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Is Buffett Jumping Into Web Stocks With Yahoo Deal? Not So Fast

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Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., listens while playing cards on the sidelines the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, U.S., on Sunday, May 1, 2016. Dozens of Berkshire Hathaway subsidiaries will be showing off their products as Chief Executive Officer Warren Buffett hosts the company's annual meeting. Photographer: Daniel Acker/Bloomberg *** Local Caption *** Warren Buffett
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., listens while playing cards on the sidelines the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, U.S., on Sunday, May 1, 2016. Dozens of Berkshire Hathaway subsidiaries will be showing off their products as Chief Executive Officer Warren Buffett hosts the company's annual meeting. Photographer: Daniel Acker/Bloomberg *** Local Caption *** Warren Buffett

The following is an excerpt from Noah Buhayar | May 15, 2016 | Bloomberg.com |

Warren Buffett is said to be backing a group bidding for Yahoo! Inc.’s core assets after famously staying on the sidelines through two Internet booms. Have his views changed?

Not necessarily.

Buffett, 85, often says he doesn’t buy Web companies because he broadly avoids industries he doesn’t understand. But depending on how the deal is structured, he might not be betting on a stock’s performance, so much as the company’s continued existence. Moreover, the assets for sale -- including finance, sports and video sites -- are arguably media, a business he’s long tracked.
“He has owned media and advertising businesses for 40 or 50 years,” said Richard Cook, who oversees about $350 million, including Berkshire shares, at Cook & Bynum Capital Management. “That’s something he knows.”

For more visit: Bloomberg.com

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