Friday, 05 June, 2020

Buffett cuts stake in IBM and shares slide

Clarence Schmidt | 11 May, 2017, 07:15

Wells instituted a system in which sales goals "incentivized the wrong type of behavior", Buffet said Saturday at Berkshire's annual meeting in Omaha, Neb. "The main problem was they didn't act when they learned about it", he said of Well Fargo.

Buffett often calls on the U.S. to do more to help the working class and has said the tax system is tilted to benefit rich people like him, a point he pressed on Saturday.

Mr. Buffett sends CEOs a letter every two years reminding them of the company's values and asking them to recommend in writing who their successors should be, he said in his 2010 shareholder letter.

Mr. Buffett went out of his way Saturday to praise Berkshire's managers, as he usually does.

"It's a very, very, very valuable product to people that build their lives around it".

"I don't think there's any question about that coal is going to go down as a percentage of revenue significantly".

"They have followed the standard capitalist formula ... of trying to do the same business with fewer people", Buffett said.

Buffett says Wells Fargo didn't act promptly when it discovered the problem.

Berkshire said its insurance businesses swung to a $267 million underwriting loss from a year-earlier profit of $213 million.

Virgil van Dijk: Southampton directors 'want to keep' captain
The surgery is finished, he can work normally, he can start on the gym work for the re-education to come back ready for the next season with us".

With big slugs of Berkshire Hathaway's portfolio struggling, including Wells Fargo and IBM, returns are converging with the S&P 500.

Today, one share of Amazon can be bought for $934.15.

Buffett also defended one of his favorite business partners of late, 3G Capital, a Brazilian investment firm that has backed both Kraft Heinz and Burger King.

Buffett also raised the possibility Berkshire could pay its first dividend since 1967, if "reasonably soon, even while I'm around", the company had too much cash it could not reasonably deploy.

Buffett said "it's bad" when airline executives get hauled before Congress, as Munoz and others were last week, but said the strategy behind his airline investments remains unchanged.

Given Berkshire's incredible growth in intrinsic value (and share price) over the years, it's clear that Warren Buffett passes that test with flying colors.

Buffett is the celebrity that everyone wants to get close to at the meeting.

Buffett has often said he avoided tech stocks in the past because he didn't really understand how they were making money and whether they would be able to do so over the long term.

The proposal on political contributions, which won less than 11 percent of votes cast, was similar to proposals offered at many companies and came from Clean Yield Asset Management on behalf of shareholders Tom Beers and Mary Durfee.

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