier.

Analysts on average expected operating profit of $4,405.16 per share, according to Refinitiv IBES.

Net income fell 11% to $16.52 billion, or $10,119 per Class A share, from $18.54 billion, or $11,280 per share, reflecting fewer gains from Berkshire’s investments.

A U.S. accounting rule requires earnings to incorporate unrealized gains, including on investments such as Apple and Bank of America. Buffett said the resulting volatility can mislead investors.

Class A shares of Berkshire closed Friday at $323,400, up 5.7% in 2019, lagging the 22.3% gain in the Standard & Poor’s 500. Class B shares closed at $215.83, also up 5.7%.


Company: cnbc, Activity: cnbc, Date: 2019-11-02
Keywords: news, cnbc, companies, rose, profit, betterthanexpected, operating, shares, share, warren, roughly, pile, billion, cash, buffetts, reports, expected, stock, hathaway, class, berkshire


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Warren Buffett’s big Berkshire Hathaway cash puzzle is getting more complicated

Berkshire Hathaway Energy is a huge utility market player in the U.S. serving more than 10 million customers, as well as controlling transmission infrastructure and renewable energy projects across many states. A long-time Berkshire Hathaway holder and fund manager, David Rolfe of Wedgewood Investments, recently sold his entire stake in Berkshire. “Their utilities business (Berkshire Energy) needs continued acquisitions to restart utility growth,” Rolfe wrote. Berkshire Energy has invested $6.5


Berkshire Hathaway Energy is a huge utility market player in the U.S. serving more than 10 million customers, as well as controlling transmission infrastructure and renewable energy projects across many states.
A long-time Berkshire Hathaway holder and fund manager, David Rolfe of Wedgewood Investments, recently sold his entire stake in Berkshire.
“Their utilities business (Berkshire Energy) needs continued acquisitions to restart utility growth,” Rolfe wrote.
Berkshire Energy has invested $6.5
Warren Buffett’s big Berkshire Hathaway cash puzzle is getting more complicated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: eric rosenbaum
Keywords: news, cnbc, companies, utilities, utility, energy, buffetts, complicated, market, getting, buffett, billion, hathaway, big, investments, cash, puzzle, warren, berkshire


Warren Buffett's big Berkshire Hathaway cash puzzle is getting more complicated

Berkshire Hathaway’s cash and short-term investments on the balance sheet have grown from roughly $24 billion ten years ago to near-$123 billion as Warren Buffett’s conglomerate gets set to release its latest earnings on Saturday morning. Bloomberg | Bloomberg | Getty Images

Earlier this week California Governor Gavin Newsom pulled the utility sector equivalent of Financial Crisis bailout pleas: with wildfire-bankrupted PG&E facing widespread outrage for its power shutdowns in the face of another fire season in California, Newsom practically begged Warren Buffett to buy the utility. Buffett made some shrewd moves during the worst of the financial crash and its aftermath to shore up confidence in companies including Goldman Sachs, General Electric and Bank of America, but the Berkshire Hathaway chairman and founder has previously denied any plans to make a bid for PG&E (rumors have been swirling since the PG&E crisis began that the distressed utility could be a Buffett’s acquisition target). But PG&E does not exactly have the backstop of the U.S. government that the largest banks had, and PG&E is not just a distressed asset. No matter what it says about the reasons for its bankruptcy as a means to manage wildfire claims, the utility is going through an existential crisis with no clear way out — some say the state needs to step in and take over the company, or that a single, large utility will no longer be able to exist in the wildfire future of Northern California. Buffett’s own existential crisis, in an era when beating the index fund gets harder and harder, is what master dealmarket Buffett’s company Berkshire Hathaway symbolizes if it can’t find ways to spend the cash that is piling up on the balance sheet in a way that increases return to shareholders. In 2009, Berkshire had roughly $23 billion in cash. Since then, the company has added roughly $100 billion in cash and short-term investments, according to S&P Global Market Intelligence data through the second quarter. Berkshire will report its third quarter 2019 earnings on Saturday morning and it is currently on pace for its worst annual stock performance since 2009. “He pinned himself into a corner a few years ago, saying I can’t have $150 billion in cash in three to four years and say that’s alright,” said Greggory Warren, a Morningstar analyst who covers Berkshire Hathaway. Underperformance versus the index, deals that have not worked out well, such as Kraft Heinz (thought it showed signs of life in its most recent earnings), and increasing willingness on Buffett’s part to consider share buybacks, all point to the the importance of moving that cash into investments that generate a return. Berkshire Hathaway’s edge has always been about generating huge amounts of cash from its insurance operations and finding ways to generate higher returns on that cash, either through acquisitions or into capital-intensive businesses, such as the utilities it owns. Berkshire Hathaway Energy is a huge utility market player in the U.S. serving more than 10 million customers, as well as controlling transmission infrastructure and renewable energy projects across many states. The lack of big deals — or as Buffett has referred to them in recent years, the “elephant gun” hunting — has started to have consequences among shareholder. A long-time Berkshire Hathaway holder and fund manager, David Rolfe of Wedgewood Investments, recently sold his entire stake in Berkshire. While a relatively small stake, Rolfe’s concerns do get to the heart of the cash matter, and he turned Buffett’s own words on him in a letter to clients discussing his decision, saying Buffett was “thumbsucking.” CNBC Evolve will return, this time to Los Angeles, on Nov. 19. Visit cnbcevents.com/evolve to apply to attend. “Their utilities business (Berkshire Energy) needs continued acquisitions to restart utility growth,” Rolfe wrote. Of the cash hoard he wrote, “Rather than our previous hard expectation of a valuable call option on opportunity in the hands of one of the most elite capital allocators extant. Further, the efficacy of putting this cash pile to work (plus +$25 billion in annual operating cash flows in Omaha) will be paramount if Berkshire Hathaway is to once again regain their former status as a meaningful grower over just baseline U.S. GDP growth.” Morningstar’s Warren said he would have preferred to see a more regular run rate of share repurchases and it could be done without impacting the “dry powder” for acquisitions. Other analysts, even ones skeptical of Berkshire’s future growth prospects, are more patient on the share repurchase strategy: “To the extent that Berkshire isn’t leveraging its massive cash hoard and ‘overpaying’ to buy back its stock, that seems like a good thing (although the benefits will hopefully only emerge in the long-term),” said Meyer Shields, KBW analyst.

If the market doesn’t turn, a couple of years out he will be sitting on $150 billion. Greggory Warren Morningstar financial services analyst

Time is running out for Buffett to wait on a market downturn as a buying opportunity. “If the market doesn’t turn, a couple of years out he will be sitting on $150 billion. The company is already kicking off $20 billion in free cash flow a year,” Warren said. The situation leads Warren to conclude a utility acquisition is among the right deals for Buffet to pursue. “Ideally, what they need is another utility acquisition. You can only build out so much within your own territories before they are saturated.” Berkshire has been able to plow money into renewable energy projects over the past decade. Berkshire Energy has invested $6.5 billion in solar and its MidAmerican Energy affiliate in the Midwest is the largest producer of wind energy in the U.S. But the tax credits that Berkshire can claim on renewable energy projects are winding down in the next few years, making those deals less lucrative to make after the immediate-term future. “There’s not going to be as much money thrown from capex on that side,” Warren said. “Some of the wind stuff they put in needs upgrades so they can put some money to work there, but new projects may not be as big.” Buffett has tried to swoop in and buy distressed utilities. And been outbid. In August 2017, bankrupt Texas utility Energy Future Holdings abandoned a deal to sell power transmission company Oncor to Berkshire for $9 billion when Sempra Energy offered a higher price, “a rare blow for Buffett” who avoids bidding wars for companies. “10 to 20 years from now there will only be a handful of big utilities in America and Berkshire will be one of them, but right now it is cost prohibitive,” Warren said. “Yield income-based investments flooded into utilities in the past 10 years, but at some point we have crumbling infrastructure, or people just don’t have access. Or debt levels are too high. It will take someone with deeper pockets,” Warren said. “If you can by infrastructure assets and put the money to work in them, and get favorable rates from the state [utility commissions], it is worth doing.”

Utility stock peak

That movement by yield-seeking investors into utility stocks which Warren referenced points to one of the challenges for cost-conscious Buffett: Utility stocks are trading at all-time high levels. “The industry has been doing reasonably well, but the stocks are doing even better,” said Steve Fleishman, Wolfe Research utilities industry senior analyst. “The biggest issue is valuation.” Utilities on average are trading at 20 times forward earnings, which is not just an all-time high but a premium to the S&P 500. Fleishman said there has been a lot of mergers and acquisitions activity, but it has been small companies bought at large premiums, though with one deal feature that is not a problem for Buffett: “Lots of cash deals.” The landscape for utility deals could improve for Buffett, the Wolfe Research analyst said, because M&A has slowed as buyers’ balance sheets weakened — predominantly private equity buyers, foreign utilities coming in, and some infrastructure funds. “Overall, it’s still expensive, however, it is an area where you can put a lot of capital to work upfront and what Berkshire always liked about utilities is you keep putting money to work, the more you can keep investing over time you can earn a good return,” Fleishman said. But he added that given the valuations, “It’s hard to find entry points they would like.” Even the valuation gap between the best and worst in the sector is limited as an M&A advantage. “The low risk, high quality names just keep going up in valuation,” Fleishman said. That’s led to a feedback loop in which public market investors just keeping buy the better names. “It has not paid to take risk as a utility investor. Valuation has not hit a ceiling so why bother owning the riskier ones? That won’t last forever but that’s the mindset now,” he said. Meanwhile the weaker names are “trading cheaper to a group that is not cheap overall.”

PG&E may be the biggest risk of all in the utility space, and there’s reason to stay away. Fleishman stressed that Buffett has publicly denied any interest in PG&E in the past, but did say given Berkshire Energy’s strength in the Western U.S., “geographically it makes sense.” But that is not enough. “The operating risks are high and I would say hesitate to open deep pockets to risks in California right now. That’s an extreme case,” the Wolfe Research analyst said. There are other discounted names, more diversified companies not trading as well, but that is mostly in the unregulated power markets, where midstream companies are trading at big discounts to the regulated pure plays, and there are companies that have large pipeline projects at risk of not being finished. “I’m still not sure any of them are cheap enough for Berkshire,” Fleishman said. “Their history is waiting until things are cheap so I guess I would be surprised if they bought a utility in the current environment other than a special situation, distressed or overly discounted.”

Future M&A challenges

There is more consolidation to come, said Ted Walker, a managing director at Guidehouse’s energy consulting firm Navigant. But he said the total size of the M&A pool in the U.S. is getting smaller. “We are still extremely fragmented,” Walker said. The wave of deregulation and rules that allowed consolidation over the past two decades has only compressed the sector by about 50%, he said. The biggest utilities in the country serve roughly 10 million customers, Berkshire Energy among them. “From a pure market view there is absolutely room for M&A,” he said, and most acquirers are taking the Buffett approach of building a portfolio of companies to gain synergies, and deal with the patchwork of regulations that vary by state. But Walker said that there is less of a correlation between customer base and cost synergies the larger an organization gets. “In our experience, there are not significant economies of scale for a utility that has ten times more customers, on a per customer basis, per mile. It is not more efficient.” In Europe, a utility consolidation wave that would result in a firm covering the equivalent of 20 U.S. state markets is possible, but not in the U.S. “We are looking at a few deals a year,” he said. “I think are some interesting plays in the traditional utility space, but nothing is easy, no low-hanging fruit.” As Navigant looks out at the next five to 15 years, centralized generation seems fairly low return and the opportunities to spend capex on distribution and ultimately receive higher rates from customers is limited. The past decade has been dominated by the regulated utilities and their investments. Walker said in the next five years with efforts to make grids more resilient among areas of focus, there are capital investments to be made, but that has a limited time frame because at some point continuing to make the case to the regulator and customer that spending billions in capital and driving up rates is a value proposition becomes more difficult. “Lots of utilities say the next five years is good, but after that, not sure.” The nascent investment opportunities — the underinvested ones — are in the smart grid, cybersecurity, and being a source for the electrification of transportation. “A third of carbon is transport. It is unnatural for a utility, but it can be done,” Walker said.

If we’re talking tens of billions of dollars, you have to look at some of the big guys and we have lots of cautionary tales. Ted Walker managing director at energy consulting firm Navigant


Company: cnbc, Activity: cnbc, Date: 2019-11-01  Authors: eric rosenbaum
Keywords: news, cnbc, companies, utilities, utility, energy, buffetts, complicated, market, getting, buffett, billion, hathaway, big, investments, cash, puzzle, warren, berkshire


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Bill Gates has a brilliant method for taking risks—and he says it’s very similar to Warren Buffett’s

Bill Gates takes risks that very few people in this world will. He took a risk in 1975, when he dropped out of Harvard to build Microsoft. In 2008, he took a risk in leaving Microsoft to work full-time at The Bill & Melinda Gates Foundation. That’s a question the Microsoft co-founder explored in a recent blog post, in which he talks about Netflix’s new series, “Inside Bill’s Brain: Decoding Bill Gates.” “Watching the series got me thinking about what the word ‘risk’ really means,” Gates wrote in


Bill Gates takes risks that very few people in this world will. He took a risk in 1975, when he dropped out of Harvard to build Microsoft. In 2008, he took a risk in leaving Microsoft to work full-time at The Bill & Melinda Gates Foundation. That’s a question the Microsoft co-founder explored in a recent blog post, in which he talks about Netflix’s new series, “Inside Bill’s Brain: Decoding Bill Gates.” “Watching the series got me thinking about what the word ‘risk’ really means,” Gates wrote in
Bill Gates has a brilliant method for taking risks—and he says it’s very similar to Warren Buffett’s Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-28  Authors: tom popomaronis
Keywords: news, cnbc, companies, bill, brilliant, microsoft, series, thinking, method, risksand, warren, taking, world, risk, gates, risks, buffetts, took, similar


Bill Gates has a brilliant method for taking risks—and he says it's very similar to Warren Buffett's

Bill Gates takes risks that very few people in this world will.

He took a risk in 1975, when he dropped out of Harvard to build Microsoft. In 2008, he took a risk in leaving Microsoft to work full-time at The Bill & Melinda Gates Foundation.

And in 2013, he took another gamble, when his foundation contributed to a $5.5 billion initiative to tackle one of the most ambitious public-health goals ever set: eradicating polio.

Those big bets have paid off — polio still remains a problem in certain parts of the world, but significant improvements, such as the development of effective vaccinations, have been made since Gates got involved — which proves that taking big risks and achieving great success can go hand in hand.

But how does one determine which risks are worth taking, and which ones aren’t?

That’s a question the Microsoft co-founder explored in a recent blog post, in which he talks about Netflix’s new series, “Inside Bill’s Brain: Decoding Bill Gates.” A major theme in the documentary is Gates’ willingness to invest time and money into projects that have no guarantee of success.

“Watching the series got me thinking about what the word ‘risk’ really means,” Gates wrote in his post. “Whether we invest $100,000 or $100 million, the decision is always calculated. I spend a lot of time thinking, analyzing data and talking to experts to judge whether we can really help make a difference.”

But Gates says no matter how much analysis one does, it’s important to be comfortable with uncertainty. “We are tackling problems where progress is measured not just in years, but often decades — where your end goal doesn’t change, but your path to get there might have to.”


Company: cnbc, Activity: cnbc, Date: 2019-09-28  Authors: tom popomaronis
Keywords: news, cnbc, companies, bill, brilliant, microsoft, series, thinking, method, risksand, warren, taking, world, risk, gates, risks, buffetts, took, similar


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Warren Buffett’s Berkshire Hathaway raises Amazon stake by 11%, now worth $947 million

Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon. Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases. In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase sta


Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon. Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases. In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase sta
Warren Buffett’s Berkshire Hathaway raises Amazon stake by 11%, now worth $947 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: kate rooney
Keywords: news, cnbc, companies, buffetts, berkshire, million, stake, raises, amazon, shares, increase, holdings, holding, worth, filing, 947, warren, hathaway, told


Warren Buffett's Berkshire Hathaway raises Amazon stake by 11%, now worth $947 million

Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon.

Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. The holdings are as of the end of the second quarter.

Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases.

“One of the fellows in the office that manage money” bought shares of Amazon on behalf of Berkshire, Buffett told CNBC’s Becky Quick on the eve of the company’s annual shareholders meeting in Omaha.

Buffett also slightly increased his bet on bank shares, which have been hit this month on concerns about an inverted yield curve hurting profits for the group. Berkshire’s Bank of America stake was increased by 3.5% last quarter, according to the filing. It also raised its holding of US Bancorp by 2.4%. Other big bank holdings, including Wells Fargo and J.P. Morgan Chase, remained the same.

The famous value investor has historically avoided major technology bets, ending a rough chapter in IBM last year. But in February 2017, he announced that Berkshire was buying a large stake in Apple. In the the first quarter of 2018, Berkshire added 75 million shares of the iPhone maker and told CNBC at the time that he clearly likes Apple, and “we buy them to hold.”

One of his two lieutenants, Todd Combs or Ted Weschler, who each manage portfolios of more than $13 billion in equities for Berkshire, is behind the original Amazon purchase and likely the increase seen last quarter.

The Berkshire chairman and CEO has long admired Amazon founder Jeff Bezos and is working with him on a joint health care venture. But the legendary investor has basically said that he missed his chance on Amazon.

Amazon has “far surpassed anything I would have dreamt could have been done. Because if I really felt it could have been done, I should have bought it,” Buffett told CNBC in 2018. “I had no idea that it had the potential. I blew it.”

Apparently one of his managers thinks there is still an opportunity for gains still in the shares, which are 12% in the last month amid a broader market sell-off.

Kraft Heinz, Berkshire’s fourth largest holding, hit a record low last week after the company announced an additional write-down of $1.22 billion and missed revenue expectations. Buffett told CNBC in June that he “made a mistake in the Kraft purchase in terms of paying too much. ”

In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase stake to 59.5 million shares in its last quarterly filing, and a 22% increase to its Red Hat holdings to 5.1 million shares. Red Hat was acquired by IBM for $34 billion in July.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: kate rooney
Keywords: news, cnbc, companies, buffetts, berkshire, million, stake, raises, amazon, shares, increase, holdings, holding, worth, filing, 947, warren, hathaway, told


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Hedge fund manager Bill Ackman reveals a new stake in Warren Buffett’s Berkshire Hathaway

Consumers are America’s not so secret weapon to lift economyWith markets reeling from recession fears, the world is watching the so far resilient U.S. consumer, now in the strongest position since before the financial crisis. Market Insiderread more


Consumers are America’s not so secret weapon to lift economyWith markets reeling from recession fears, the world is watching the so far resilient U.S. consumer, now in the strongest position since before the financial crisis. Market Insiderread more
Hedge fund manager Bill Ackman reveals a new stake in Warren Buffett’s Berkshire Hathaway Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: kate rooney
Keywords: news, cnbc, companies, resilient, reeling, buffetts, berkshire, strongest, stake, secret, world, position, weapon, reveals, markets, manager, recession, warren, watching, hathaway, fund, bill, hedge


Hedge fund manager Bill Ackman reveals a new stake in Warren Buffett's Berkshire Hathaway

Consumers are America’s not so secret weapon to lift economy

With markets reeling from recession fears, the world is watching the so far resilient U.S. consumer, now in the strongest position since before the financial crisis.

Market Insider

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: kate rooney
Keywords: news, cnbc, companies, resilient, reeling, buffetts, berkshire, strongest, stake, secret, world, position, weapon, reveals, markets, manager, recession, warren, watching, hathaway, fund, bill, hedge


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Bill Gates: A key to Warren Buffett’s success is ‘something anyone could do’

Warren Buffett is anything but average: The legendary investor has an approximate net worth of $82 billion, making him the third richest person in the world. A key to Buffett’s extraordinary success, though, is a refreshingly simple habit and “something anyone can do,” his longtime friend Bill Gates pointed out in a recent blog post: He reads every day. Buffett, who spends between five and six hours a day paging through books and newspapers, finds it “enjoyable to think about business and invest


Warren Buffett is anything but average: The legendary investor has an approximate net worth of $82 billion, making him the third richest person in the world. A key to Buffett’s extraordinary success, though, is a refreshingly simple habit and “something anyone can do,” his longtime friend Bill Gates pointed out in a recent blog post: He reads every day. Buffett, who spends between five and six hours a day paging through books and newspapers, finds it “enjoyable to think about business and invest
Bill Gates: A key to Warren Buffett’s success is ‘something anyone could do’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: kathleen elkins, daniel acker, bloomberg, getty images, gp images, getty image
Keywords: news, cnbc, companies, buffetts, susan, loves, warren, simple, everybody, gates, buffett, business, worth, competitive, success, bill, read, key


Bill Gates: A key to Warren Buffett's success is 'something anyone could do'

Warren Buffett is anything but average: The legendary investor has an approximate net worth of $82 billion, making him the third richest person in the world. At 88, he still runs Berkshire Hathaway, his holding company that owns businesses like Geico, Dairy Queen and See’s Candies.

A key to Buffett’s extraordinary success, though, is a refreshingly simple habit and “something anyone can do,” his longtime friend Bill Gates pointed out in a recent blog post: He reads every day.

Buffett, who spends between five and six hours a day paging through books and newspapers, finds it “enjoyable to think about business and investment problems,” he says in HBO’s documentary “Becoming Warren Buffett.”

Plus, staying up to date on business news and current events is a relatively simple way to gain a competitive advantage. “Everybody can read what I read. It is a level playing field,” Buffett used to tell his late wife, Susan Buffett, according to the HBO documentary.

“And he loves that because he is competitive,” Susan said of Buffett. “He’s sitting there all by himself in his office, reading these things that everybody else can read, but he loves the idea that he is going to win.”


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: kathleen elkins, daniel acker, bloomberg, getty images, gp images, getty image
Keywords: news, cnbc, companies, buffetts, susan, loves, warren, simple, everybody, gates, buffett, business, worth, competitive, success, bill, read, key


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