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Buffett buys 5.6% of IBM
November 15, 2011, Tuesday
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INVESTOR Warren Buffett said his company bought US$10.7 billion of IBM stock this year, a 5.6 percent stake.
Buffett revealed the new investment during an interview on CNBC yesterday.
He has long refused to invest in high-tech companies because he has said it's too difficult to predict which technology businesses will prosper in the long run.
But he said he recently changed his view of IBM after reading the company's annual reports. He said he should have realized years sooner that the heart of IBM's business is providing service and equipment to IT departments.
"There's a fair amount of presumption in many places that if you're with IBM, you stay with them," Buffett said.
So his Berkshire Hathaway Inc has bought about 64 million shares since March, or about 5.6 percent of IBM. Buffett said he believes IBM has a sound plan for the future.
Berkshire's investments are closely watched in the market because of Buffett's successful record.
Buffett revealed the new investment during an interview on CNBC yesterday.
He has long refused to invest in high-tech companies because he has said it's too difficult to predict which technology businesses will prosper in the long run.
But he said he recently changed his view of IBM after reading the company's annual reports. He said he should have realized years sooner that the heart of IBM's business is providing service and equipment to IT departments.
"There's a fair amount of presumption in many places that if you're with IBM, you stay with them," Buffett said.
So his Berkshire Hathaway Inc has bought about 64 million shares since March, or about 5.6 percent of IBM. Buffett said he believes IBM has a sound plan for the future.
Berkshire's investments are closely watched in the market because of Buffett's successful record.
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