Bullish billionaire Warren Buffett goes shopping for Nestlé and Wal-Mart
Wednesday 18 November 2009
As Warren Buffett looks forward to an improving world economy, he is betting on chocolate, energy and discount retailing, at least according to the latest filings to the Securities and Exchange Commission in New York detailing positions taken by his investment holding giant, Berkshire Hathaway, in public companies.
With signs growing of a recovery, every penny invested by Mr Buffett draws the attention of fund managers and individual investors who are more anxious than ever to see where he thinks safety and profit might lurk.
One such place is Nestlé. According to the filing, Mr Buffett now holds 3.4 million American depositary receipts – shares in foreign companies – in the world's biggest food producer, worth a total of $144.7m. It confirms his confidence in food-makers. Buffett owns 10 per cent of Kraft already and has long been a big Coca-Cola fan.
The filing also reveals that Berkshire is warming furiously to Wal-Mart Stores. As of 30 September, the firm had increased its stake in the legendary big-box retailer based in Arkansas by 90 per cent to 37.8 million from 19.9 million at the end of the previous quarter. That added shares worth about $878m in just three months.
Earlier this month, Mr Buffett agreed to pay $26bn for the 77.4 per cent he did not already own of the largest cargo rail-freight company in the US, Burlington Northern, the biggest single deal he has ever attempted.
At a forum in New York last week, Mr Buffett reiterated that there is nothing to be gained from standing on the sidelines in hard economic times. "A terrible market or a terrible economy is your friend," he said, after being asked whether the rising stock market was at odds with the continuing economic strains, including unemployment. "It's a terrible mistake to look at what's going on in the economy today and decide whether to buy or sell stocks."
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
Beatles rush out 'bootleg' album to defy EU copyright law
healthJames Bond's alcohol consumption puts him at 'high risk' of cirrhosis, tremors... and impotence
tvSpoiler alert: Find out the result of a heated final show
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
peopleWhat advice would David Cameron give to his younger self?
French café starts charging extra to rude customers
Mystery of Epping Forest 'big cat' is solved
North Korea executes Kim Jong Un's powerful uncle Jang Song Thaek for 'attempting to overthrow the state'
Australia incest case: Deformed children found in remote farming community after generations of inbreeding
Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- 1 French café starts charging extra to rude customers
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Australia incest case: Deformed children found in remote farming community after generations of inbreeding
- 4 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- 5 Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- < Previous
- Next >
iJobs Money & Business
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Pre-Sales / Cl...
£40000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...