If you think Buffett has lost his touch—with IBM, Coke and Exxon bets all dogs—then why is Berkshire Hathaway crushing the S&P 500 in 2014?» Read More
For Larry Van Tuyl, it only took seven years to convince one of the world's best-known investors—and himself—that it was time to sell the family business.
Billionaire investor Warren Buffett told CNBC on Thursday he bought stocks in Wednesday's big selloff.
He won't name names or whether he was adding to positions of his current holdings. But he did describe them in a "Squawk Box" interview as "names you'd recognize."
Buffett said he likes to buy stocks when they go down, not when they go up. "The more [the market] goes down, the more I Iike to buy." He added that trying to time the market by buying and selling individual names often is a "fool's game."
Any investor who's owned a cross section of American business has done really well over the past 10 or 20 years, he said. Over time, values do appreciate—not for every stock, he said, adding the Dow Industrial Average was under 100 during his lifetime.
With all the talk on Wall Street about when and by how much the Federal Reserve might start increasing interest rates, Buffett said the central bank's moves have no bearing on his investment strategies. "I really don't care about whether the Fed is going to raise interest rates."
He said he buys businesses that he thinks will be good for the next 50 years—such as the deal he announced on CNBC Thursday that he's buying the nation's largest privately held car dealership group, Van Tuyl Group.
Warren Buffett is getting into the auto business.
The billionaire investor announced on CNBC on Thursday that he's buying Van Tuyl Group, the nation's largest privately held car dealership chain.
He expects to use this agreement as a vehicle to buy other dealerships. "We will hear, I predict, from hundreds of dealerships in the next year."
For a man who has been known to say some uncomplimentary things about bankers, Warren Buffett sure does love his bank stocks. By one recent analysis, the "big banks" and regional banks that Berkshire Hathaway has amassed in its portfolio of stocks adds up to a $50 billion market cap banking company—four of Berkshire Hathaway's top 11 holdings in the stock market are in banks and other financial services companies.
For a little perspective, the combined market value of Buffett's bank stock holdings roughly equals the market cap of Deutsche Bank or PNC Financial and would rank eighth overall in terms of U.S. banks by size. That $50 billion banking "company" stocked away within Buffett's empire is also a sizable piece of Berkshire Hathaway's approximately $350 billion valuation.
Veteran investor Warren Buffett has lost over $700 million on his investment in U.K. supermarket operator Tesco, which has seen shares fall around 43 percent this year.
Buffett, often referred to as the Oracle of Omaha, has consistently backed Tesco, holding a stake in the firm since 2007. But his investment firm Berkshire Hathaway is now dealing with a hefty loss after the retailer slumped over 20 percent in the last month.
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Berkshire Hathaway Chairman and CEO Warren Buffett is helping to fund the deal by committing $3 billion of preferred equity financing. The news release on the deal did not disclose the terms for Berkshire, which is only a financing source and will not have any participation in the management and operation of the business.
Investors may be warming up to the stock market, but they're taking the safe way in.
Passively managed funds are all the rage now, with market participants enjoying their low cost, high liquidity and tax advantages.
No outfit has benefited more from that approach than Jack Bogle's Vanguard Group, which has seen its total assets under management swell to nearly $3 trillion thanks to the allure of the firm's funds that track market indexes rather than make individual stock picks, according to a Wall Street Journal report.
That low-risk approach has gotten the imprimatur of none other than legendary investor Warren Buffett, who gave the firm his imprimatur a few months back. In his annual letter to shareholders, he advised them to follow the directions in his will, which mandates that his $66 billion fortune be divided with 10 percent in short-term government debt and the rest "in a very low-cost S&P 500 index fund. (I suggest Vanguard's.)."
Warren Buffett's Berkshire Hathaway is paying almost $1 million to the U.S. government for allegedly violating the filing requirements of an antitrust law for a second time.
The Federal Trade Commission said the $896,000 civil penalty settles allegations in a Justice Department lawsuit that Berkshire violated the notice and waiting requirements of the Hart-Scott-Rodino antitrust law by not disclosing its plan to increase its stake in USG before the transaction closed late last year.
It's the highest penalty that could be imposed in the case. Under the law, the penalty is capped at $16,000 for each day of the violation. The goverment said Berkshire's violation covered the 56 days between its acquisition of the USG stock and the end of the legally-mandated waiting period.