Investment
Warren Buffett’s investments in financial firms
NEW YORK, March 23 (Reuters) – Berkshire Hathaway’s Warren Buffett has been in discussions with senior Biden administration officials about the banking crisis, leading some to speculate that Buffett would consider investing in the sector following the collapse of Silicon Valley Bank.
Buffett has been known to invest during difficult periods for the market, famously buying a stake in Goldman Sachs during the financial crisis and in Bank of America when that bank ran into trouble a few years later.
Here is history on Buffett’s involvement with banks and current holdings in his investment portfolio.
BUFFETT ENGAGEMENTS WITH BANKING
Berkshire began investing in Wells Fargo & Co (WFC.N) in
1989, building an eventual $32-billion stake, but exited that stake in the first quarter of 2022 amid a series of scandals for the bank.
Berkshire injected $5 billion into Goldman Sachs Group Inc (GS.N) in September 2008 at the height of the global financial crisis in a vote of confidence for the Wall Street bank.
The investment gave Berkshire preferred stock that paid a 10% along with warrants to pay $5 billion for 43.5 million Goldman shares at $115 each.
Berkshire invested another $5 billion in Bank of America (BAC.N) in August 2011, when investors feared that the bank could run short of capital because of losses from litigation and its mortgage business following the disastrous acquisition of Countrywide Financial Corp.
That investment gave Berkshire preferred stock with a 6% dividend and warrants to pay $5 billion for 700 million Bank of America shares at $7.14 each; Berkshire later made a $11.5 billion profit on that investment in 2017, not including the dividend payouts.
The following are Berkshire’s disclosed holdings in
U.S.-listed banks and financial services companies as of Dec.
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Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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