While there was little in wide-moat BlackRock's fourth-quarter earnings to alter our long-term view of the firm, we expect to increase our fair value estimate to around $750 per share from $620 to account for the continued recovery in the equity, credit and currency markets following the steep COVID-19 induced sell off in the first quarter of 2020.
We believe our discounted cash flow approach best captures the company's complexity.
But the crisis will also accelerate the company's evolution from a reinvestment machine to one returning more capital to shareholders.
We're raising Waddell & Reed's fair value estimate to $25 per share.
We were not too surprised when the no-moat firm was acquired.
The wide-moat asset manager plans to launch T. Rowe Price Investment Management.
Unlike most periods, there were a few surprises in wide-moat Berkshire Hathaway's third-quarter 13-F filing, with the firm actually taking positions in four different healthcare firms--AbbVie, Merck, Bristol-Myers Squibb, and Pfizer.
We do not anticipate making any major changes to our share fair value estimate.
We are leaving our $125 per share fair value estimate in place.
We're raising our fair value estimate to $620 for the wide-moat asset manager.
The nearly $7 billion deal values the asset manager at $56 a share.
We're unlikely to alter our fair value estimates for either narrow-moat firm.
The wide-moat company is putting its capital to work, but we believe it will take more for Berkshire to push its cash balance below the $150-billion threshold.
There were few surprises in wide-moat Berkshire Hathaway's second-quarter 13-F filing.
We expect to leave our $342,500 ($228) per Class A (B) share fair value estimate in place.
We're likely to raise our fair value estimate for the asset manager.
The firm closed out the June quarter with a record $1.22 trillion in managed assets.
We expect to increase our fair value estimate for the wide-moat firm.
We do not expect to change our fair value estimate for the firm after its acquisition of Dominion Energy's gas operations.
Few surprises in filing, but sale of Goldman Sachs stake stands out in the first quarter.
We are not making any changes to our fair value estimate or moat rating for BlackRock.
Morningstar's Gregg Warren discusses the meeting's cautious tone, Berkshire's lack of buying during the downturn, and unloading the airlines.
This wide-moat firm's annual meeting reminded us to take caution and preserve cash.
We are leaving our fair value estimate in place for the wide-moat company.
Berkshire is unlikely to get through the COVID-19 pandemic and subsequent recession unscathed, so questions need to be asked.
Insurance, railroads, and share buybacks are on Gregg Warren's mind ahead of Berkshire Hathaway's annual meeting.
Gregg Warren shares his thoughts on its valuation and more.
We are making no changes to our fair value estimate for the wide-moat firm despite outflows and market losses from the first quarter.
The wide-moat firm's organic growth, market losses, and adverse currency exchange all were slightly worse than our own projections.
Volatility isn't always bad, and banks are better off now than they were in the financial crisis.
We are leaving our fair value estimate in place for the wide-moat firm.
We are placing both firms under review while we work things through our models.
The wide-moat firm added to its stake in Occidental Petroleum while whittling its stake in Wells Fargo.
And the three names we believe are best positioned.
Nothing in this quarter's results compels us to revise our long-term views, but we did change some fair value estimates.
We expect to increase our fair value estimate for the wide-moat firm.
Here's what we believe is required for these companies to thrive over the next decade.
We do not anticipate changes to our moat rating or our fair value estimate as a result of the change of leadership.
Insurance gains offset slightly weaker operating results for the wide-moat firm.
Nothing alters our long-term expectations, but we have made some valuation changes.
Positive flows and market gains lift assets under management to a new record.
The stock's the cheapest we can remember seeing in a number of years.
We are leaving our fair value estimate in place for the wide-moat firm.
Wide-moat BlackRock and T. Rowe may not be the cheapest, but they're the best.
Firms face headwinds as balance of power changes toward investors.
Senior equity analyst Gregg Warren asked Buffett and Munger questions during the annual meeting.
First-quarter revenue increased 3.8% to $60.7 billion, more or less in line with our forecast.
Morningstar analyst Gregg Warren comments on its fair value estimate and economic moat.
We expect Warren Buffett and Charlie Munger to comment on succession planning, Kraft Heinz, and what they plan to do with all that cash.
Berkshire Hathaway puts some cash to work with a $10 billion pledge.
