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Warren Buffett made news at this weekend's Berkshire Hathaway meeting by giving shareholders a preview of the company's first quarter earnings results. He also discussed expected losses in some of the credit default swaps the company has written. Berkshire has just filed a transcript of those comments with the SEC. Here's exactly what he said.
A record crowd of 35,000 Berkshire Hathaway shareholders hear Warren Buffett reveal that first quarter profits will be down almost 11 percent this year. But he remains very bullish on banks in Berkshire's portfolio, especially Wells Fargo.
Warren Buffett told shareholders the four candidates selected to possibly succeed him as Berkshire Hathaway's chief investment officer "did not cover themselves in glory."
Warren Buffett tells shareholders today that some of Berkshire Hathaway's derivatives contracts, those tied to the credit quality of junk bonds, will wind up losing money. He's still optimistic on those contracts tied to stock market indexes.
As part of CNBC's coverage of tomorrow's Berkshire Hathaway annual shareholders meeting, two of the afternoon programs discussed a question we've been hearing in recent months: Has Warren Buffett lost his way? And does he get a "free pass" from the media? Take a look at the video clips.
Value investor and fund manager Mario Gabelli tells CNBC's Becky Quick he often gets good ideas from some of the thousands of like-minded investors who attend the Berkshire Hathaway annual meeting each year. Here's the video clip of their conversation, which also touched on Warren Buffett's controversial derivatives positions.
American International Group persuaded a senior executive at its troubled financial products group to rescind his resignation to help avoid default on $234 billion in derivatives, the Financial Times reported Wednesday.
Berkshire Hathaway has lost its AAA credit rating from Fitch, but it doesn't look like the change is due to any recent 'mistakes' by Warren Buffett and his holding company. Almost at the top of its news release on the one-notch downgrade and negative outlook, Fitch says the move is part of a "broader review of insurance and financial services company ratings" due to the "current stressful economic environment."
Warren Buffett says it's more likely Berkshire Hathaway will make a domestic acquisition before it buys a foreign company, because there are more opportunities opening up in the U.S. and fewer competing buyers bidding up prices. Buffett tells Bloomberg Television, "The way things are going, there's a lot of things that may be happening in the United States."
Warren Buffett fans, clear your calendars. Berkshire Hathaway confirms to me that Buffett's eagerly-awaited annual letter to shareholders will be released this coming Saturday, February 28.
Even before they have settled into their new jobs, President Obama’s economic team faces an acute crisis in the nation’s banking system that has no easy answers and that they are not yet prepared to address, the New York Times reported.
Warren Buffett tells Bloomberg today that more information about Berkshire Hathaway's derivative positions will be included in the company's annual report early next year. In an email sent by his assistant, Buffett says investors will be told about "all aspects of valuation" for the contracts. In addition, the report will discuss "deficiencies in the formula" for pricing the derivatives, "which we nevertheless use."
Barron's predicted last December that Berkshire Hathaway shares would take a tumble. They did. Now the magazine says Wall Street's worries about Warren Buffett's big derivatives contracts appear "overblown" and the stock is ready to rebound.
Berkshire Hathaway's third quarter operating earnings fell 19.3 percent to $1,335 a share from $1,655 a share in the same period the year before. That's below the average forecast of $1429 from the two analysts following the stock, as tracked by Thomson One Analytics.
Warren Buffett's Berkshire Hathaway is expected to report a decline in quarterly operating earnings for the third quarter, its fifth consecutive year-over-year quarterly drop. Berkshire's results will be released after tomorrow's (Friday) stock market close.
NYSE Euronext, the trans-Atlantic stock exchange operator, said third-quarter profit fell by 33 percent due merger costs, severance payments and a decline in European derivatives trading.
Warren Buffett has gotten greedy too quickly while everyone else takes too long to become fearful, suggests today's Wall Street Journal. Peter Eavis writes that while Buffett has won "plaudits for some canny deals," there's also a dangerous pattern. "Mr. Buffett looks to be committing his capital too early. On some bets, waiting might have gotten him better terms or more attractive entry prices." According to Eavis, "Time for the Oracle to get a new crystal ball."
The future of financial regulation: An open letter to the next Treasury secretary, from the New York Times
Until last month, the Resolution Trust Corporation held a quiet place in American financial history. Less known is its role in pioneering and popularizing commercial mortgage backed securities.
The $62 trillion credit default swaps markets and other off-exchange financial instruments are not managed as well as they should be, Federal Reserve Chairman Ben Bernanke said Tuesday.