For Warren Buffett, when all else fails, repeat what works.
FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, at the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo
Berkshire already owns more than 90 businesses such as auto insurer Geico, BNSF railroad and Dairy Queen ice cream. Buffett entered the battle two months after he said in his annual shareholder letter that acquisitions of whole companies did not look imminent because prices were “sky-high for businesses possessing decent long-term prospects.”
From 2008 to 2011, Berkshire invested more than $25 billion in high-yielding stocks and bonds of such companies as Bank of America, Dow Chemical, General Electric, Goldman Sachs and Harley-Davidson.Berkshire would buy $10 billion of preferred stock throwing off $800 million of dividends annually for at least 10 years.Buffett would also get warrants to buy up to 80 million Occidental shares at $62.50 each, 4 percent above their Monday closing price.
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