Warren Buffett discussed his deputies, the Activision Blizzard saga, and Berkshire Hathaway's annual meeting in a recent interview. Here are 4 key takeaways.
- Warren Buffett shared several notable updates during his recent interview with Charlie Rose.
- The Berkshire Hathaway CEO disclosed his two deputies now oversee $30 billion of combined assets.
Warren Buffett provided fresh insights into his recent investing activities during an interview with Charlie Rose that aired last week.
The famed investor and Berkshire Hathaway CEO hinted at overseas wagers, outlined his deputies' growing responsibilities, defended his company's recent bet on Activision Blizzard stock, and trumpeted Berkshire's annual shareholder meeting, which is scheduled for April 30.
Here are 4 key insights from Buffett's latest interview:
1. What Berkshire is buying
"We're doing maybe things in Japan or Germany too," Buffett said, while detailing his typical working day.
Berkshire disclosed a roughly $6 billion investment in five Japanese trading companies in August 2020, and added to at least some of those positions in 2021. However, Buffett hasn't touted any German bets in recent years.
Moreover, Buffett noted his company has bought about $5 billion worth of Treasury bills every Monday for the last couple of years. "I would guess that we might be the biggest buyer — just week after week, after week, after week," he said.
2. Delegating responsibility
Buffett's two portfolio managers, Todd Combs and Ted Weschler, now manage about $30 billion of assets between them, the investor said.
Combs and Weschler, who joined Berkshire between 2011 and 2012, managed a total of only $10 billion in 2012. Buffett has indicated the pair will oversee Berkshire's entire portfolio, valued at well over $300 billion, once he and his business partner Charlie Munger decide to pass the reins.
3. The Activision Blizzard saga
Buffett revisited the controversy over Berkshire's purchase of Activision Blizzard stock ahead of Microsoft striking a deal to acquire the video-games company.
The investor noted that one of his deputies built around 77% of Berkshire's stake in October, and bought the rest of the shares in November — well before the takeover was announced in mid-January. He also indicated that Berkshire still holds the entire position.
Buffett plans to prepare a breakdown of the investment, including how many shares were bought each day and the price paid, for the Berkshire meeting.
4. A meeting to remember
Buffett avoided discussing Berkshire's recent $7 billion purchase of Occidental Petroleum stock, rising inflation and interest rates, Russia's invasion of Ukraine, or BlackRock's shift to more socially conscious investing.
The investor said he would address many subjects during Berkshire's annual meeting, but he might refrain from discussing some topics. He explained that he prefers to speak to all of his shareholders at the same time, on a Saturday when the stock market is closed, and people have time to digest what he says, watch replays of his comments, and conduct their own research.
"That is going to be a very, very important meeting," he said about the Berkshire gathering next week.