Warren Buffett’s $10 Billion Mistake_老虎社区_美港股上老虎

Warren Buffett’s $10 Billion Mistake

Barrons2021-03-23

Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates. ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

113

james33738
·2021-03-24
Unlucky?
回复
1
举报
AlexWong
·2021-03-24
Still making money, what mistake?
回复
点赞
举报
NareshwG
·2021-03-24
That's a costly mistake..
回复
3
举报
收起
- Acella:
  yea
  2021-03-24
  回复
  举报
naan
·2021-03-24
No different mistake that i also didHe did for 10billion mistake mine was 10dollar LOL
回复
1
举报
erwinwongso
·2021-03-24
Interesting @Jessieka
回复
2
举报
收起
- Jon777:
  Comment Pls @jessieka
  2021-03-24
  回复
  举报
- Jessieka:
  Cool
  2021-03-25
  回复
  举报
- Jessieka:
  Cool
  2021-03-25
  回复
  举报
小股神来也
·2021-03-24
Wow
回复
点赞
举报
收起
- 茁壮成长的韭菜儿:
  oo
  2021-03-24
  回复
  举报
- 小股神来也:
  oo
  2021-03-24
  回复
  举报
- 小股神来也:
  oo
  2021-03-25
  回复
  举报
Jassss
·2021-03-24
This is only a small setback for him.
回复
1
举报
收起
- PJoo:
  True!
  2021-03-24
  回复
  举报
WayneLo
·2021-03-24
No one could foresee what gonna happen, but we must remember he went through several huge recession and still survive till today
回复
1
举报
收起
- Jassss:
  Agree
  2021-03-24
  回复
  举报
- JayceeL:
  The oracle of omaha
  2021-03-24
  回复
  举报
mcwood
·2021-03-24
[得意]
回复
1
举报
Newbie_me
·2021-03-24
To him this is peanut
回复
3
举报
收起
- KarHingc:
  Ya sia
  2021-03-24
  回复
  举报
- Jassss:
  Yes
  2021-03-24
  回复
  举报
- Saintrade:
  Ya lor
  2021-03-25
  回复
  举报
Saintrade
·2021-03-24
How to get my post to be top commented?Is tiger reward getting harder?
回复
6
举报
收起
- PYCHUA:
  😀
  pls help to comment
  2021-03-24
  回复
  举报
- Newbie_me:
  Commented
  2021-03-24
  回复
  举报
- Saintrade:
  Sure
  2021-03-25
  回复
  举报
查看更多 2 条评论
Tiongwee
·2021-03-24
Learn from mistakes
回复
3
举报
收起
- Jassss:
  Yup
  2021-03-24
  回复
  举报
Yu_Zero
·2021-03-24
ppl will tends to make mistake
回复
5
举报
Alfred1007
·2021-03-24
He is still earning from other stocks.[摊手] [摊手]
回复
1
举报
Saintrade
·2021-03-24
Short term loss
回复
2
举报
收起
- Gablcm:
  Long term gains
  2021-03-24
  回复
  举报
Blim
·2021-03-24
Oo
回复
点赞
举报
jhhh
·2021-03-24
So what hes still earning so much more
回复
5
举报
WangWang99
·2021-03-24
Nothing to him pls like
回复
4
举报
收起
- cutemiao:
  Agreed. Plse "like" in return. Thanks
  2021-03-24
  回复
  举报
MCYR
·2021-03-24
can't always follow the pros
回复
3
举报
Msing
·2021-03-24
Ohh..
回复
1
举报

热议股票

7x24

全部

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

关注我们

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/1129536243?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-03-23 22:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1129536243","market":"us","top_or_hot":-1,"title":"Warren Buffett’s $10 Billion Mistake","media":"Barrons","content":"<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">网页链接</a>\n\n</div>\n","source":"lsy1601382232898","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PNC","symbol_name":"PNC金融","start_time":0,"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","article_id":"1129536243","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","pubTimestamp":1616509898,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PNC":"PNC金融","GS":"高盛","WFC":"富国银行","MTB":"美国制商银行","BRK.A":"伯克希尔","BAC":"美国银行","JPM":"摩根大通","BRK.B":"伯克希尔B"},"translate_title":"沃伦巴菲特百亿美元的错误","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BAC":0.9,"BRK.A":0.9,"BRK.B":0.9,"GS":0.9,"JPM":0.9,"MTB":0.9,"PNC":0.9,"WFC":0.9},"content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":351360475,"gmtCreate":1616564917297,"gmtModify":1634525171676,"author":{"id":"3575544839686991","authorId":"3575544839686991","authorIdStr":"3575544839686991","name":"james33738","avatar":"https://static.tigerbbs.com/e76f4a02d378ba161c6666637ecbba14","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Unlucky?","listText":"Unlucky?","text":"Unlucky?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351360475","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351970070,"gmtCreate":1616557978690,"gmtModify":1634525208087,"author":{"id":"3560730969024945","authorId":"3560730969024945","authorIdStr":"3560730969024945","name":"AlexWong","avatar":"https://static.tigerbbs.com/5355aad69cfd852f084e4c841a5fb0b0","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Still making money, what mistake?","listText":"Still making money, what mistake?","text":"Still making money, what mistake?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351970070","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351969534,"gmtCreate":1616553777628,"gmtModify":1634525227179,"author":{"id":"3572945845916163","authorId":"3572945845916163","authorIdStr":"3572945845916163","name":"NareshwG","avatar":"https://static.tigerbbs.com/0d6dc06165c1a0cc4f1a8169ea48573d","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"That's a costly mistake..&nbsp;","listText":"That's a costly mistake..&nbsp;","text":"That's a costly mistake..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351969534","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3868098,"gmtCreate":1616556721059,"gmtModify":1635750065027,"authorId":3563150446821026,"author":{"id":3563150446821026,"authorId":3563150446821026,"name":"Acella","avatar":"https://static.tigerbbs.com/2712c4bb0bfbec4d2773e012189db3bc","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351969534,"type":1,"supId":0,"prevId":0,"content":"yea","text":"yea","html":"yea"}],"langContent":"EN"},{"id":351911797,"gmtCreate":1616552311919,"gmtModify":1634525235265,"author":{"id":"3574400316429410","authorId":"3574400316429410","authorIdStr":"3574400316429410","name":"naan","avatar":"https://static.tigerbbs.com/5846811c3194d2eaeac65a7165552bc1","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"No different mistake that i also didHe did for 10billion mistake mine was 10dollar LOL","listText":"No different mistake that i also didHe did for 10billion mistake mine was 10dollar LOL","text":"No different mistake that i also didHe did for 10billion mistake mine was 10dollar LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351911797","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351911371,"gmtCreate":1616552263593,"gmtModify":1634525235587,"author":{"id":"3569805245982536","authorId":"3569805245982536","authorIdStr":"3569805245982536","name":"erwinwongso","avatar":"https://static.tigerbbs.com/a54c0ba6f48d59c73e0cbaaf30d7913a","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Interesting <a href=\"https://laohu8.com/U/3559381618794664\">@Jessieka</a>","listText":"Interesting <a href=\"https://laohu8.com/U/3559381618794664\">@Jessieka</a>","text":"Interesting @Jessieka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/351911371","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3868040,"gmtCreate":1616556137815,"gmtModify":1635750068773,"authorId":3560139863772426,"author":{"id":3560139863772426,"authorId":3560139863772426,"name":"Jon777","avatar":"https://static.tigerbbs.com/dfb83fe0ad88b21f2f1625bb19368212","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351911371,"type":1,"supId":0,"prevId":0,"content":"Comment Pls @jessieka","text":"Comment Pls @jessieka","html":"Comment Pls @jessieka"},{"id":3876993,"gmtCreate":1616637195873,"gmtModify":1635749581705,"authorId":3559381618794664,"author":{"id":3559381618794664,"authorId":3559381618794664,"name":"Jessieka","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351911371,"type":1,"supId":0,"prevId":0,"content":"Cool","text":"Cool","html":"Cool"},{"id":3876995,"gmtCreate":1616637206170,"gmtModify":1635749581583,"authorId":3559381618794664,"author":{"id":3559381618794664,"authorId":3559381618794664,"name":"Jessieka","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351911371,"type":1,"supId":3868040,"prevId":0,"content":"Cool","text":"Cool","html":"Cool"}],"langContent":"EN"},{"id":351043295,"gmtCreate":1616548273617,"gmtModify":1634525261293,"author":{"id":"3569026924402821","authorId":"3569026924402821","authorIdStr":"3569026924402821","name":"小股神来也","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/351043295","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3871416,"gmtCreate":1616589799276,"gmtModify":1635749875572,"authorId":3555098609392330,"author":{"id":3555098609392330,"authorId":3555098609392330,"name":"茁壮成长的韭菜儿","avatar":"https://static.tigerbbs.com/63c1303fedfcd4cb51019f482b816ad5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351043295,"type":1,"supId":0,"prevId":0,"content":"<u>oo</u>","text":"<u>oo</u>","html":"<u>oo</u>"},{"id":3873021,"gmtCreate":1616598143466,"gmtModify":1635749800246,"authorId":3569026924402821,"author":{"id":3569026924402821,"authorId":3569026924402821,"name":"小股神来也","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351043295,"type":1,"supId":3871416,"prevId":0,"content":"<u>oo</u>","text":"<u>oo</u>","html":"<u>oo</u>"},{"id":3881919,"gmtCreate":1616679120899,"gmtModify":1635749313514,"authorId":3569026924402821,"author":{"id":3569026924402821,"authorId":3569026924402821,"name":"小股神来也","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351043295,"type":1,"supId":3871416,"prevId":0,"content":"<u>oo</u>","text":"<u>oo</u>","html":"<u>oo</u>"}],"langContent":"EN"},{"id":351056049,"gmtCreate":1616547754481,"gmtModify":1634525265072,"author":{"id":"3574244375315958","authorId":"3574244375315958","authorIdStr":"3574244375315958","name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"This is only a small setback for him.&nbsp;","listText":"This is only a small setback for him.&nbsp;","text":"This is only a small setback for him.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351056049","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3868617,"gmtCreate":1616561642927,"gmtModify":1635750026929,"authorId":3572863479502236,"author":{"id":3572863479502236,"authorId":3572863479502236,"name":"PJoo","avatar":"https://static.tigerbbs.com/c1df329f4341646fc633446858d34c31","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351056049,"type":1,"supId":0,"prevId":0,"content":"True!","text":"True!","html":"True!"}],"langContent":"EN"},{"id":351028924,"gmtCreate":1616547027468,"gmtModify":1631884063881,"author":{"id":"3571463229344698","authorId":"3571463229344698","authorIdStr":"3571463229344698","name":"WayneLo","avatar":"https://static.tigerbbs.com/14093ba883674abafbe66f8cf1adf5d3","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"No one could foresee what gonna happen, but we must remember he went through several huge recession and still survive till today","listText":"No one could foresee what gonna happen, but we must remember he went through several huge recession and still survive till today","text":"No one could foresee what gonna happen, but we must remember he went through several huge recession and still survive till today","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/351028924","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3867008,"gmtCreate":1616547694996,"gmtModify":1635750137522,"authorId":3574244375315958,"author":{"id":3574244375315958,"authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351028924,"type":1,"supId":0,"prevId":0,"content":"Agree","text":"Agree","html":"Agree"},{"id":3867046,"gmtCreate":1616547936914,"gmtModify":1635750134403,"authorId":3558351468799626,"author":{"id":3558351468799626,"authorId":3558351468799626,"name":"JayceeL","avatar":"https://static.tigerbbs.com/ac84127d9ff799f5ada7ccbfbb2810c4","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351028924,"type":1,"supId":0,"prevId":0,"content":"The oracle of omaha","text":"The oracle of omaha","html":"The oracle of omaha"}],"langContent":"EN"},{"id":351068351,"gmtCreate":1616546508973,"gmtModify":1634525283195,"author":{"id":"3569805243820041","authorId":"3569805243820041","authorIdStr":"3569805243820041","name":"mcwood","avatar":"https://static.tigerbbs.com/899c12565f32e74966bd8f5ceac09f7c","vip":1,"crmLevel":8,"crmLevelSwitch":0},"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351068351","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":351081903,"gmtCreate":1616546033702,"gmtModify":1634525291082,"author":{"id":"3578907722938431","authorId":"3578907722938431","authorIdStr":"3578907722938431","name":"Newbie_me","avatar":"https://static.tigerbbs.com/c8b4a1f99e8c51a51e93bfd003334327","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"To him this is peanut","listText":"To him this is peanut","text":"To him this is peanut","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/351081903","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3866766,"gmtCreate":1616546546827,"gmtModify":1635750160225,"authorId":3574371072881465,"author":{"id":3574371072881465,"authorId":3574371072881465,"name":"KarHingc","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351081903,"type":1,"supId":0,"prevId":0,"content":"Ya sia","text":"Ya sia","html":"Ya sia"},{"id":3867011,"gmtCreate":1616547700494,"gmtModify":1635750137276,"authorId":3574244375315958,"author":{"id":3574244375315958,"authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351081903,"type":1,"supId":0,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"},{"id":3874142,"gmtCreate":1616604792013,"gmtModify":1635749758549,"authorId":3577131990335289,"author":{"id":3577131990335289,"authorId":3577131990335289,"name":"Saintrade","avatar":"https://static.tigerbbs.com/0586ed865bb515fc4dd23fea4fa2590d","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351081903,"type":1,"supId":0,"prevId":0,"content":"Ya lor","text":"Ya lor","html":"Ya lor"}],"langContent":"EN"},{"id":351016067,"gmtCreate":1616545434159,"gmtModify":1634525297450,"author":{"id":"3577131990335289","authorId":"3577131990335289","authorIdStr":"3577131990335289","name":"Saintrade","avatar":"https://static.tigerbbs.com/0586ed865bb515fc4dd23fea4fa2590d","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"How to get my post to be top commented?Is tiger reward getting harder?","listText":"How to get my post to be top commented?Is tiger reward getting harder?","text":"How to get my post to be top commented?Is tiger reward getting harder?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/351016067","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3866668,"gmtCreate":1616546038501,"gmtModify":1635750167436,"authorId":3576900825805492,"author":{"id":3576900825805492,"authorId":3576900825805492,"name":"PYCHUA","avatar":"https://static.tigerbbs.com/7984deb1539a8169f76cb68052224a36","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351016067,"type":1,"supId":0,"prevId":0,"content":"😀<br>\npls help to <u>comment</u>","text":"😀<br>\npls help to <u>comment</u>","html":"😀<br>\npls help to <u>comment</u>"},{"id":3866700,"gmtCreate":1616546241495,"gmtModify":1635750164940,"authorId":3578907722938431,"author":{"id":3578907722938431,"authorId":3578907722938431,"name":"Newbie_me","avatar":"https://static.tigerbbs.com/c8b4a1f99e8c51a51e93bfd003334327","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351016067,"type":1,"supId":3866668,"prevId":0,"content":"Commented","text":"Commented","html":"Commented"},{"id":3874140,"gmtCreate":1616604766911,"gmtModify":1635749758671,"authorId":3577131990335289,"author":{"id":3577131990335289,"authorId":3577131990335289,"name":"Saintrade","avatar":"https://static.tigerbbs.com/0586ed865bb515fc4dd23fea4fa2590d","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351016067,"type":1,"supId":0,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"},{"id":3881741,"gmtCreate":1616678152422,"gmtModify":1635749320644,"authorId":3577131990335289,"author":{"id":3577131990335289,"authorId":3577131990335289,"name":"Saintrade","avatar":"https://static.tigerbbs.com/0586ed865bb515fc4dd23fea4fa2590d","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351016067,"type":1,"supId":0,"prevId":0,"content":"RaiIWay","text":"RaiIWay","html":"RaiIWay"},{"id":3885013,"gmtCreate":1616711939546,"gmtModify":1635749175031,"authorId":3574906731000207,"author":{"id":3574906731000207,"authorId":3574906731000207,"name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351016067,"type":1,"supId":0,"prevId":0,"content":"[强][握手]","text":"[强][握手]","html":"[强][握手]"}],"langContent":"EN"},{"id":351018539,"gmtCreate":1616545406121,"gmtModify":1634525297692,"author":{"id":"3573775111920367","authorId":"3573775111920367","authorIdStr":"3573775111920367","name":"Tiongwee","avatar":"https://static.tigerbbs.com/e90910e406e67c77f42e225b16b69020","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Learn from mistakes","listText":"Learn from mistakes","text":"Learn from mistakes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351018539","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3867016,"gmtCreate":1616547719071,"gmtModify":1635750136780,"authorId":3574244375315958,"author":{"id":3574244375315958,"authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351018539,"type":1,"supId":0,"prevId":0,"content":"Yup","text":"Yup","html":"Yup"}],"langContent":"EN"},{"id":351019810,"gmtCreate":1616545189230,"gmtModify":1634525300397,"author":{"id":"3578303104730307","authorId":"3578303104730307","authorIdStr":"3578303104730307","name":"Yu_Zero","avatar":"https://static.tigerbbs.com/07e5d31255906046230458366e355b62","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"ppl will tends to make mistake&nbsp;","listText":"ppl will tends to make mistake&nbsp;","text":"ppl will tends to make mistake","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351019810","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351037812,"gmtCreate":1616545054836,"gmtModify":1634525302230,"author":{"id":"3570656625926041","authorId":"3570656625926041","authorIdStr":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"He is still earning from other stocks.[摊手]&nbsp;[摊手]&nbsp;","listText":"He is still earning from other stocks.[摊手]&nbsp;[摊手]&nbsp;","text":"He is still earning from other stocks.[摊手] [摊手]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351037812","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":351032540,"gmtCreate":1616544930580,"gmtModify":1634525304499,"author":{"id":"3577131990335289","authorId":"3577131990335289","authorIdStr":"3577131990335289","name":"Saintrade","avatar":"https://static.tigerbbs.com/0586ed865bb515fc4dd23fea4fa2590d","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Short term loss","listText":"Short term loss","text":"Short term loss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351032540","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3866566,"gmtCreate":1616545331738,"gmtModify":1635750174851,"authorId":3575234021908444,"author":{"id":3575234021908444,"authorId":3575234021908444,"name":"Gablcm","avatar":"https://static.tigerbbs.com/c74534439efb63d24fa3da74d69426cb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":351032540,"type":1,"supId":0,"prevId":0,"content":"Long term gains ","text":"Long term gains ","html":"Long term gains "}],"langContent":"EN"},{"id":351038960,"gmtCreate":1616544734250,"gmtModify":1634525306443,"author":{"id":"3554864697888884","authorId":"3554864697888884","authorIdStr":"3554864697888884","name":"Blim","avatar":"https://static.tigerbbs.com/f92a854ac5b40d9557fa9c7a8ddaa54f","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351038960","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":351008734,"gmtCreate":1616543436228,"gmtModify":1634525318182,"author":{"id":"3564727225062351","authorId":"3564727225062351","authorIdStr":"3564727225062351","name":"jhhh","avatar":"https://static.tigerbbs.com/f4f3f7b72783725da207a373581e5430","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"So what hes still earning so much more&nbsp;","listText":"So what hes still earning so much more&nbsp;","text":"So what hes still earning so much more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351008734","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353778197,"gmtCreate":1616542665519,"gmtModify":1634525325637,"author":{"id":"3571302014333483","authorId":"3571302014333483","authorIdStr":"3571302014333483","name":"WangWang99","avatar":"https://static.tigerbbs.com/fd291ad34521fc1ebab496105c2f882d","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Nothing to him pls like&nbsp;","listText":"Nothing to him pls like&nbsp;","text":"Nothing to him pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/353778197","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3866630,"gmtCreate":1616545844274,"gmtModify":1635750170671,"authorId":3574384014717887,"author":{"id":3574384014717887,"authorId":3574384014717887,"name":"cutemiao","avatar":"https://static.tigerbbs.com/bb482433c2ea26132373994768ab7de2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":353778197,"type":1,"supId":0,"prevId":0,"content":"Agreed.&nbsp; Plse \"like\" in return.&nbsp; <u>Thanks</u>","text":"Agreed.&nbsp; Plse \"like\" in return.&nbsp; <u>Thanks</u>","html":"Agreed.&nbsp; Plse \"like\" in return.&nbsp; <u>Thanks</u>"}],"langContent":"EN"},{"id":353742140,"gmtCreate":1616542058680,"gmtModify":1634525332399,"author":{"id":"3566218798350603","authorId":"3566218798350603","authorIdStr":"3566218798350603","name":"MCYR","avatar":"https://static.tigerbbs.com/d0a29de257327dedf4ada72586cf9c09","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"can't always follow the pros","listText":"can't always follow the pros","text":"can't always follow the pros","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353742140","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353727681,"gmtCreate":1616540523143,"gmtModify":1634525345767,"author":{"id":"3578800657624399","authorId":"3578800657624399","authorIdStr":"3578800657624399","name":"Msing","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Ohh..","listText":"Ohh..","text":"Ohh..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353727681","repostId":1129536243,"repostType":4,"repost":{"id":"1129536243","pubTimestamp":1616509898,"share":"https://www.laohu8.com/m/news/1129536243?lang=&edition=full","pubTime":"2021-03-23 22:31","market":"us","language":"en","title":"Warren Buffett’s $10 Billion Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=1129536243","media":"Barrons","summary":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berks","content":"<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.</p>\n<p>During 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&amp;T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).</p>\n<p>The sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.</p>\n<p>Buffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.</p>\n<p>During 2020, Berkshire made sizable investments of $8 billion in&nbsp;Verizon Communications(VZ) and $5 billion in&nbsp;Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.</p>\n<p>Berkshire still has a big holding of more than one billion shares of&nbsp;Bank of America(BAC) worth about $38 billion and smaller holdings in&nbsp;U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in&nbsp;American Express(AXP).</p>\n<p>Before the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.</p>\n<p>The JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.</p>\n<p>Berkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.</p>\n<p>The JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.</p>\n<p>Berkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.</p>\n<p>In February 2019, Buffett&nbsp;explained to CNBC&nbsp;why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.</p>\n<p>He was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.</p>\n<p>Unfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s $10 Billion Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s $10 Billion Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","MTB":"美国制商银行","BAC":"美国银行","GS":"高盛"},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-pared-down-its-bank-holdings-that-looks-like-a-10-billion-mistake-51616500847?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129536243","content_text":"Berkshire Hathaway CEO Warren Buffett soured on many bank stocks last year. That decision cost Berkshire about $10 billion, given the strong rally in the sector in recent months, Barron’s estimates.\nDuring 2020, Berkshire Hathaway (ticker: BRK.A and BRK.B) sold positions in JPMorgan Chase (JPM), Goldman Sachs Group (GS), PNC Financial Services Group (PNC), and M&T Bank (MTB), while sharply reducing a longstanding holding in Wells Fargo (WFC).\nThe sales of bank stocks were one of Buffett’s investment miscues during a year of mistakes and missed opportunities. Berkshire also sold about $6 billion of airline stocks near the sector’s low last April. The four major airline stocks formerly held by Berkshire have since roughly doubled.\nBuffett oversees Berkshire’s $290 billion equity portfolio. Berkshire failed to capitalize on the market turmoil to make any major acquisitions, and the company was a net seller of more than $8 billion of stocks last year.\nDuring 2020, Berkshire made sizable investments of $8 billion in Verizon Communications(VZ) and $5 billion in Chevron(CVX). And it bought about $2 billion in three different drug stocks. Only Chevron is showing a notable gain.\nBerkshire still has a big holding of more than one billion shares of Bank of America(BAC) worth about $38 billion and smaller holdings in U.S. Bancorp(USB) andBank of New York Mellon(BK). Berkshire owns a large and long-held stake of $21 billion in American Express(AXP).\nBefore the sales of bank stocks last year, Berkshire was heavily exposed to the sector, holding an interest in all the major U.S. banks, except forCitigroupandMorgan Stanley.Buffett may have felt that Berkshire was too exposed to the sector given the weak economy last year. He had no immediate comment.\nThe JPMorgan and Wells Fargo sales are notable because they were the largest positions sold.\nBerkshire held about 60 million shares of JPMorgan, worth around $8 billion at the start of 2020, and 345 million shares of Wells Fargo, worth $18 billion.\nThe JPMorgan position is gone, having been sold largely in the second and third quarters when the stock averaged less than $100 a share. The shares are now around $150. One of Berkshire’s investment lieutenants, Todd Combs, is on the board of JPMorgan. Combs and Ted Weschler run an estimated total of about 10% of the Berkshire equity portfolio.\nBerkshire steadily sold down its Wells Fargo stake starting in the second quarter, and held just 52 million shares at year-end 2020. The stock averaged about $26 a share during that period against a recent price of $39. Berkshire had held Wells Fargo for 30 years.\nIn February 2019, Buffett explained to CNBC why he liked banks and other financials. “They’re very good investments at sensible prices, based on my thinking. And they’re cheaper than other businesses that are also good businesses by some margin,” he said.\nHe was particularly enamored of JPMorgan then, telling CNBC that he had been “dumb” for not buying JPMorgan sooner, given his admiration for CEO Jamie Dimon and the franchise. And he suggested that, considering the bank’s financial performance—it topped rivals with a 17% return on tangible equity in 2018—the shares should trade for at least three times tangible book value, which would put them above $170. Buffett was on the mark then as the stock recently hit a record $161.\nUnfortunately for Berkshire, it’s not benefiting from that move and those in other bank issues.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":113,"commentSize":63,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}