Warren Buffett’s Berkshire Hathaway buys 10 million shares in General Motors

Article by Anita Panait, on May 17, 2012

Berkshire Hathaway Inc. owns 10 million shares in General Motors Co. as of March 31, 2012, according to the company’s quarterly filing submitted to the US Securities and Exchange Commission.  Although Berkshire, chaired by Warren Buffett, has little involvement with car manufacturers, the company does have a significant investment in the Chinese electric car maker BYD Co Ltd.

Berkshire also holds 1.59 million shares in Viacom Inc, a New York-based firm. Buffett is known for building portfolios made up of stakes in different yet large companies. Buffett’s understudies, Todd Combs and Ted Weschler, also built their portfolios under Berkshire’s chair.

Buffett has said that Berkshire buys assets based on the business’ intrinsic worth, instead of on macroeconomic conditions. According to Jeff Matthews, author of "Secrets in Plain Sight: Business and Investing Secrets of Warren Buffett," the Berkshire chairman and chief executive only buys assets if he sees value in them, despite the current crisis being experienced in Europe.

 Buffett intends to leave Berkshire in very good hands when he retires, in part by hiring former hedge fund managers Weschler and Combs to help oversee investments he made.

Buffett said during the company’s annual meeting that he decides on the Berkshire's larger wagers, leaving the smaller bets for back-up stock pickers to make, with each of them overseeing $2.75 billion of assets. Berkshire's stock portfolio jumped from $77 billion as of December 31, 2011 to $89.1 billion as of March 31, 2012. According to the filing, Berkshire spent around $3.4 billion on equities during the quarter.

Topics: gm, shares

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

More positive news has been pouring in before the year ends. For those who have been waiting to hear the latest word on Toyota 86, we have some great news....
by - December 10, 2016
Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries