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The price of Berkshire Hathaway credit-default swaps hit a record high today (Wednesday), going as high as 535 basis points, before retreating to 515 basis points in the late afternoon. Bloomberg reports the swaps, which are in effect insurance against a default by Warren Buffett's holding company, are trading at levels "more typical of junk-rated companies" even though Berkshire retains its triple-A ratings.
Berkshire Hathaway fell only $750 a share today (Tuesday), just under 1 percent, but it's enough for a 5-1/2 year closing low. The stock has dropped 50 percent from its all-time closing high set in December, 2007.
Tuesday: Fed Chairman Ben Bernanke defended the AIG bailout, saying the alternative would've been a disaster. Treasury Secretary Tom Geithner defended the Obama Administration's plan to buttress and stimulate the U.S. economy. Auto sales plummeted; Citigroup said it'll lower some mortgage payments; and subsidiaries of Warren Buffett's Berkshire Hathaway announced job cuts. CNBC heard from experts who said the U.S. economy is in a depression — but the next move is an upside jump.
Subsidiaries of Warren Buffett's Berkshire Hathaway are cutting back on jobs and costs, and there's more to come.
The Dow Jones Industrial Average hit its lowest level in 12 years, slipping below 7,000, then 6,900 and then 6,800, as another bailout of insurance giant AIG stirred fear about the stability of the financial system.
The Dow Jones Industrial Average opened at its lowest level in 12 years, slipping below 7,000 as investors grew increasingly skittish over the state of the stock market amid the wave of government bailouts.
The S&P 500 could fall another 18 percent as the bear market grinds stocks ever lower and the market won’t hit a bottom until the middle of 2011, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC.
This is the place to submit your questions for Warren Buffett. CNBC's Becky Quick will select some to ask Buffett when he appears live with her throughout the three hours of Squawk Box on Monday, March 9, 2009, starting at 6a ET.
How did Warren Buffett's annual letter to shareholders get covered this year? There's no one 'consensus' headline, although the word "worst" gets used fairly often. Here's a sampling from around the web.
In his annual letter to Berkshire Hathaway shareholders, Warren Buffett says he did some "dumb things in investments" last year, while defending Berkshire's "equity put" derivatives contracts. Buffett also predicts the economy will "be in shambles throughout 2009 - and for that matter, probably well beyond - but that conclusion does not tell us whether the stock market will rise or fall." He's still optimistic for the long-term, however, again pointing out that "our country has faced far worse travails in the past" but always "we've overcome them." He says confidently, "America's best days lie ahead."
A tough year for Warren Buffett and Berkshire Hathaway should make his annual letter to shareholders even more interesting than usual. Reuters says he has "some explaining to do." The letter will be released tomorrow (Saturday) at 8a ET.
We knew Warren Buffett's annual letter to Berkshire Hathaway shareholders was set to be released this coming Saturday, February 28. Now we know the time.
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.
Shares of Warren Buffett's Berkshire Hathaway closed at a 5-year low today (Friday) after their sixth straight daily decline.
CNBC's Jim Cramer has been critical of Warren Buffett's decision to sell some stocks in the Berkshire Hathaway portfolio, in part because it appears to contradict Buffett's public call to buy U.S. stocks last fall. But there is another way of looking at it.
Plus, get Cramer's calls on the Goldman Sachs news, agriculture stocks and one combination wind power-housing play.
After warning CNBC viewers not to follow Warren Buffett's recent stock moves, Jim Cramer goes into greater detail today about how Buffett was "selling America" last fall even as he publicly urged investors to buy American stocks.
Warren Buffett has some detractors these days, even some highly-regarded detractors. Mike Holland is not among them. The chairman of Holland & Co. thinks the Oracle of Omaha has been trading very shrewdly recently.
CNBC Mad Money host Jim Cramer doesn't like what he sees in Warren Buffett's latest stock moves for Berkshire Hathaway, and doesn't think ordinary investors should follow the Omaha billionaire's lead this time around. Buffett has "the luxury of being wrong. The rest of us do not."
Instead of asking what Warren Buffett has been buying, we should have been wondering what he's been selling. Berkshire Hathaway's stock portfolio snapshot for the end of the fourth quarter reveals its holdings in Johnson and Johnson have been slashed by more than half.