VentureBeat: Warren Buffett’s $11 billion stake in IBM revealed
Billionaire Warren Buffett’s Berkshire Hathaway now has a stake in IBM worth $11 billion, making it the largest single stakeholder in the company. With fully 5.5 percent of the all common shares, Buffett, who is the president, chairman and chief executive officer of conglomerate Berkshire Hathaway, has been snapping up as much IBM as he can over the past eight months.
“I don’t know of any large company that really has been as specific on what they intend to do and how they intend to do it as IBM,” Buffett told CNBC reporters today. Known as the “Oracle of Omaha,” Buffet’s investment strategy has been characterized as “buy and hold forever.”
IBM would seem to be pretty safe bet. The company, which started off making typewriters and adding machines has been in business of helping businesses since 1911. Buffett has traditionally shied away from technology companies, in spite of keeping very close company with tech impresarios such as Microsoft co-founder Bill Gates, because he says he doesn’t understand technology and can’t accurately judge the quality of tech company stocks……Read More
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