5/22/2023 0 Comments The damage done by warren fellows![]() “I would assume they did not think that they were going to make over the following five to ten years as much as they could by doing something else,” said Bill Smead, founder and chairman of Smead Capital Management, when asked why Berkshire exited banks when it did.īuffett said earlier in the pandemic that he didn't want to be overexposed to the industry. The Oracle of Omaha sold a large portion of Berkshire’s holdings in US banks between 20, some just months before the banking system upheaval that began in mid March.īerkshire exited giant stakes of JPMorgan Chase ( JPM), Wells Fargo ( WFC), and Goldman Sachs ( GS) during the period, and it also considerably reduced its ownership in regional lender US Bancorp ( USB) and custody bank Bank of New York Mellon ( BK).īerkshire still has sizable holdings in giants Bank of America ( BAC) and Citigroup ( C) as well as a smaller piece of online bank Ally Financial ( ALLY). What he has done, however, is sidestep damage to Berkshire Hathaway’s portfolio. ![]() ![]() ![]() (Yahoo!Finance) - Warren Buffett hasn’t emerged yet as a white knight for regional banks in this current crisis. ![]()
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