INSUBCONTINENT EXCLUSIVE:
By Katherine ChiginskyBill Ackman piled in
conglomerate as it heads for its worst annual underperformance since 2009: Is it worth waiting for Warren Buffett to make a dent in his
chief investment officer of Wedgewood Partners Inc
His company, which oversees $2.2 billion, trimmed its Berkshire stake in the second quarter and exited completely in the third
with no major acquisitions to ramp up growth
Berkshire stock climbed 4.2% through the end of October, short of the 21% price gain in the S-P 500.
Part of that underperformance stems
repurchasing $2.1 billion this year through the end of June
JPMorgan Chase - Co., which counts Berkshire among its largest investors, repurchased more than $6 billion on a net basis in the third
quarter alone.
Buffett was able to put some of his cash to work earlier this year
He agreed in April to invest $10 billion for preferred stock of Occidental Petroleum Corp., which was pursuing Anadarko Petroleum Corp
taken his company from a struggling textile mill to a conglomerate worth more than $500 billion
As the S-P 500 keeps setting records, sitting on the M-A sidelines might be the right move because of high valuations, according to analyst
million that was invested in Berkshire and redeployed the vast majority into the stock of a company Buffett once said he regretted not
stumbled in recent quarters as Kraft Heinz Co
grappled with writedowns, a management shakeup and investigations
Buffett, who teamed up with 3G Capital to help orchestrate the merger of Kraft and Heinz, has admitted that they overpaid for Kraft and said
reported strong earnings driven by higher prices for products such as macaroni and cheese
last year, then bought back $928 million of stock during the third quarter of 2018
million in share buybacks
UBS analysts are assuming that Berkshire repurchased around $900 million of its stock in the quarter
are warning about challenging legal issues
it sees faster policy growth.
And natural catastrophes hit during the quarter, including Typhoon Faxai and Hurricane Dorian
The typhoon, which pummeled Japan in September, caused as much as $7 billion in insured losses, according to risk modeler AIR Worldwide
Dorian tore through the Bahamas in the third quarter, leaving behind as much as $3 billion in estimated insured losses.
Rail RecessionUnited
Western United States , Union Pacific Corp., reported third-quarter profit that missed analyst estimates and the steepest drop in carloads
investors should look past
Barclays Plc said the investment gains could total $7 billion before taxes.
