Buffett acquires stock worth $20 bn as markets tumble
08 Nov 2011
In a quarter that is believed to have been the worst for US stocks after the financial crisis, investor Warren Buffett went on a shopping binge.
In a filing late by Buffett's Berkshire Hathaway it said, it had bought $20 billion in stocks in the three months ended 30 September which included $6.9 billion worth of dabbling in US stocks.
The shopping also included the acquisition of specialty chemical company Lubrizol Corp for $8.7 billion. The purchase closed in the quarter after being announced earlier in the year, as also $5 billion in preferred shares and warrants of Bank of America.
According to some analysts, the $6.9 billion in common stock purchases represented a fairly aggressive market position. They added that was a better jump that what had been seen from them in a while.
Buffet's company bought about $3.6 billion in stock in the second quarter and less than $1 billion in the first quarter and said given Buffett's inclination for bargains, the buying in the third quarter was not a surprise.
They add a fairly significant decline in the quarter was seen, but the question was where he put the money to work.
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