‘The Warren Buffett Shareholder’ author Lawrence Cunningham and Smead Capital Management CEO and CIO Bill Smead respond to Berkshire Hathaway’s shareholder meeting this year that featured only Warren Buffett and his possible successor Greg Abel.
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Warren Buffett took more steps to rejigger his portfolio as the coronavirus impact continues to play out across financial markets.
Buffett’s Berkshire Hathaway adjusted stakes in two of the nation’s biggest financial firms; JPMorgan and Goldman Sachs, which took the bigger hit.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | GOLDMAN SACHS GROUP INC. | 171.87 | -2.58 | -1.48% |
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The firm’s stake in Goldman was cut by 84 percent to 1.9 million shares from 12 million, according to SEC Filings. The stock has tumbled 25 percent this year, compared to the 11.4 percent drop in the S&P 500.
GOLDMAN SACHS EYES WELLS FARGO, PNC, US BANCORP SPIKING STOCKS
FOX Business reported on Thursday that Goldman, under pressure to boost its performance, was eyeing potential banking acquisitions with Wells Fargo, PNC and US Bancorp making the shortlist of contenders. All of the companies declined to comment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & COMPANY | 23.36 | -0.70 | -2.91% |
| PNC | PNC FINL SVC | 97.25 | -0.59 | -0.60% |
| USB | U.S. BANCORP INC. | 30.68 | -0.49 | -1.57% |
As for JPMorgan, Berkshire still maintains a large position of 57.7 million shares yet trimmed its stake by 1.8 million, according to SEC filings.
CORONAVIRUS PUSHES BERKSHIRE TO SELL ENTIRE STAKES IN US AIRLINES: BUFFETT
Earlier this month at his pared-down virtual annual meeting, Buffett disclosed he had exited the majority stakes of his airline holdings, as the coronavirus decimated the industry.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 19.19 | -0.19 | -0.98% |
| AAL | AMERICAN AIRLINES GROUP INC. | 9.04 | -0.11 | -1.20% |
| UAL | UNITED AIRLINES HLDG. | 19.92 | -0.38 | -1.87% |
| LUV | SOUTHWEST AIRLINES CO. | 23.87 | -0.91 | -3.67% |
WARREN BUFFETT: ‘AMERICAN MAGIC’ WILL OVERCOME CORONAVIRUS
While he noted he didn’t have any great insights into the COVID-19 pandemic the 89-year-old billionaire did offer an optimistic prediction, “the American magic has always prevailed, and it will do so again.”
