Warren Buffett News: Duet with Jon Bon Jovi

BERKSHIRE HATHAWAYWarren Buffett plays duet with Jon Bon Jovi (WSJ)
Billionaire Warren Buffett played a duet with Jon Bon Jovi at a charity event in New York. The revered investor and the rock star played “The Glory of Love” Tuesday at a private discussion of philanthropy Forbes magazine sponsored. In a video of the performance (http://bit.ly/LPU592 ) Bon Jovi jokes that the Berkshire Hathaway Inc. CEO may replace guitarist Richie Sambora in his band.

Warren Buffett’s Stocks With The Most Insider Buying (Forbes)
It is a widely known investing axiom that insiders sell their companies’ stocks for any number of reasons, but they buy for only one reason – they think the stocks are going to go up. Because Warren Buffett’s stock-picking abilities helped make him one of the world’s wealthiest men, checking into his portfolio for companies with heavy insider buying can be a good place to start research on worthwhile stocks. The stocks in Buffett’s portfolio with most active insider buying are: The Coca-Cola Company (KO), Gannett Co. Inc. (GCI), General Electric Company (GE) and The Washington Post Company (WPO).

Buffett Ousts Benjamin Moore CEO for Strategy, Not Party (FoxBusiness)
The ousted chief executive at Berkshire Hathaway Inc.’s (BRKA, BRKB) Benjamin Moore & Co. may not have been sunk by a lavish party on a boat after all. Warren Buffett, the head of Berkshire Hathaway, wrote in a letter to the departed CEO, Denis Abrams, that the decision to replace him “was based on a differing view about distribution channels and brand strategy.” It wasn’t because Mr. Abrams had reportedly hosted a gathering of senior Benjamin Moore executives on a boat in Bermuda just weeks prior to his firing, Mr. Buffett said.

For Bob Kerrey, Warren Buffett rules (Politico)
Bob Kerrey has a billionaire buddy in his back pocket: Warren Buffett. The world’s most famous Omahan — and one of its richest men — is putting his political weight behind the Nebraska Democratic Senate candidate, making a rare foray into electoral politics at a time when he’s become deeply involved in the national debate over taxes and deficits. Buffett plans to help pad Kerrey’s campaign war chest by throwing an Omaha fundraiser later this month for the Democratic candidate, officials say.

Murdoch the magician is running out of tricks (FT)
Rupert Murdoch has a few things in common with Warren Buffett. They are both 81, they both love newspapers and they both run public companies named after their worst investments from the past. Mr Buffett’s is Berkshire Hathaway , a New England textile company, Mr Murdoch’s is News Corp. The difference is that Mr Buffett still has sufficient credibility with his investors to keep on acquiring newspapers out of a blend of old-fashioned enthusiasm and an eye for a bargain. Mr Murdoch does not and the restructuring of his company is an admission of this defeat.

Warren Buffett, Trading Places, & the Endangered Middle Class (SpencerDailyReporter)
I have never met Warren Buffett, the Oracle of Omaha, whose net worth according to “Forbes Magazine” is 44 billion dollars. But I know a little about Buffett from a mutual friend who died in 2000 at the age of 96. The mutual friend was Joe Rosenfield, who was an incredibly wonderful human being and philanthropist. Anyhow, this story (or comment) is about an article I read in the June 9th Sioux City Journal [http://siouxcityjournal.com/news/state-and-regional/nebraska/cost-to-lunch-with-warren-buffett-million/article_cdf91784-b24d-11e1-b4fe-0019bb2963f4.html], titled “Cost to lunch with Warren Buffett: $3.5 million”.

US mortgage servicers attract investors (FT)
Warren Buffett-watchers were taken by surprise earlier this month when his Berkshire Hathaway company bid $2.45bn for the mortgage business of ResCap, a lossmaking unit pushed into bankruptcy by its parent, Ally Financial. However, Mr Buffett’s intervention was only the most recent foray by a private investor into a previously little-known corner of the US housing market.

Research in Motion Limited Becomes Oversold (Forbes)
Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In trading on Tuesday, shares of Research in Motion Limited (Toronto: RIM) entered into oversold territory, hitting an RSI reading of 29.7, after changing hands as low as $9.06 per share.

Facebook: The New ‘Cult Stock’ (TheStreet)
Warren Buffett once said, “The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves — and the better the teacher, the better the student body.” Buffett was not only alluding to how information is disseminated, but also how it is received and its potential to guide our decisions. Information is vital for investors. What is done with it is up to the individual…I ask this in light of my recent series of articles on the handling of social media giant Facebook(FB_). Despite so much discussion regarding the subject, the “blame game” with this stock continues.

Zidane backs higher tax rates for rich (AsiaOne)
Zinedine Zidane, who captained the French football team that won the World Cup in 1998, has done a Warren Buffett. Mr Buffett, one of the richest men in the world, has backed a US law which requires individuals with adjusted gross income of more than US$1 million (S$1.26 million), or US$500,000 for married individuals filing separately, to pay at least 30 per cent in taxes. The American has admitted that he paid almost nothing on his investment income, which runs into billions of dollars.

Buffett, Einhorn and Loeb Have Faith in Their Largest Holdings (KO, AAPL, YHOO) (BenZinga)
Daniel Loeb is committed to Yahoo! (NASDAQ: YHOO). David Einhorn believes in Apple (NASDAQ: AAPL). And Warren Buffett stands by Coca-Cola (NYSE: KO). Each of these super investors has faith in his largest holding and is willing to put that faith into action as well as words. Coca-Cola is the largest holding of Berkshire Hathaway (NYSE: BRK-B). Buffett’s company owns some 200 million shares, worth $15.31 billion dollars. Berkshire Hathaway’s stake in the company is 8.84%, and it makes up about 20% of Buffett’s portfolio.

Publisher Jeffrey Green: A new beginning with the “Oracle of Omaha” (JournalNow)
On March 15, 2004, I bought 100 shares of Class B Berkshire Hathaway stock (the poor man’s, much cheaper version of Class A, which trades for over $100,000 per share.) Although the stock has done well, investment return was not my only reason for buying. At the time and to this day I was fascinated by Warren Buffett, the “Oracle of Omaha.” By buying stock I wanted to make sure I had access to his informative annual shareholders letter,…