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Dillard’s Stock Skyrockets 30% After Warren Buffett’s Deputy Discloses 6% Personal Investment

October 12, 2020

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Shares of department store Dillard’s are surging close to 30% on Monday after a regulatory filing revealed that Ted Weschler, one of the highest ranking money managers at Warren Buffett’s storied conglomerate and investment vehicle, Berkshire Hathaway, owns a nearly 6% stake.

Shoppers enter the Dillard's store at the Broward Mall in Plantation, Florida, on Wednesday, August 20, 2003. Dillard's Inc. had a second-quarter loss of $50.4 million as sales fell after the 65-year-old department-store company reduced prices to try to keep shoppers from going to discounters and retailers such as Kohl's Corp.Shares of Dillard's declined as much as 13 percent. Photographer: Richard Sheinwald/Bloomberg News — Dillard’s

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Released just minutes after the market-close on Friday, a filing with the Securities and Exchange Commission revealed that Ted Weschler, a Berkshire money manager who many believe could be the firm’s next chief investment officer, acquired shares in late September that pushed his personal holdings past the 5% ownership threshold required for public disclosure.

Weschler now owns 1,081,000 shares of Little Rock, Ark.-based Dillard’s–equal to roughly 5.89% of the firm’s shares outstanding, the filing notes.

Shares of Dillard’s soared as much as 40% on Monday, pushing the firm’s market capitalization well past $1 billion, and settling at about $55 per share as

Warren Buffett doubles his money on these 3 stocks every few years

October 9, 2020

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Warren Buffet spent a record $5.1 billion buying back shares of his Berkshire Hathaway Inc. in the second quarter.

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Berkshire Hathaway CEO Warren Buffett has done pretty well for himself and his shareholders throughout his career.

Buffett’s net worth has swelled to $80.5 billion as of this past weekend. This figure doesn’t factor in the $37 billion he’s donated to various charities over the past 14 years.

The Oracle of Omaha has also created $400 billion in value for shareholders. In the past 55 years, the benchmark S&P 500 has gained 19,784%, inclusive of dividends paid, while Berkshire Hathaway stock is up 2,744,062%.

Dividends have played a key role in Buffett’s long-term success

Warren Buffett has always been excellent at identifying businesses with clear-cut and sustainable competitive advantages, and he’s benefited from holding onto these businesses for long periods of time. He’s also quite the fan of

Energy Transfer’s Kelcy Warren turns over day-to-day control to co-CEOs

October 9, 2020

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Kelcy Warren, the Dallas billionaire known for controversial pipelines and aggressive dealmaking, is stepping down as chief executive officer of Energy Transfer LP. But if the move is anything like those of fellow moguls in the pipeline industry, he isn’t going far.

The company late Thursday named chief operating officer Mackie McCrea and chief financial officer Tom Long as co-CEOs. Warren, 64, will stay on as executive chairman and remains the top investor. He’ll also retain a majority stake in the so-called general partner that controls Energy Transfer’s board.

Warren appears to be following a playbook employed by his billionaire rivals in the pipeline industry. Kinder Morgan Inc. founder Rich Kinder continues to serve as his company’s chairman despite relinquishing the CEO title in 2015, and Randa Duncan holds the same spot at Enterprise Products Partners LP after her father, the company’s founder, died in 2010.

“Although I am stepping

Warren Buffett’s gold bet ‘made it safe’ to own metal: Thomas Kaplan

October 3, 2020

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Warren Buffett’s Berkshire Hathaway took a surprise stake in Barrick Gold earlier this year.
The famed investor’s endorsement could spur more investors to bet on the metal, NovaGold chairman Thomas Kaplan said on an earnings call this week.
“He’s made it safe for anyone interested in gold to be looking at the gold narrative,” he added.
Kaplan previously benefited from Buffett’s unexpected purchase of 130 million ounces of silver in the late 1990s, as it legitimized the metal as an investment.
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Warren Buffett’s surprise bet on Barrick Gold has given investors the green light to buy the precious metal, billionaire investor Thomas Kaplan said on NovaGold’s third-quarter earnings call this week.

Buffett “effectively detoxified gold” when his Berkshire Hathaway conglomerate revealed a $564 million stake in the gold miner in August, the NovaGold chairman said.

“He’s made it safe for anyone interested in

Rochester, N.Y., Mayor Lovely Warren Accused of Campaign-Finance Fraud

October 2, 2020

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The mayor of Rochester, N.Y., was charged with two felonies on Friday over allegations of campaign-finance fraud, dealing another blow to an administration that has been rocked by the police-involved asphyxiation death of Daniel Prude.

Mayor Lovely Warren is accused of unlawfully coordinating the activities of her re-election campaign committee and an outside political-action committee while running for a second term in 2017, Monroe County prosecutors say.

The Democratic mayor as well as the treasurers of both political committees were charged with engaging in a scheme to defraud and violate the state’s campaign finance law. Monroe County District Attorney Sandra Doorley said the case arose from an investigation by the state Board of Elections enforcement counsel, which looked into a complaint by Ms. Warren’s political rivals.

Ms. Warren has repeatedly denied wrongdoing. Her attorney, Joseph Damelio, said at an afternoon news conference that it was possible mistakes were made but

Rochester, NY Mayor Lovely Warren indicted on campaign finance charges

October 2, 2020

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ROCHESTER, N.Y. — Rochester Mayor Lovely Warren has been indicted on two felony campaign finance charges, Monroe County District Attorney Sandra Doorley announced Friday.

The first charge is for first-degree scheme to defraud; the second is an election law offense for illegally coordinating activities and expenditures.

The grand jury indictment is connected to Warren’s 2017 mayoral re-election campaign. Warren has adamantly refused any wrongdoing in the matter.

Warren will be arraigned at 4 p.m. Oct. 5 in front of Cayuga County Judge Thomas Leone. She did not provide immediate comment Friday.

If convicted of the felony charges, Warren would be removed from office under state law. The maximum sentence would be 16 months to four years in prison. While Warren would be unlikely to be incarcerated, her pension could be forfeited if the matter is determined to be a crime related to public office, and she also could lose

Rochester, NY Mayor Lovely Warren indicted on campaign finance charges

October 2, 2020

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ROCHESTER, N.Y. — Rochester Mayor Lovely Warren has been indicted on two felony campaign finance charges, Monroe County District Attorney Sandra Doorley announced Friday.

The first charge is for first-degree scheme to defraud; the second is an election law offense for illegally coordinating activities and expenditures.

The grand jury indictment is connected to Warren’s 2017 mayoral re-election campaign. Warren has adamantly refused any wrongdoing in the matter.

Warren will be arraigned at 4 p.m. Oct. 5 in front of Cayuga County Judge Thomas Leone. She did not provide immediate comment Friday.

If convicted of the felony charges, Warren would be removed from office under state law. The maximum sentence would be 16 months to four years in prison. While Warren would be unlikely to be incarcerated, her pension could be forfeited if the matter is determined to be a crime related to public office, and she also could lose

Rochester Mayor Warren indicted on felony campaign finance charges

October 2, 2020

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ROCHESTER, N.Y. — Rochester Mayor Lovely Warren has been indicted on felony charges relating to her fundraising, Monroe County District Attorney Sandra Doorley announced on Friday.

The indictments stem from Warren’s fundraising activity while seeking a second term in 2017.

Donations to the mayor’s regular campaign were capped at less than $9,000. She also had a leadership PAC subject to much looser fundraising rules, but which was prohibited from directly helping her reelection efforts. Several complaints at the time alleged that this entity was in fact dedicated solely to aiding her candidacy.

Warren is arguably the highest-profile elected official in the state to be indicted on campaign finance violations in recent years.

The investigation into her activity was launched by state Board of Elections Enforcement Counsel Risa Sugarman. Her work has previously led

Rochester Mayor Lovely Warren indicted in campaign finance probe

October 2, 2020

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Rochester Mayor Lovely Warren was indicted Friday on charges she broke campaign finance rules and committed fraud during her reelection campaign three years ago, adding another layer of crisis in a city that has been reeling over its handling over a police killing. Monroe County District Attorney Sandra Doorley also announced charges against Warren’s campaign treasurer, Albert Jones Jr., and the treasurer of her political action committee, Rosalind Brooks-Harris.

The indictment dramatically increases political peril for Warren, who was already facing calls to resign for the city’s handling of the suffocation of Daniel Prude. The Democrat is midway through her second term as the first female and second Black mayor of Rochester, a city of more than 200,000 by Lake Ontario.

State Board of Elections investigators had previously concluded there was “considerable evidence” that Warren, her associates and a political action committee supporting her campaign took steps to intentionally

Warren Buffett’s Berkshire Hathaway Sold Health-Care Stock DaVita

September 27, 2020

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Warren Buffett’s firm remains the largest shareholder in DaVita, with a 31.7% stake.

Saul Loeb/AFP via Getty Images

Warren Buffett
’s

Berkshire Hathaway

trimmed its stake in health-care provider

DaVita.

Berkshire Hathaway (ticker:

BRKb

) sold 2 million shares of DaVita (DVA) on Sept. 17 for $176 million, a per-share price of $88. According to a form Buffett’s firm filed with the Securities and Exchange Commission, its DaVita stake now stands at 36.1 million shares, a 31.7% stake. Berkshire Hathaway remains DaVita’s largest shareholder.

Berkshire Hathaway sold its DaVita shares in the latter’s recent self-tender, in which it paid $88 each for a total of 8 million shares. The tendered shares represented 6.5% of DaVita’s outstanding shares at the time.

Berkshire Hathaway didn’t respond to a request for comment on the stock sale.

DaVita shares have gained 11.8% year to date through Friday’s close. That performance tops

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Dividends have played a key role in Buffett’s long-term success

Warren Buffett’s firm remains the largest shareholder in DaVita, with a 31.7% stake.