FRI, NOV 25, 2022
'Personal pride in how my kids turned out' prompts big Thanksgiving donations
Warren Buffett told CNBC's Becky Quick he chose the day before Thanksgiving for $759 million in donations to family foundations to show he's thankful for his three adult children and their charitable work.
"I've got a personal pride in how my kids have turned out. I feel good about the fact that they know I feel good about them.
"This is the ultimate endorsement in my kids, and it's the ultimate statement that my kids don't want to be dynastically wealthy."
According to an SEC filing, Buffett converted 1600 Class A shares into 2.4 million Class B shares on Tuesday, and then donated them to four family foundations the next day. (Values are based on Wednesday's closing price of $316.18.
The four foundations also receive annual contributions from Buffett, made at the same time as his larger gifts to the Bill and Melinda Gates Foundation, which are part of his 2006 plan to give away the bulk of his fortune.
In June of this year, he gave stock worth around $3 billion to the Gates Foundation and another $1 billion to the family foundations.
Around the same time, The Wall Street Journal reported Buffett may be planning to direct as much as $100 billion worth of shares to the Susan Thompson Buffett Foundation, which "has spent the bulk of its funds on abortion access and reproductive health."
The Journal's report involved the undistributed Berkshire shares Buffett will still own when he dies. His plan to donate to the Gates Foundation during his lifetime would not be affected.
Berkshire adds in Japan ...
New filings show Berkshire has increased its stake to more than 6% in Japan's five biggest 'trading houses,' highly diversified companies that deal with many products and services.
The total value of the holdings is approximately $12 billion.
Monex Chief Strategist Takashi Hiroki tells Reuters he is not surprised given double-digit percentage gains for the trading house stocks since the start of the year.
"Trading companies' high stock prices are associated with high commodities prices, but there's much more to their businesses than that. Their earnings are good and shareholder returns are strong."
When Berkshire first revealed in 2020 it had stakes of more than 5% in the companies, it said they were long-term investments and that they could go as high as 9.9%.
... and continues to subtract in China
The series of sales were first disclosed by Berkshire during the summer.
Hong Kong rules only require a filing when a particular sale causes the percentage stake to cross a whole number, so there are interim sales that have not been detailed.
BUFFETT AROUND THE INTERNET
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BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Nov. 25, 2022
Berkshire's top holdings of disclosed publicly-traded U.S. stocks, and BYD, by market value, based on today's closing prices.
Holdings are as of September 30, 2022 as reported in Berkshire Hathaway’s 13F filing on November 14, 2022, except for:
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
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-- Alex Crippen, Editor, Warren Buffett Watch