Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
Warren Buffett tells CNBC that Berkshire Hathaway hasn't added to its stock holdings of American Express "in years."
That's in response to a statement made by biographer Alice Schroeder in the just-published paperback edition of The Snowball.
In a new chapter that continues the Buffett story through the financial crisis that accelerated in the months after last fall's publication of the hardcover Snowball, Schroeder writes that Buffett incorrectly predicted Wells Fargo, a Berkshire holding, would not have to issue new stock.
"He scored better a few weeks later when Berkshire’s SEC filings revealed that he had been buying American Express while the stock was on its back."
The statement about buying American Express stock caught Buffett's attention when it was included in an excerpt from the new Snowball material posted here on CNBC.com's Warren Buffett Watch last week.
He tells CNBC, "That's wrong. I haven't bought American Express in years."
Berkshire's quarterly portfolio filings with the SEC show its holdings of American Express have remained steady for many years at 151,610,700 shares.
UPDATE: Through her publisher, Schroeder tells us, "Yes, I made a mistake and will correct it in future editions of The Snowball."
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