Berkshire Hathaway Discloses $499M Investment in Marsh & McLennan | Canada News Media
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Berkshire Hathaway Discloses $499M Investment in Marsh & McLennan

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Warren Buffett’s Berkshire Hathaway Inc. on Tuesday announced two major new investments, revealing an $8.6 billion stake in the phone company Verizon Communications Inc. and a $4.1 billion stake in oil company Chevron Corp.

The investments were disclosed in a regulatory filing detailing Berkshire’s U.S.-listed stock holdings as of Dec. 31.

Berkshire also disclosed a new $499 million stake in the professional services company Marsh & McLennan Cos.

To make room, Berkshire reduced its investments in several companies including Apple Inc., though at approximately $121 billion the iPhone maker remains by far its largest common stock holding.

Verizon shares rose 3.0%, Chevron rose 2.2% and Marsh was unchanged in after-hours trading following Berkshire’s filing.

Tuesday’s filing signals where Buffett and his portfolio managers Todd Combs and Ted Weschler see value, without saying who bought what. Buffett normally handles larger investments such as Verizon and Chevron.

“They are Buffett-esque investments,” said Steven Check, who invests $1.3 billion at Check Capital Management Inc in Costa Mesa, California, including $300 million in Berkshire. “Verizon has a low price-earnings ratio, and while oil prices are recovering the stocks still have a long way to go.”

The filing also shows Berkshire deploying some of its cash hoard, which totaled $145.7 billion as of Sept. 30.

Berkshire owns more than 90 businesses including Geico car insurance, the BNSF railroad and Dairy Queen ice cream, but has gone five years since its last big acquisition.

The Omaha, Nebraska-based conglomerate had begun investing in Verizon, Chevron and Marsh by last year’s third quarter.

As it had several times before, Berkshire won permission from the U.S. Securities and Exchange Commission to delay revealing the stakes, to avoid having investors piggyback on its wagers before it was done buying.

Tuesday’s filing showed Berkshire, a major investor in Bank of America Corp., cutting back on other banks, reducing its stake in Wells Fargo & Co. and shedding JPMorgan Chase & Co., M&T Bank Corp. and PNC Financial Services Group Inc.

Berkshire also invested more in drugmakers Abbvie Inc., Bristol-Myers Squibb Co. and Merck & Co. while selling a small stake in COVID-19 vaccine maker Pfizer Inc. It also shed mining company Barrick Gold Corp.

Doug Kass, managing partner of Seabreeze Capital Investment Inc in Palm Beach, Florida, said the Verizon investment “makes sense” reflecting the company’s dividend payout and wireless revenue growth prospects.

He said the lowered bank stakes may reflect Buffett’s concern about persistent low interest rates, and loan losses related to the coronavirus.

Berkshire is expected to release year-end results and Buffett’s annual shareholder letter on Feb. 27.

(Reporting by Jonathan Stempel in New York; Additional reporting by April Joyner; Editing by Chris Reese and David Gregorio)

Source:- Insurance Journal

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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