WhiteBoardness - 3/20/96
Date: Fri, 22 Mar 96 00:32:51 -0800
From: Peter Langston <psl>
Subject: WhiteBoardness - 3/20/96
Excerpted-from: WhiteBoard News for Wednesday, March 20, 1996
New York, New York:
Berkshire Hathaway Incorporated shares tumbled as much as $2,350, or 6.4
percent, as investors took to heart billionaire investor Warren Buffett's
remarks that he wouldn't buy the stock at current prices.
In his annual letter to shareholders mailed this weekend, the 65-year-old
Buffett said he and Berkshire Vice Chairman Charlie Munger no longer felt
the shares in their company were undervalued.
"Let me also put our thoughts about valuation more baldly: Berkshire is
selling at a price at which Charlie and I would not consider buying it,"
said Buffett, who wrote the letter March 1 when the stock was trading at
$36,000 a share.
Even at Monday's reduced price of $34,400, Berkshire shares are far and away
the most expensive in the United States. Buffett's own 479,202 shares of
Berkshire were worth $16.5 billion, down from $17.6 billion
Many investors are drawn to Berkshire's shares primarily because of
Buffett's prominence as the nation's most famous stock picker.
"We will wear black and white uniforms, have one of
those UPC bar-code symbols on our helmets, and we're
going to be the NFL Generics."
Kevin Mawae, Seahawk center, as the football team
opened a workout facility in Southern California.
© 1996 Peter Langston