While we had lifted our projections for BlackRock in June, we felt that our forecasts were a bit too conservative.
We are leaving our fair value estimate in place.
Strong investment performance and operating results leave the conglomerate well positioned.
Wide-moat-rated Berkshire Hathaway had a fairly quiet second quarter in its equity investment portfolio, selling some $2.1 billion worth of stock while also acquiring a little over $1 billion of equities.
We are likely to reassess our $440,000 ($293) per Class A (B) share fair value estimate in the near term.
We expect to raise our fair value estimate to $202 per share from $193 to account for continued improvements in the company's assets under management.
We are leaving our $880 per share fair value estimate in place.
The firm raised an estimated $7.7 billion from its sales of shares.
The second virtual meeting lacked quality questions at the managers about the inner workings of Berkshire's businesses.
Berkshire Hathaway announced that Greg Abel would become the next CEO when Buffett departs the scene.
Revenue, which includes unrealized and realized gains/losses from Berkshire's investments and derivatives portfolios, increased significantly.
The impact of the coronavirus, taxes, cash, and succession planning are topics that we hope Warren Buffett will address on Saturday.
We are maintaining our fair value estimate for the wide-moat firm.
Here's our view ahead of its annual meeting.
Annualized organic AUM growth of 6.8% was well above our long-term target of 3%-5% annually for the wide-moat company.
Here is where our valuations stand with Berkshire's various segments.
We expect to raise our fair value estimate following a stronger conclusion to the company's fiscal year than we had been projecting.
While the company raised an estimated $10.6 billion during the period by selling positions in 11 different stocks, the trimming of stakes in Apple (57.2 million shares for an estimated $7.1 billion) and Wells Fargo (75.0 million shares for $2.0 billion) accounted for most of the capital raised.
We're increasing our fair value estimate for the wide-moat asset manager.
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.