Warren Buffett Spends $20 Billion On Stocks
According to CNN, the spending spree included: $6.9 billion in U.S. stocks; $8.7 billion for specialty chemical company Lubrizol Corp.; and $5 billion in preferred shares and warrants of Bank of America.
The recent purchases add to his portfolio that leans toward consumer products and banking.
For more than 20 years, Buffett’s portfolio has included equity stakes in Coca-Cola Co. and the nation’s No. 1 home lender, Wells Fargo & Co., Businessweek reported.
Buffett is prepping for retirement and hired money manager Todd Combs in 2010. Buffett instructed Combs to focus on equities.
“I wonder if he turned Todd Combs loose,” David Rolfe said to Businessweek. Rolfe is chief investment officer of Berkshire investor Wedgewood Partners Inc.
“I hope Buffett went to the movies one day and Combs got on the phone and went crazy with buy orders,” Rolfe said.
Reach executive producer Agnus-Dei Farrant here.
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