Black Monday

[bull....]

buffets latest filing on sat morning made for interesting reading , he has started ditching all his bank stocks. brought some gold something he once said he would never do.

[MarineSalvage]

And his oil stock that I actually also went into when he did...

buffets latest filing on sat morning made for interesting reading , he has started ditching all his bank stocks. brought some gold something he once said he would never do.

[Mickey]

buffets latest filing on sat morning made for interesting reading , he has started ditching all his bank stocks. brought some gold something he once said he would never do.

But he has been pumping a fair amount into Bank of America Bull. As of 4th August, he boosted his stake to 11.9% after investing $2.1 billion over 12 consecutive trading days.

[Stranger_Danger]

buffets latest filing on sat morning made for interesting reading , he has started ditching all his bank stocks. brought some gold something he once said he would never do.

I'm still pretty positive on gold, but c'mon, that is bollocks. He's been buying Bank of America, and it is not uncommon for him to add to or trim large positions, including in banks.

Additionally, the Barrick stake is of a size that it is almost certainly in the portfolio managed by either Ted Or Todd - Warren Buffett did not buy gold within the portfolio he manages.

If Berkshire puts 15-20bil into gold, then you can take that as a genuine Buffett call, but there is no sign of that. Anyone who buys gold because "Warren Buffett did" is kidding themselves, especially in an environment where there are multiple real and good reasons to buy gold (although it is now a little popular).

[kiwico]

buffets latest filing on sat morning made for interesting reading , he has started ditching all his bank stocks. brought some gold something he once said he would never do.

He had also said he would never buy airlines but had bought a few in time for the arrival of the current coronavirus. Maybe it's gonna be different this time....?

[Scrunch]

But he has been pumping a fair amount into Bank of America Bull. As of 4th August, he boosted his stake to 11.9% after investing $2.1 billion over 12 consecutive trading days.

Agreed, and in doing so increasing the size of this stake so that Bank of America was his second largest behind Apple at about 10.85% of Berkshire's total holdings. Given that there over 20 companies listed in the US alone with a larger market cap than Bank of America, that's a huge endorsement of banks generally and BAC specifically.

The Amazon holding was only 0.73% of the overall portfolio. There doesn't look to be any holdings of Alphabet, Facebook, Amazon or Microsoft. This would appear to mean that Berkshire has a Bank of America holding around 15x larger than its cumulative holding of Amazon, Facebook, Microsoft and Alphabet.

There's a nice graphic at the top of the link below
https://www.gurufocus.com/guru/warre...tt/stock-picks

[bull....]

I read it as buffett no longer see's banks as a value proposition.
even though he has increased his holding BAC he has reduced his overall exposure to banks significantly in his portfolio esp since march.
scrunch link provides that graphic under sector weightings

[bull....]

bluscope steel saying today glenbrook steel mill may close in time if they cant restructure it

https://www.asx.com.au/asxpdf/202008...0tmn9f2kfx.pdf


Refining NZ sends out further signals Marsden Point oil refinery may close

https://www.stuff.co.nz/business/122...nery-may-close

[Cadalac123]

Looks like markets didn’t really care about Covid or lockdowns anymore unless it’s level 4

[moka]

https://www.nzherald.co.nz/opinion/n...nzmenewstalkZB
Dark humour surfaces in hard times.
Despite the subject matter, the Downfall scene has for years proved amazingly adaptable to very different situations about anyone in a crisis.
Its comedy is in the way the people around Hitler nervously impart bad news - his generals have failed and the war is lost - and his mixture of shaking suppressed emotion and explosion of frothing anger. He initially is in denial, then blasts others, but has to face defeat. The New York Times wrote of it: "Something in the spectacle of an autocrat falling to pieces evidently has widespread appeal".

https://www.youtube.com/watch?v=fKzCKPyL4fg

Hitler Goes Short During Bull Market