Pilgrimage to see Warren Buffett out of step with populist mood GlobeInvestor
When Warren Buffett takes the stage at Berkshire Hathaway Inc’s shareholders’ meeting on Saturday, the 88-year-old billionaire will be greeted, as usual, by tens of thousands of adoring followers from around the world.
Indeed, Berkshire’s mélange of businesses, such as the utilities MidAmerican Energy and PacifiCorp, parts and equipment makers Marmon and Precision Castparts, and food distributor McLane appear more aligned with Republican President Donald Trump’s industrial vision for America. One such investment, Kraft Heinz Co, has lost more than half its value over two years as consumers moved to foods perceived to be more healthy or natural.
He has used his popularity to attract long-term shareholders and lend goodwill and credibility to his business dealings. Those “common ownership” arguments have drawn the attention of U.S. regulators, including the Securities and Exchange Commission and Federal Trade Commission, the latter of which held hearings on the subject last year.Berkshire owns multibillion-dollar stakes in six of the largest U.S. banks plus American Express. It also owns close to 10 percent of American, Delta and Southwest airlines, and more than 8 percent of another carrier, United Continental.
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