By Katherine Chiglinsky and Sridhar Natarajan Warren Buffett was willing to stand by Goldman Sachs Group Inc.’s side during the last economic crisis, at least for the right price. Now, he’s bailing out just as the pandemic throws the US economy onto uncertain terrain. Berkshire Hathaway Inc. sold 84% of its Goldman Sachs stock in the first quarter, marking a reversal for an investor who generally holds large stakes in the banking sector. It was one of the most notable changes in Berkshire’s more-than $180 billion portfolio in the period, as the bank underperforms the broader US market. Buffett traces his relationship with Goldman Sachs back to a meeting with the bank’s longtime head, Sidney Weinberg, in 1940. The billionaire investor routinely praised former Chief Executive Officer Lloyd Blankfein as he led the Wall Street firm through the last financial crisis. Then Berkshire started paring its stake during the last few months of 2019 — after David Solomon had succeeded Blankfein as CEO — and deepened that cut in the first quarter, nearly bringing the investment to an end. “He has this historical relationship with Goldman, so maybe there’s some sentimental value,” said David Kass, a professor of finance at… Read full this story
- Warren Buffett's Buy American Report Card
- The Art of The Deal By Virtuoso Warren Buffett
- Warren Buffett Backstops Bank Of America With $5B Investment
- Buffett says Berkshire's success is more about being 'sane' than 'smart'
- Global supply chain crisis flares up again where it all began
- Buffett's Bank of America Bet: Good For Financials, But No All Clear
- Buffett's Elephant Gun Shoots Bank of America Stock Skyward
- Berkshire Succession Talk Heats Up As Buffett Hires Little-Known Todd Combs
- Next big bet in emerging markets hangs on when rate cycles peak
- Enigmatic Yoon versus 'complex economic crisis'
- SoftBank faces record loss as Masayoshi Son's bets tumble again
- China’s Covid crisis threatens global supply chain chaos for summer 2022
Warren Buffett cuts crisis-era bet on Goldman Sachs have 309 words, post on economictimes.indiatimes.com at May 19, 2020. This is cached page on CHUTEU. If you want remove this page, please contact us.