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Berkshire Hathaway’s Warren Buffett on Saturday stood by his decision to plough ever greater sums of the company’s cash pile into stocks as he struggled to find multibillion-dollar acquisition targets, after a year in which the sprawling conglomerate suffered its worst performance against the broader market in a decade. The so-called Oracle of Omaha told Berkshire stockholders in his annual letter that his ability to find quality companies to buy outright at the right price was “rare”. Instead the company’s equity portfolio, which counts shares in blue-chip groups such as Apple and American Express, has continued to grow. “Far more often, a fickle stock market serves up opportunities for us to buy large, but non-controlling, positions in publicly traded companies that meet our standards,” he said.
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March 2021
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