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Saturday, November 29, 2008

MOTLEY FOOL: Is Buffett insane?

In the midst of economic chaos, Warren Buffett recently made a bold prediction. He said that now is the time to buy American stocks.

Of course, this call seems utterly insane. Banks are failing, the credit markets are deadlocked, unemployment is skyrocketing, and there's likely to be terrible news for months.

On the other hand, this is Warren Buffett, and he's made these sorts of predictions before.

1974: Stagflation
The years 1973 and 1974 were two very bad ones for the market. OPEC had started flexing its muscles, causing oil to quadruple. This resulted in a long recession, with inflation spiking to 12.3% in 1974, while real GDP growth fell by 0.5%. America experienced stagflation -- the ugly combination of a recession and high inflation rates -- and people were terrified. The situation was even worse in the United Kingdom, where the government was bailing out banks after real estate crashed. Over those two years, the S&P 500 plunged by 42%.

It was then, on Nov. 1, 1974, at the height of the pessimism, that Buffett made his first well-publicized bullish market call. He noted that he was well aware that the world was in a mess, but that stocks were simply too cheap. "If you're only worried about corporate profits, panic or depression, these things don't bother me at these prices."

To be totally clear, Buffett made one of the most direct predictions of his entire career: "Now is the time to invest and get rich." Buffett himself was buying shares of The Washington Post (NYSE: WPO) and advertising agency Interpublic (NYSE: IPG).

It worked out pretty well for him. The market jumped 32% in 1975, and another 19% the next year. Even today, the Dow Jones Industrial Average's 38% gain in 1975 stands up as its biggest increase since 1955.

1979: An oil crisis
That excellent performance was followed by two poor years. Once again, we were experiencing double-digit inflation and falling GDP growth. Again, we were going through an oil crisis, this one coming in the wake of the Iranian Revolution. As a result, when Buffett made his next call on Aug. 6, 1979, the Dow Jones Average was actually trading lower than at it was at the end of 1975.

This time, Buffett noted that stocks were far more attractive than bonds. He believed that pension managers, who were piling into bonds yielding 9.5%, were investing using the rearview mirror. They were avoiding the equities that had recently lost them money. But Buffett recognized that the underlying businesses were actually performing well. A combination of falling stock prices and improving business fundamentals made stocks an attractive investment.

Buffett figured that stocks were probably offering long-term returns of 13% or better. He bought oil producer Hess (NYSE: HES), GEICO, and General Foods, which later became part of Kraft (NYSE: KFT).

This time, Buffett's timing wasn't perfect -- the S&P 500 fell a bit more over the next few months. But his long-term prediction was spot-on. During the 1980s, the S&P 500 rose 13% annually before dividends.

1999: The Internet bubble
In November 1999, during the height of the Internet bubble, Buffett made his only bearish call. At the time, the market was in a speculative fervor, with Internet stocks showing huge price increases seemingly every day. In the five years between 1995 and 1999, the S&P 500 tripled, with compound annual returns of 26%. Many considered Buffett a relic for refusing to buy into the technology boom.

Buffett, however, noted that, because of a combination of cheap initial valuations and falling interest rates, stocks had achieved unprecedented annual returns of 19% over a 17-year period. These results made investors unreasonably optimistic. New investors were expecting 10-year annual returns of 22.6%, while even experienced investors predicted 12.9%. But the huge boom was only supported by modest GDP growth, and therefore wasn't sustainable. So, Buffett expected about 4% real returns.

He continued to hold Coca-Cola (NYSE: KO), Wells Fargo (NYSE: WFC), and M&T Bank (NYSE: MT), though he noted in the 2004 annual report that he should have sold some of Berkshire Hathaway's overvalued holdings.

Buffett's bearish prediction proved optimistic. The market continued to rise for a few months, with the S&P 500 topping out 9% above where it was when Buffett made the call. But that was followed by a crash. Since his call, the S&P 500 has dropped by 39%, for average annual losses of about 5%, well below Buffett's estimates.

The Foolish bottom line
The common theme of all these predictions is that Buffett didn't care about short-term fears. He wasn't worried about stagflation in the 1970s, and he didn't buy into the unrealistic optimism of the late 1990s. Instead, he rationally valued stocks, and made the right long-term calls. His biggest mistake was the 4% number he threw out in 1999 -- long-term returns have been much worse than his bearish prediction.

But that prediction was too optimistic partly because stocks are so unreasonably cheap right now. And that's why Buffett's buying today.

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The Four Filters Invention of Warren Buffett and Charlie Munger
The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
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Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
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Product Details
The Snowball: Warren Buffett and the Business of Life

The Snowball: Warren Buffett and the Business of Life
By Alice Schroeder

List Price: $35.00
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Product Description

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” continued description

ST LOUIS BIZ JOURNAL: Another new owner for former A.G. Edwards, now what?

Once again it’s wait and see for the brokerage that was A.G. Edwards and its 4,800 St. Louis employees.

On the plus side, Wells Fargo & Co., based in San Francisco, has pledged to keep the brokerage in St. Louis; it is a relatively stable new owner known for smooth acquisition transitions; and the Wachovia Securities brokerage division has put significant problems and expenses behind it.

But more problems undoubtedly lie ahead, including the possibility of layoffs, office consolidations and brokers who are fed up with corporate changeovers.

Even the leadership is uncertain. It hasn’t been decided who will head the brokerage in St. Louis under Wells Fargo.

Asked whether top management, including Danny Ludeman, president and chief executive of Wachovia Securities, would remain here, Kathleen Golden, Wells Fargo’s vice president of public relations, said, “We announced that Wachovia Securities headquarters would remain in St. Louis, but beyond that we have not made any subsequent announcements about the business.” Ludeman was not available for comment.

Wells Fargo announced that Ludeman’s boss, David Carroll, who is based in Charlotte, N.C., is the only Wachovia executive who will report directly to Wells Fargo Chief Executive John Stumpf. Carroll has been running Wachovia Capital Management, which includes the brokerage,

“David (Carroll) has not named his management team yet and will be meeting about that over the next few weeks,” said Teresa Dougherty, a Wachovia spokeswoman.

“If you are under David Carroll’s umbrella, you’re probably in pretty good shape,” said Charlie Forrest, a senior vice president at Stern Brothers & Co. He retired in 2005 from A.G. Edwards, where he headed the bond department and national public finance practice. “It looks good for the old A.G. Edwards and for St. Louis.”

Still, former A.G. Edwards financial advisers, who worked for a company that had been led with stability for generations by Edwards family members, may be leery about a second new owner within 18 months.

“The real challenge to Wells and to the legacy A.G. Edwards brokers is: Having changed their business cards once recently, do they want to change them again?” said Brad Hintz, an analyst with Sanford Bernstein in New York who followed A.G. Edwards for years. “As a broker, you want stability. You may be saying to yourself, ‘Why don’t I go out and hang my own shingle?’”

Golden said Wells Fargo had no statement about broker retention.

Forrest said employees at the brokerage have told him that Wells Fargo looks like a better long-term partner than Wachovia. “Wells is a very strong bank and they keep costs low,” he said.

Gerald Sparrow of Sparrow Capital Management in St. Louis used to work for Strong Funds in Menomonee Falls, Wis., which was acquired by Wells Fargo a few years ago. “The Wells Fargo management philosophy is the one Warren Buffett embraces — they let people run their own show as long as they know what they are doing. I think it’s a good partner to have.”

And unlike Wachovia when it bought A.G. Edwards in 2007, Wells Fargo has only a small bank brokerage, so cultural integration may be less of a problem. Many A.G. Edwards executives and brokers left the company after the sale to Wachovia.

The brokers at Wachovia are waiting to find out what size bonuses they will be offered to stay with Wells Fargo. It’s usually a percentage of the fees and commissions that the broker produced over the last 12 months. Executives at recruiting firms have said the amounts likely will be modest, but so are expectations, given the economy and the fact that former A.G. Edwards brokers received bonuses to stay with Wachovia after that takeover.

Forrest believes the brokerage’s top management will be located in St. Louis. “Banks like to have everyone in one spot, but a brokerage is a different kind of operation,” he said. “Brokers like ready access to top management.”

As for possible layoffs, “There will be layoffs across the board in support staff, mutual funds, and corporate and public finance,” said Wistar Holt, a principal of Holt & Shapard Capital Management and former Wall Street broker. “I’d be shocked if they didn’t close and consolidate offices. You’ll see that in every Wall Street firm.”

Dougherty at Wachovia said, “We haven’t heard anything about that.”

“Though there may be layoffs due to market conditions, the transitions are usually pretty smooth with Wells Fargo,” Sparrow said.

Wachovia Corp. reported a $24 billion loss for the quarter ended Sept. 30, compared with a profit of $1.6 billion a year earlier. The Capital Management division, which includes the brokerage, reported a loss of $499 million for the quarter, compared with a profit of $294 million a year earlier. The other divisions are the General Bank, Wealth Management, and Corporate and Investment Bank, which are primarily Charlotte operations.

The loss was the result of settlement costs related to auction-rate securities and losses related to market turmoil, the company said. Wachovia Securities agreed in August to buy back $8.5 billion of auction-rate securities it sold clients.

In putting those charges behind it, Wachovia cleans up the balance sheet in preparation for the sale to Wells Fargo. “It was prudent for Wachovia to put these losses behind them,” Wells Fargo CFO Howard Atkins said in a release. “The asset write-downs, reserve build and other items are consistent with our acquisition assumptions.”

Non-interest expenses in Capital Management increased 73 percent in the quarter, to $2.1 billion, because of the settlement charges and A.G. Edwards acquisition. Net interest income for the quarter increased 45 percent, to $388 million, driven by retail brokerage core deposit growth primarily due to the acquisition.

Total revenue in the Capital Management division dropped to $1.4 billion in the third quarter from $1.7 billion in last year’s quarter, though it fared better for the first nine months of the year, up 17 percent to $6.1 billion, boosted by the acquisition.


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From Amazon



The Four Filters Invention of Warren Buffett and Charlie Munger
The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
Buy new: $29.65 / Used from: $32.38
Usually ships in 24 hours


Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
Buy new: $13.57 / Used from: $7.95
Usually ships in 24 hours



Product Details
The Snowball: Warren Buffett and the Business of Life

The Snowball: Warren Buffett and the Business of Life
By Alice Schroeder

List Price: $35.00
Price: $21.00 & eligible for FREE Super Saver Shipping on orders over $25. Details

Availability: Usually ships in 24 hours
Ships from and sold by Amazon.com

79 new or used available from $16.99

Average customer review:

Product Description

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” continued description


Friday, November 28, 2008

CHINAECONOMIC.NET: BYD electric auto set to go on market before year-end

By Wang Weiwei

At the "Tenth China Hi-Tech Fair" just closed a few days ago, people were attracted again by BYD's F3DM dual-mode electric automobile and its anatomy car. Such a technology has been shown frequently in many domestic large-scale auto expos and well known by people. Under an environment that people pay more and more attention to new resource cars with independent brand, it has become the focus of our concern that when will the said familiar and strange dual-mode car enter the market. As latest information indicates that BYD Auto is speeding up all-roundly in the field of new resource car especially electric car project, the dual-mode electric automobile F3DM with DM technology is possibly to be put on the market after mass production by the end of 2008.

At present, BYD's dual-mode electric car F3DM has passed the national impact test, striding over the threshold new cars must face before entering market. The safety impact test examined the safety performance of the new car all-roundly, and reflected that BYD F3DM had solved the problem of the dual-mode electric car's high speed impact safety in new resource auto field. BYD electric car made a progress again in terms of technology.


The safety impact test didn't succeed incidentally. Before that, F3DM had conducted road test of 100 thousand kilometers. In May 2008, BYD made a successful impact experiment in the laboratory of its Shanghai R&D center.


It is revealed that BYD had invested over RMB1 billion yuan to the electric car project, and its Shenzhen new base, which focuses on electric car production, had also invested over RMB4 billion yuan totally. With years of R&D, BYD dual-mode electric car has till now applied for more than 70 patents at home and abroad, passed entire car tests under multiple conditions, and been basically able to ride in complete electric-driven status on urban roads. The total cost of a set of dual-mode electric car system is US$50,000, and it will be reduced substantially after mass production. The ET-POWER Fe battery mounted on the dual electric car can be recharged for over 2000 times, and its continuous mileage life is over 600,000km. The dual-mode electric car can be charged 80 percent after 15 minutes of fast charging at professional charging station. Even at home, 9 hours of slow charging can charge the battery entirely. In the meantime, the maximum output power of DM driving system reaches 125KW, equal to the dynamic performance of a 3.0L engine. It needs one time of charging for BYD DM electric car to ride for 100km.


The industrialization of BYD electric car project with steadily increasing technology began speeding up meanwhile. On October 6, BYD bought a semi-conductor manufacturer Ningbo Zhongwei at near RMB200, 000,000 yuan. Xia Zhibing, General Manager of BYD Automobile Sales CO., Ltd. believes that the acquisition was a key step for BYD to integrate the industrial chain, strengthen core competitiveness, and realize the mass production and commercialization of electric vehicles. Through the acquisition, BYD obtained the developing and producing capabilities of driving engine of electric cars at one stroke. Except battery, it occupied the peak of new driving engine control technology of electric cars.


At the same time, the plan set by BYD's President Wang Chuanfu has been started gradually. Only a week before its acquisition of Ningbo Zhongwei, BYD was offered shares capital of about HK$1.8 billion by MidAmerican Energy Holdings Company, a company affiliated to Warren E. Buffett, and the two parties had set up a long-term cooperative partnership. Wang Chuanfu said MidAmerican Energy Holdings Company had powerful resource network in America, and an important reason of their cooperation was that once BYD sold electric vehicles in America, it could build up many charging stations by the aid of power companies of MidAmerican Energy Holdings Company. In addition, BYD signed a cooperation agreement with Israeli IDB Group, and will contract IDB Group with the sole agency of the sales and service of electric vehicles in Israel. BYD emphasized that it hoped to further expand the European electric vehicle market with this move.


With both technological preparation and industrialized operation, BYD electric car project begins to enter a period of overall acceleration. As an independent brand with international-grade core technology, BYD is about to launch another new resource car.


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From Amazon



The Four Filters Invention of Warren Buffett and Charlie Munger
The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
Buy new: $29.65 / Used from: $32.38
Usually ships in 24 hours


Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
Buy new: $13.57 / Used from: $7.95
Usually ships in 24 hours



Product Details
The Snowball: Warren Buffett and the Business of Life

The Snowball: Warren Buffett and the Business of Life
By Alice Schroeder

List Price: $35.00
Price: $21.00 & eligible for FREE Super Saver Shipping on orders over $25. Details

Availability: Usually ships in 24 hours
Ships from and sold by Amazon.com

79 new or used available from $16.99

Average customer review:

Product Description

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” continued description

Thursday, November 27, 2008

CNBC: Berkshire Hathaway Shares Bounce Back Above $100,000

Berkshire Hathaway shares have bounced back to six-digit territory. They closed today (Friday) at $100,700 each, up $4,300 or 4.46 percent.

It's the first close above $100,000 since November 14 for Warren Buffett's holding company.

Before the past seven sessions, Berkshire had stayed above $100,000 for over two years, since first breaking through that level in October, 2006.

The stock hit an intraday low of $74,100 just five trading days ago. It's up 36 percent from that point.

For the year, Berkshire is down 28.9 percent vs. the benchmark S&P 500's drop of 39.6 percent.

Berkshire's drop from December's all-time closing high of almost $150,000 has been cut to 32.5 percent, after peaking at 50 percent last Thursday, November 20. The next day Berkshire soared 16 percent, its best day in decades.

Berkshire's Big Stock Swings

ClosePrice ChangePct. Change
Wednesday, Nov. 26$100,700+ $4,300+ 4.46%
Tuesday, Nov. 25$96,400+ $8,900+ 10.17%
Monday, Nov. 24$87,500- $2,500- 2.78%
Friday, Nov. 21$90,000+ $12,500+ 16.13%
Thursday, Nov. 20$77,500- $6,500- 7.74%
Wednesday, Nov. 19$84,000- $11,550- 12.09%
Tuesday, Nov. 18$95,550- $65- 0.07%
Monday, Nov. 17$95,615- $5,385- 5.33%
Friday, Nov. 14$101,000- $1,800- 1.75%

Current Berkshire stock prices:

Class A: [US;BRK.A 100700.0 4300.00 (+4.46%) ]

Class B: [US;BRK.B 3360.0 146.00 (+4.54%) ]



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From Amazon



The Four Filters Invention of Warren Buffett and Charlie Munger
The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
Buy new: $29.65 / Used from: $32.38
Usually ships in 24 hours


Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
Buy new: $13.57 / Used from: $7.95
Usually ships in 24 hours



Product Details
The Snowball: Warren Buffett and the Business of Life

The Snowball: Warren Buffett and the Business of Life
By Alice Schroeder

List Price: $35.00
Price: $21.00 & eligible for FREE Super Saver Shipping on orders over $25. Details

Availability: Usually ships in 24 hours
Ships from and sold by Amazon.com

79 new or used available from $16.99

Average customer review:

Product Description

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” continued description

CNBC FAST MONEY: Has Buffett Lost His Touch?

With shares of Berkshire Hathaway [BRK.A 100700.00 4300.00 (+4.46%) ] down almost 50% from December, are investors losing confidence in Warren Buffett?

Many factors are driving down Berkshire’s stock price including the lackluster economy, but the one currently getting a great deal of attention is Berkshire Hathaway’s derivative positions.

Berkshire as of Sept 30 had a $6.73 billion paper liability on derivative contracts tied to equities.

The Omaha, Nebraska-based company has said it has contracts whose values depend on where four stock indexes, including the Standard & Poor's 500 [.SPX 887.68 30.29 (+3.53%) ], trade between 2019 and 2027. Berkshire has said it could theoretically owe as much as $37.04 billion on the contracts.

That’s kind of confusing. Fortunately CNBC’s Alex Crippen explains the situation quite well on his blog. He writes, “Berkshire received almost $5 billion for writing put option contracts. They act as a form of insurance for buyers who want to limit their potential long-term losses on stocks.

Berkshire would have to pay money to the holders of the contracts if, on certain dates well in the future, four stock market indexes from around the world, including the S&P 500, are below where they were when the deals were made in the last few years.”

According to T2 Partners founder Whitney Tilson, investors appear to be panicked over Berkshire’s positions however, he feels the concern is unwarranted. He thinks Buffet is making a smart bet.

"If the market goes up 3 to 4 percent a year on average over the next 13 years Buffett doesn't pay out a single dollar. And he got paid $4.8 billion."

And in the event Buffett does have to make payments Tilson has great confidence in the firms ability to meet its obligations. “Berkshire's operating businesses are weathering the downturn well and remain enormously profitable.”

Sounds like Buffett hasn't lost his touch one bit. Quite the opposite, actually.

And if you’re looking for a trade, Tilson also tells us, “Berkshire's stock is the cheapest we have ever seen it.”

Let’s make that the bottom line.


Berkshire Hathaway ...
(BRK.A)
100700.00 4300.00 (+4.46%%)
NYSE

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From Amazon



The Four Filters Invention of Warren Buffett and Charlie Munger
The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
Buy new: $29.65 / Used from: $32.38
Usually ships in 24 hours


Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
Buy new: $13.57 / Used from: $7.95
Usually ships in 24 hours



Product Details
The Snowball: Warren Buffett and the Business of Life

The Snowball: Warren Buffett and the Business of Life
By Alice Schroeder

List Price: $35.00
Price: $21.00 & eligible for FREE Super Saver Shipping on orders over $25. Details

Availability: Usually ships in 24 hours
Ships from and sold by Amazon.com

79 new or used available from $16.99

Average customer review:

Product Description

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” continued description

CNBC: Buffett's Bank Bets "Paying Off" - Bloomberg

Sectors:Banks

Amid all the headlines asking if Warren Buffett has lost his "touch" as Berkshire Hathaway's stock tumbles, comes a Bloomberg story today headlined Buffett Stock Picks Beat Financials Index As He Dodged Subprime.

(Last night, CNBC's Fast Money asked if investors are "losing confidence" in Buffett.)

Bloomberg's takeaway: Buffett's moves to increase Berkshire Hathaway's holdings of Wells Fargo [WFC 28.65 1.70 (+6.31%) ] and U.S. Bancorp [USB 26.46 1.23 (+4.88%) ], while avoiding subprime lenders, are "paying off."

Bloomberg crunches the numbers on Berkshire's bank-related investments and finds:

  • Berkshire's financial stocks gained 36 percent in the third quarter, far outperforming the Standard & Poor's 500 Financial Index, which fell 0.2% during the three month period.
  • A weighted basket of Berkshire financials rose at an average quarterly rate of 2.3 percent during the 12 months ending in September. The S&P benchmark fell an average of 11.4 percent per quarter.
  • Berkshire's bank stocks are down 32 percent since September 30 vs a 41 percent drop for the S&P Financials.

Bloomberg notes that Berkshire's stake in Bank of America [BAC 15.43 0.63 (+4.26%) ] was cut almost in half during the third quarter, falling to 5 million shares from 9.1 million shares, after "Bank of America did what Buffett refused to do -- buy Countrywide Financial Corp., the subprime lender plagued by tumbling home prices and record foreclosures."

With two hours until today's closing bell, Berkshire shares are trading just below $100,000 after bouncing from a 52-week intraday low of $74,100 last Friday.

Current Berkshire stock prices:

Class A: [US;BRK.A 100700.0 4300.00 (+4.46%) ]

Class B: [US;BRK.B 3360.0 146.00 (+4.54%) ]



Related Links


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From Amazon



The Four Filters Invention of Warren Buffett and Charlie Munger
The Four Filters Invention of Warren Buffett and Charlie Munger by Bud Labitan
Buy new: $29.65 / Used from: $32.38
Usually ships in 24 hours


Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor
Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
Buy new: $13.57 / Used from: $7.95
Usually ships in 24 hours



Product Details
The Snowball: Warren Buffett and the Business of Life

The Snowball: Warren Buffett and the Business of Life
By Alice Schroeder

List Price: $35.00
Price: $21.00 & eligible for FREE Super Saver Shipping on orders over $25. Details

Availability: Usually ships in 24 hours
Ships from and sold by Amazon.com

79 new or used available from $16.99

Average customer review:

Product Description

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” continued description