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.
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.
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.
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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