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Warren Buffett buys Apple and sells IBM, opens new stake in Bank of America

“Berkshire Hathaway stock has gained about 1.6% so far this year, while the S&P 500 index SPX, -0.23% has added 15.5%” writes Jeremy C for marketwatch.com. Berkshire bought 679 million shares in Bank of America while slightly cutting its stake in Wells Fargo & Co.BRK.A, -0.56% sold shares in International Business Machines Corp. Source: marketwatch.com Share This:

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Insurance loss from disasters cuts profits at Buffett’s firm

“Outside of insurance, Berkshire’s other businesses reported a modest 2.9 percent increase in operating profits” reports foxbusiness.com. Warren Buffett’s Berkshire Hathaway Inc. said Friday that its third-quarter profit fell 43 percent because of a $1.4 billion insurance underwriting loss from Hurricanes Harvey, Irma and Maria and earthquakes in Mexico.Edward Jones analyst Jim Shanahan said the insurance losses were larger than he expected.But the $3 billion pretax insurance losses Berkshire reported in this quarter weren’t far behind the $3.4 billion in hurricane-related losses Berkshire recorded in 2005 when Hurricanes Katrina, Rita…

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SoftBank Seen Climbing 36% as Son Clarifies Tech Vision

“Son has stepped up his deal-making since unveiling plans for a $100 billion investment fund, with backing from Saudi Arabia, Apple Inc. and others” writes unknown author for bloomberg.com. Chris Lane thinks investors haven’t quite gotten their heads around what Masayoshi Son is trying to do at SoftBank Group Corp.Investors still see SoftBank as primarily a telecommunications company, he says, even though its core business is investing in technology. Source: bloomberg.com Share This:

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Buffett’s firm to buy majority of Pilot Flying J truck stops

“Warren Buffett’s company is acquiring a major stake in Pilot Flying J truck stops and it will become a majority owner within about five years” reports foxbusiness.com. Initially, Berkshire will buy 38.6 percent of the company that runs 750 truck stops across 44 states and Canada, but in 2023 that will increase to 80 percent.The ubiquitous truck stops, 750 of them in 44 states and Canada, make up the 15th largest private company in the U.S., according to Forbes, with revenue of almost $20 billion per year. Source: foxbusiness.com Share This:

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JPMorgan becomes just seventh bank to cover Buffett’s Berkshire Hathaway, calling it a screaming buy

“Despite Berkshire being the sixth-largest company in the S&P 500 by market cap, there are just seven analysts covering the company, according to FactSet” writes David A for cnbc.com. The analyst established a year-end 2018 price target of $210 for Berkshire Hathaway B shares, representing 17 percent upside from Wednesday’s close.The analyst also mentioned Berkshire utility executive Greg Abel is currently the “most likely” successor to replace Warren Buffett as CEO of the company. Source: cnbc.com Share This:

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Warren Buffett is up billions on his Apple bet

“In total, Berkshire has likely already accumulated a net gain on Apple stock worth around $7 billion, bringing the total value of Berkshire’s Apple stock to more than $21 billion” writes Daniel Sparks for businessinsider.com. Overall, it’s clear that Buffett remains happy with his massive bet on Apple stock.On Wednesday morning, Buffett provided an update on Berkshire’s Apple stake during an interview with CNBC. Even after making around $7 billion on the stock already, Buffett seems confident in the holding.And by the end of 2016, Berkshire’s stake in Apple had…

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Buffett Says Aging Bull Market Best Place to Be

“We expect earnings growth to slow to the mid-single-digit range by next year, which could drag on investment sentiment,” he writes” writes Mark Kolakowski for investopedia.com. While earnings growth was strong in the first half of 2017, it was in comparison to a weak 2016, he notes.Additionally, Doll writes, “we doubt Fed policy will disrupt economic growth or the equity bull market.”. Nonetheless, “we believe equity prices are more likely than not to rise over the coming year,” Doll indicates. Source: investopedia.com Share This:

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Buffett would probably steer clear of Wells Fargo today

“Our purchases of Wells Fargo in 1990 were helped by a chaotic market in bank stocks” writes John Maxfield for businessinsider.com. I’d even go so far as to argue that Buffett wouldn’t think about making as substantial of an investment (based on ownership percentage) in Wells Fargo today as he did in the early 1990s, when he accumulated Berkshire Hathaway’s stake in the bank. Source: businessinsider.com Share This:

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Buffett wouldn’t negotiate for Oncor. And he still could get $270 million.

“Warren Buffett is getting oohs and aahs for bagging a $270 million breakup fee after his Berkshire Hathaway Energy was outbid for Oncor by Sempra Energy, which won the company with a $9.45 billion offer” reports washingtonpost.com. Buffett — true to form — refused to budge from his initial offer, an all-cash $9 billion bid for the Texas power transmission firm that serves 10 million customers. Source: washingtonpost.com Share This:

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