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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Warren Buffett’s Berkshire Hathaway reveals $900 million Amazon stake

Warren Buffett’s Berkshire Hathaway on Wednesday revealed in a government filing the size of its stake in e-commerce giant Amazon. Berkshire’s stake in Amazon was 483,300 shares at the end of the quarter ended March 31, according to a filing at the Securities and Exchange Commission. “Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said at the time. Amazon shares rose 0.1% in after-hours trading following the SEC filing. Berkshire Hathaway’s report also showe


Warren Buffett’s Berkshire Hathaway on Wednesday revealed in a government filing the size of its stake in e-commerce giant Amazon. Berkshire’s stake in Amazon was 483,300 shares at the end of the quarter ended March 31, according to a filing at the Securities and Exchange Commission. “Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said at the time. Amazon shares rose 0.1% in after-hours trading following the SEC filing. Berkshire Hathaway’s report also showe
Warren Buffett’s Berkshire Hathaway reveals $900 million Amazon stake Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: thomas franck
Keywords: news, cnbc, companies, stake, position, million, hathaway, berkshire, amazon, shares, warren, buffett, reveals, value, shareholder, 900, buffetts, size, report


Warren Buffett's Berkshire Hathaway reveals $900 million Amazon stake

Warren Buffett’s Berkshire Hathaway on Wednesday revealed in a government filing the size of its stake in e-commerce giant Amazon.

Berkshire’s stake in Amazon was 483,300 shares at the end of the quarter ended March 31, according to a filing at the Securities and Exchange Commission. The value of that stake was $904 million by the closing bell Wednesday.

Despite the sizable headline figure, the position doesn’t put Berkshire near the top of Amazon’s biggest shareholder list. The stake represents about 0.1% of Amazon’s outstanding equity.

Buffett first disclosed the new investment in Amazon to CNBC on May 2, a day before Berkshire’s annual shareholder meeting in Omaha, Nebraska. The size of the position, however, had not previously been reported to the public.

The renowned value investor — though a fan of Amazon and its CEO, Jeff Bezos — also told CNBC earlier this month that he isn’t responsible for Berkshire’s investment.

“One of the fellows in the office that manage money … bought some Amazon, so it will show up in the 13F,” Buffett said on May 2. Buffett was likely referring to one of his two lieutenants, Todd Combs or Ted Weschler, who each manage portfolios of more than $13 billion in equities for Berkshire.

“Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said at the time. “But I want you to know it’s no personality changes taking place.”

Amazon shares rose 0.1% in after-hours trading following the SEC filing.

Berkshire Hathaway’s report also showed an 18% increase in its J.P. Morgan Chase stake to 59.5 million shares and a 22% increase to its Red Hat holdings to 5.1 million shares.

— CNBC’s Becky Quick contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: thomas franck
Keywords: news, cnbc, companies, stake, position, million, hathaway, berkshire, amazon, shares, warren, buffett, reveals, value, shareholder, 900, buffetts, size, report


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Why bad news doesn’t affect Warren Buffett’s investing strategy

Why bad news doesn’t affect Warren Buffett’s investing strategy2 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Here’s why the “Oracle of Omaha” doesn’t let short-term bad news affect his long-term strategies when it comes to investing.


Why bad news doesn’t affect Warren Buffett’s investing strategy2 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Here’s why the “Oracle of Omaha” doesn’t let short-term bad news affect his long-term strategies when it comes to investing.
Why bad news doesn’t affect Warren Buffett’s investing strategy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: rick wilking
Keywords: news, cnbc, companies, enabled, buffetts, strategy, investing, affect, doesnt, bad, view, try, flash, warren, browser


Why bad news doesn't affect Warren Buffett's investing strategy

Why bad news doesn’t affect Warren Buffett’s investing strategy

2 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

Here’s why the “Oracle of Omaha” doesn’t let short-term bad news affect his long-term strategies when it comes to investing.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: rick wilking
Keywords: news, cnbc, companies, enabled, buffetts, strategy, investing, affect, doesnt, bad, view, try, flash, warren, browser


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Warren Buffett’s advice for investors is to ‘never listen to people like me’

Billionaire Warren Buffett is one of the most respected investors in history, thanks to a track record that’s seen him regularly make stellar returns over several decades. But more than that, Buffett is basically suggesting that investors should generally be wary of being too reactionary. “Never listen to people like me, or read the papers, or do anything subsequently,” Buffett told Yahoo Finance in an interview published on Saturday. “If you look at the whole history of [economists], they don’t


Billionaire Warren Buffett is one of the most respected investors in history, thanks to a track record that’s seen him regularly make stellar returns over several decades. But more than that, Buffett is basically suggesting that investors should generally be wary of being too reactionary. “Never listen to people like me, or read the papers, or do anything subsequently,” Buffett told Yahoo Finance in an interview published on Saturday. “If you look at the whole history of [economists], they don’t
Warren Buffett’s advice for investors is to ‘never listen to people like me’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: tom huddleston jr
Keywords: news, cnbc, companies, advice, finance, told, investing, buffett, tells, buffetts, listen, warren, stocks, selling, investors, buying


Warren Buffett's advice for investors is to 'never listen to people like me'

Billionaire Warren Buffett is one of the most respected investors in history, thanks to a track record that’s seen him regularly make stellar returns over several decades.

Buffett would seem to be exactly the type of expert you should look to for investing tips. But when he was asked to name some of the biggest investing mistakes he sees people make, the “Oracle of Omaha” recently told Yahoo Finance that anyone looking for investment advice should “never listen to people like me.”

Of course, the 88-year-old billionaire might have been delivering a slightly cheeky response. But more than that, Buffett is basically suggesting that investors should generally be wary of being too reactionary.

“Never listen to people like me, or read the papers, or do anything subsequently,” Buffett told Yahoo Finance in an interview published on Saturday.

Buffett has indicated in the past that investors shouldn’t always trust financial forecasts and predictions because he says it’s usually not safe to listen to anyone who suggests they know which way the financial market winds are going to blow.

“I don’t pay any attention to what economists say, frankly… ” he said in 2016. “If you look at the whole history of [economists], they don’t make a lot of money buying and selling stocks, but people who buy and sell stocks listen to them. I have a little trouble with that,” Buffett added.

Of course, Buffett does have wisdom to offer, and he says his investing advice is to simply “buy a cross-section of America” and, above all, be patient, he tells Yahoo Finance. In other words, diversify your investments by buying stocks in companies across a wide spectrum of industries that make up the US economy, rather than only buying tech or retail stocks, for example.

“You want to spread the risk as far as the specific companies you’re in by owning a diversified group, and you diversify over time by buying this month, next month, the year after, the year after, the year after,” Buffett told CNBC’s “Squawk Box” in 2017.

But Buffett also makes it clear that he thinks a good investor always plays the long game.

“Moving around is not smart in investing,” Buffett tells Yahoo Finance, adding that many investors make the mistake of constantly buying and selling stocks, rather than holding onto their investments to give them time to mature and potentially make more money over time.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: tom huddleston jr
Keywords: news, cnbc, companies, advice, finance, told, investing, buffett, tells, buffetts, listen, warren, stocks, selling, investors, buying


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Buffett’s Berkshire Hathaway to invest $10 billion in Occidental Petroleum for Anadarko takeover

Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum contingent on the company completing its proposed takeover of Anadarko Petroleum. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron’s $33 billion buyout of Anadarko. Shares of Occidental fell 2% on Tuesday, while Chevron’s stock popped 3%. Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil


Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum contingent on the company completing its proposed takeover of Anadarko Petroleum. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron’s $33 billion buyout of Anadarko. Shares of Occidental fell 2% on Tuesday, while Chevron’s stock popped 3%. Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil
Buffett’s Berkshire Hathaway to invest $10 billion in Occidental Petroleum for Anadarko takeover Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: tom dichristopher
Keywords: news, cnbc, companies, oil, chevrons, gas, company, shares, occidental, energy, invest, takeover, petroleum, billion, hathaway, buffetts, anadarko, berkshire, stock


Buffett's Berkshire Hathaway to invest $10 billion in Occidental Petroleum for Anadarko takeover

Warren Buffett is getting involved in a rare bidding war unfolding in the energy industry.

Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum contingent on the company completing its proposed takeover of Anadarko Petroleum. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron’s $33 billion buyout of Anadarko.

Shares of Occidental fell 2% on Tuesday, while Chevron’s stock popped 3%. A company’s stock price often falls when investors believe it is about to acquire a company. Anadarko’s shares fell about half a percent.

The capital injection from Berkshire could make Occidental a more formidable suitor. In pursuing Anadarko, Occidental is going toe to toe with an oil major with a much bigger balance sheet and whose market capitalization is nearly five times its value.

Several analysts initially downgraded shares of Occidental following its bid, with many saying the buyout would carry more risks than Chevron’s proposed takeover of Anadarko. Achieving the benefits of the deal depends in part on Occidental’s successful divestment in $10 billion-$15 billion in assets and achieving $3.5 billion in savings from the tie-up.

Berkshire’s involvement suggests the company believes Occidental is best positioned to wring value out of Anadarko’s portfolio. Occidental is focused on Anadarko’s acreage in the Permian Basin, the U.S. shale oil region stretching across western Texas and southeastern New Mexico.

Occidental CEO Vicki Hollub has pitched Occidental as a high-performing Permian driller that can enrich Anadarko shareholders by squeezing more oil and gas from the drillers’ wells at lower costs.

“We are thrilled to have Berkshire Hathaway’s financial support of this exciting opportunity,” Hollub said in a press release.

Here’s how the Berkshire deal is structured:

Berkshire will receive 100,000 shares of cumulative perpetual preferred stock with a value of $100,000 a share.

The conglomerate also gets a warrant to purchase up to 80 million shares of Occidental at an exercise price of $62.50 a share.

The preferred stock will accrue dividends at 8% annually.

The Oracle of Omaha is an active investor across the energy sector.

Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil and gas company Suncor earlier this year. Through Berkshire Hathaway Energy, Buffett has invested billions in natural gas power plants and pipelines, renewable energy and electric transmission and distribution.

Occidental has offered $76 a share for Anadarko, while Chevron’s initial bid was $65 a share. On Monday, Anadarko restarted talks with Occidental after its board determined the offer could be superior to Chevron’s bid.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: tom dichristopher
Keywords: news, cnbc, companies, oil, chevrons, gas, company, shares, occidental, energy, invest, takeover, petroleum, billion, hathaway, buffetts, anadarko, berkshire, stock


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The winner of Warren Buffett’s March Madness office pool could get $1 million a year for life

Your office’s March Madness pool most likely pales in comparison to what billionaire Warren Buffett is offering his employees if they can predict which teams make this year’s Sweet 16 of the men’s NCAA tournament. Buffett confirmed that the multimillion-dollar challenge is back on this year in an interview with CNBC in February. “All you have to do is get through the first bracket to win $1 million, assuming nobody else wins at the same time—then you split the million,” Buffett told Becky Quick


Your office’s March Madness pool most likely pales in comparison to what billionaire Warren Buffett is offering his employees if they can predict which teams make this year’s Sweet 16 of the men’s NCAA tournament. Buffett confirmed that the multimillion-dollar challenge is back on this year in an interview with CNBC in February. “All you have to do is get through the first bracket to win $1 million, assuming nobody else wins at the same time—then you split the million,” Buffett told Becky Quick
The winner of Warren Buffett’s March Madness office pool could get $1 million a year for life Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: tom huddleston jr, getty images
Keywords: news, cnbc, companies, warren, employees, perfect, prize, life, buffetts, pool, buffett, office, sweet, bracket, madness, split, winner, tournament, million


The winner of Warren Buffett's March Madness office pool could get $1 million a year for life

Your office’s March Madness pool most likely pales in comparison to what billionaire Warren Buffett is offering his employees if they can predict which teams make this year’s Sweet 16 of the men’s NCAA tournament.

The investor known as the “Oracle of Omaha” has a penchant for making multimillion-dollar bets that test his employees’ predictive abilities, and this year’s no different. Buffett is once again offering to pay $1 million a year for life to any of the employee of Berkshire Hathaway or its subsidiaries who accurately predicts the results of the first week of March Madness games.

Buffett confirmed that the multimillion-dollar challenge is back on this year in an interview with CNBC in February. Unfortunately for most basketball fans, the billionaire’s offer is only available to the roughly 375,000 people who either work for Buffett’s investment firm, Berkshire Hathaway, or one of that company’s various subsidiaries (including insurance company Geico and fast-food chain Dairy Queen).

“All you have to do is get through the first bracket to win $1 million, assuming nobody else wins at the same time—then you split the million,” Buffett told Becky Quick on CNBC’s “Squawk Box.”

If more than one employee manages to fill out a March Madness bracket that correctly picks the college teams that reach this year’s Sweet 16, then those winners will split the $1 million prize each year for the rest of their lives, Buffett explained. And, if no one submits a perfect bracket for the first weekend of March Madness, then whoever lasts the longest into the tournament without missing a pick will win $100,000 (or split that amount in the case of multiple winners).

Buffett first offered a big March Madness prize in 2014, with a whopping $1 billion offer to the public (not just his employees) for anyone with a perfect bracket all the way through the NCAA tournament. Unsurprisingly, no one claimed that prize, since the odds of picking a perfect bracket are roughly one in 2.4 trillion, according to one estimate. (In fact, according to the NCAA, no one has ever officially picked a perfect bracket and the best anyone has ever done is to predict the first 39 games of the 67-game tournament, in 2017.)

However, in recent years, Buffett has tried to make his March Madness challenge a little bit easier (you only have to be perfect up to the Sweet 16, instead of the entire tournament) while limiting the contest to his many employees. Still, no one has yet claimed the big prize from Buffett.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: tom huddleston jr, getty images
Keywords: news, cnbc, companies, warren, employees, perfect, prize, life, buffetts, pool, buffett, office, sweet, bracket, madness, split, winner, tournament, million


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Warren Buffett’s model for aspiring business managers — a retail legend known as ‘Mrs. B’

Rose Blumkin was a retail legend — but she was probably more famous as the entrepreneur who billionaire investor Warren Buffett still likes to refer to as a model for aspiring business managers everywhere to follow. The Berkshire Hathaway chief recalls the late Blumkin as a “marvelous, marvelous woman.” “She couldn’t speak a word of English” when she arrived in Omaha, Buffett told CNBC’s Becky Quick this week. But Blumkin took a modest investment “and turned it into the largest home furnishings


Rose Blumkin was a retail legend — but she was probably more famous as the entrepreneur who billionaire investor Warren Buffett still likes to refer to as a model for aspiring business managers everywhere to follow. The Berkshire Hathaway chief recalls the late Blumkin as a “marvelous, marvelous woman.” “She couldn’t speak a word of English” when she arrived in Omaha, Buffett told CNBC’s Becky Quick this week. But Blumkin took a modest investment “and turned it into the largest home furnishings
Warren Buffett’s model for aspiring business managers — a retail legend known as ‘Mrs. B’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: michelle fox, courtesy berkshire hathaway, -warren buffett, letter to berkshire shareholders
Keywords: news, cnbc, companies, omaha, buffetts, store, word, hathaway, buffett, retail, blumkin, legend, mrs, turned, marvelous, managers, business, woman, known, model, berkshire, warren


Warren Buffett's model for aspiring business managers — a retail legend known as 'Mrs. B'

Rose Blumkin was a retail legend — but she was probably more famous as the entrepreneur who billionaire investor Warren Buffett still likes to refer to as a model for aspiring business managers everywhere to follow.

The Berkshire Hathaway chief recalls the late Blumkin as a “marvelous, marvelous woman.” She was born on Dec. 3, 1893, in a Russian village near Minsk and immigrated to America when she was in her 20s.

“She couldn’t speak a word of English” when she arrived in Omaha, Buffett told CNBC’s Becky Quick this week. But Blumkin took a modest investment “and turned it into the largest home furnishings store” in the country, he added.

Blumkin, known as “Mrs. B.,” was in her mid-40s when started Nebraska Furniture Mart in the basement of her husband’s shop in downtown Omaha in 1937 with $500.

Over the next four-plus decades, she turned NFM into a juggernaut that drew Buffett’s attention. In 1983, he bought Blumkin’s store in a $60 million deal that made it part of Berkshire Hathaway.


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: michelle fox, courtesy berkshire hathaway, -warren buffett, letter to berkshire shareholders
Keywords: news, cnbc, companies, omaha, buffetts, store, word, hathaway, buffett, retail, blumkin, legend, mrs, turned, marvelous, managers, business, woman, known, model, berkshire, warren


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Warren Buffett’s Berkshire Hathaway loses more than $4 billion in single day on Kraft Heinz plunge

Going forward, Kraft Heinz will award shareholders with a dividend of 40 cents each quarter, a marked drop from the 63 cents it paid out prior. Kraft Heinz was down more than 28 percent in the past 12 months even before accounting for Friday’s losses. Those fears appeared confirmed Thursday, when Kraft Heinz said higher costs and meaningful pressure on the value of its brands hampered its fourth-quarter results. Kraft Heinz said it launched an internal investigation into the matter after receivi


Going forward, Kraft Heinz will award shareholders with a dividend of 40 cents each quarter, a marked drop from the 63 cents it paid out prior. Kraft Heinz was down more than 28 percent in the past 12 months even before accounting for Friday’s losses. Those fears appeared confirmed Thursday, when Kraft Heinz said higher costs and meaningful pressure on the value of its brands hampered its fourth-quarter results. Kraft Heinz said it launched an internal investigation into the matter after receivi
Warren Buffett’s Berkshire Hathaway loses more than $4 billion in single day on Kraft Heinz plunge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: thomas franck, david a grogan
Keywords: news, cnbc, companies, kraft, quarter, buffetts, share, hathaway, loses, plunge, warren, day, stock, billion, heinz, company, past, single, fourthquarter, investigation, brands


Warren Buffett's Berkshire Hathaway loses more than $4 billion in single day on Kraft Heinz plunge

As such, double-digit stock moves are almost unheard of for the managers at Berkshire Hathaway, who gravitate toward sizable dividends and strong household brands with steady cash flow. Going forward, Kraft Heinz will award shareholders with a dividend of 40 cents each quarter, a marked drop from the 63 cents it paid out prior.

But Buffett’s affection for brands through investments like Kraft Heinz and Coca-Cola have come at a cost in recent years amid a shift among consumers toward healthier and local food and beverage options, which has weighed on sales growth of these once American staples.

Though Coca-Cola stock is up more than 5 percent over the past 12 months, the beverage giant has slipped more than 4.5 percent this month after management issued a gloomy 2019 profit projection during its fourth-quarter report. Kraft Heinz was down more than 28 percent in the past 12 months even before accounting for Friday’s losses.

But despite the secular shift away from prepackaged snacks and mounting stock losses, Buffett defended the investments as recently as May 2018 in an interview with CNBC’s Becky Quick.

“If you take Heinz Ketchup, it’s very, very, very hard to take share away from Heinz Ketchup. It’s hard to take share away from Philadelphia Cream Cheese,” he said at the time. “They’re still very, very good businesses.”

The investor did acknowledge that the power behind Kraft Heinz’s brands appeared to have eroded over the past several years as a result of shifting dietary trends and negotiations between retailers and big packaged food brands.

Those fears appeared confirmed Thursday, when Kraft Heinz said higher costs and meaningful pressure on the value of its brands hampered its fourth-quarter results. Write-downs to the value of its Kraft and Oscar Mayer brands of $15.4 billion caused the company to notch a fourth-quarter profit loss, representing a notable about-face following years of stringent cost control and industry-leading margins.

Kraft Heinz Chief Financial Officer David Knopf went so far as to suggest that the company could continue to sell stagnant brands as it looks to remedy the bottom-line miss.

“The recent transactions we have announced, India beverages and Canada natural cheese, provide a good template of precedent for additional actions to exit areas with no clear path to competitive advantage and sell assets at strong valuations,” the executive said during Thursday’s earnings call.

Kraft Heinz reported earnings of 84 cents per share in the fourth quarter thanks to the write-down of its assets, down 6.7 percent from a year ago; it posted fourth-quarter revenues of $6.89 billion. Both metrics fell short of analyst expectations.

The company also said the Securities and Exchange Commission issued the company a subpoena in October as part of an investigation into its procurement accounting policies.

Kraft Heinz said it launched an internal investigation into the matter after receiving the subpoena. Following its investigation, Kraft Heinz said it posted a $25 million increase to the cost of products sold after determining it was “immaterial to the fourth quarter of 2018 and its previously reported 2018 and 2017 interim and year to date periods.”

WATCH: Larger Kraft Heinz may not be welcome in the market


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: thomas franck, david a grogan
Keywords: news, cnbc, companies, kraft, quarter, buffetts, share, hathaway, loses, plunge, warren, day, stock, billion, heinz, company, past, single, fourthquarter, investigation, brands


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