Warren Buffett's flagship company:-Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research) said on Friday its third-quarter profit rose 64 percent, as gains from PetroChina Co (0857.HK: Quote, Profile, Research) and other investments helped offset weaker results from insurance, its main business located at Omaha,NebraskaResults includ
ed $1.99 billion of gains from investments, up from $174 million a year earlier, as Berkshire sold $3.7 billion of stock. The gains helped offset a 47 percent drop in insurance underwriting profit. Berkshire's Class A shares closed up $1,250 at $132,500, and its Class B shares rose $25 to $4,402.
Critics had linked PetroChina to genocide in the Darfur region of Sudan and called on Buffett t
o sell his stake in the Chinese oil company, which cost him $488 million. Buffett last month said he sold based solely on PetroChina's valuation in which he has held for nearly five years..From this point of view,I would imply that he is selling his stake out of political pressure and not that it's high in value.Partially also he is doing his book closing in order to par the poorer performance from the insurance sector so as to have a good annual report to sharholders. He was selling within the range of HK$11.26 ($1.45) and HK$12.44 ($1.60). The latest sale brought proceeds of HK$798.7 million ($102.92 million).Buffett’s remaining 6.97% stake a market value of $2.69 billion.There was also speculation that he might simply want to exit PetroChina before its planned $5 billion yuan ($659 million) listing in Shanghai scheduled for the coming month. (See " PetroChina H Shares Spike On Shanghai Listing Plan").Sector: Energy Industry: Oil & Gas - Integrated View 0857.HK on other exchanges (USD1=HK7.821)
Critics had linked PetroChina to genocide in the Darfur region of Sudan and called on Buffett t
o sell his stake in the Chinese oil company, which cost him $488 million. Buffett last month said he sold based solely on PetroChina's valuation in which he has held for nearly five years..From this point of view,I would imply that he is selling his stake out of political pressure and not that it's high in value.Partially also he is doing his book closing in order to par the poorer performance from the insurance sector so as to have a good annual report to sharholders. He was selling within the range of HK$11.26 ($1.45) and HK$12.44 ($1.60). The latest sale brought proceeds of HK$798.7 million ($102.92 million).Buffett’s remaining 6.97% stake a market value of $2.69 billion.There was also speculation that he might simply want to exit PetroChina before its planned $5 billion yuan ($659 million) listing in Shanghai scheduled for the coming month. (See " PetroChina H Shares Spike On Shanghai Listing Plan").Sector: Energy Industry: Oil & Gas - Integrated View 0857.HK on other exchanges (USD1=HK7.821)INSURANCE COMPETITION
Kn
own as the Oracle of Omaha,http://geology.com/state-map/nebraska.shtml Buffett has transformed Berkshire since 1965 from a failing textile company into a $205 billion conglomerate by acquiring out-of-favor companies with strong earnings and management, and investing in stocks.The market value exceeds those of Citigroup Inc (C.N: Quote, Profile, Research) and Bank of America Corp (BAC.N: Quote, Profile, Research), the largest U.S. banks.
Berkshire said it ended September with $77.9 billion of equity investments and $29.6 billion in fixed income. It said it bought $5.39 billion of stocks in the quarter and $5.71 billion of fixed-income investments.
Currencies generated a $26 million gain. Buffett has unwound most of a $21 billion bet against the U.S. dollar, but said on television last month he retained a stake in the Brazilian currency, the real.
Berkshire owns more than 70 companies that make such things as paint, ice cream and underwear. It also invests in stocks including American Express Co (AXP.N: Quote, Profile, Research), Coca-Cola Co (KO.N: Quote, Profile, Research), Procter & Gamble Co (PG.N: Quote, Profile, Research) and Wells Fargo & Co (WFC.N: Quote, Profile, Research).
The company's book value was $119.9 billion on September 30 versus $108.4 billion at year end.
"The balance sheet is an absolute fortress, with $120 billion of shareholder equity and very little debt compared to those big banks like Citigroup, Merrill Lynch (MER.N: Quote, Profile, Research) and Bear Stearns (BSC.N: Quote, Profile, Research) having balance sheet problems."
The company's book value was $119.9 billion on September 30 versus $108.4 billion at year end.
"The balance sheet is an absolute fortress, with $120 billion of shareholder equity and very little debt compared to those big banks like Citigroup, Merrill Lynch (MER.N: Quote, Profile, Research) and Bear Stearns (BSC.N: Quote, Profile, Research) having balance sheet problems."
A Look At PetroChina Co.Ltd (0857.HK)
Look at the powerful ascending soldiers and it's holding on within the top-shadow of candlestick for the last five-days.China's largest domestic IPO:issuance of 4bln new "A"shares at 16.70 yuan (USD2.23 each) will raise 668bln yuan (USD8.92bln) USD1=7.50 yuan,have just closed and is to be listed on the Shanghai Stock Exchange (PTR.N) within 10days.
Look at the powerful ascending soldiers and it's holding on within the top-shadow of candlestick for the last five-days.China's largest domestic IPO:issuance of 4bln new "A"shares at 16.70 yuan (USD2.23 each) will raise 668bln yuan (USD8.92bln) USD1=7.50 yuan,have just closed and is to be listed on the Shanghai Stock Exchange (PTR.N) within 10days.
China's National Development and Reform Commission http://en.ndrc.gov.cn/ announced price rises of 500 yuan (68 dollars) per ton for gasoline, diesel oil and aviation kerosene. It said the rises were to reduce the gap between global crude prices and state-subsidised domestic fuel prices.
"The price increase is expected to reduce refiners' losses and ensure supplies," it said.
"The price increase is expected to reduce refiners' losses and ensure supplies," it said.
At the Helm of PetroChina Co
Jiemin Jiang Chairman of the Board, President
Salary: CNY 695,000 Bonus: - Age: 52 Mr. Jiang Jiemin has been Chairman of the Board since May 20, 2007 and President since May 2004 in PetroChina Company Limited. He is General Manager... Full Bio
Full Management Team
Insider Trading
Jiemin Jiang Chairman of the Board, President
Salary: CNY 695,000 Bonus: - Age: 52 Mr. Jiang Jiemin has been Chairman of the Board since May 20, 2007 and President since May 2004 in PetroChina Company Limited. He is General Manager... Full Bio
Full Management Team
Insider Trading
Tracking the Dow Movement on Friday
It has been an everyday affair to see the Dow index having its pullback between 10:30am to 11:30am.The same will happen to the currency price for USD/JPY pair.This is the best fibonnacci time to take action for one's position
I have been using the last half hour of trading to determine the following day's market direction.In this case,the candlestick was bullish and is attempting to light up the candle's shadow seen at the opening candlestick.A bright day ahead!Nov7.will see PetroChina added to the Hang Seng Index.http://www.investopedia.com/articles/technical/04/061604.asp
A "shaolin-dragonfly bullish doji' was formed on Friday.Matching both pair of candlestick,I called it a "Morning Star".It's going to cover back the black body next week.So get ready for the action.This time theme play will be "waiting for what Fed's Ben will testify before the Joint Economic Committee Congress on Thursday so we're going to have four days of flying Kung-fu fighting at wall-street.
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