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Buffett Adds To Bank Holdings With New Stakes In JPMorgan, PNC; Boosts Apple: Full 13-F
While it's widely known that October was a cataclysmic month for most hedge funds and asset managers, what their positions were as of September 30, or just as the S&P hit an all time high is hardly indicative of their holdings today, some 45 days later. Alas, thanks to the avalanche of 13-Fs filed this week, and mostly on Wednesday afternoon, the best we can do is observe holdings as of the end of last quarter.
Here we can make one observation: the holdings of most hedge funds today vs 45 days ago are vastly different, with perhaps one exception: the stickiest money of all, Berkshire Hathaway.
Which is why of all 13-Fs filed this afternoon, the one that was if not most interesting, the most representative of their current holdings, is that belonging to Warren Buffett.
So looking at his latest holdings as of today's 13F, here is what we find:
Buffett added 2 new banks to his portfolio, JPMorgan and PNC Financial, adding some 35.7 million shares of the former and 6.1 million shares of the latter, amounting to $4 billion and $829 million as of Sept. 30, respectively.
As Bloomberg notes, the JPMorgan stake deepens the ties between the two companies as Todd Combs, one of Buffett’s top deputies, is already on JPM's board, and Berkshire has teamed up with JPMorgan and Amazon.com Inc. for a health care venture.
Why the bank additions? Buffett may be hoping that a stronger U.S. economy and rising interest rates will benefit the nation’s biggest banks. In fact, Berkshire is now a major shareholder in four of the five biggest U.S. banks - only Citi is not on the list - and he boosted his investments in Bank of America Corp. by 29 percent and Goldman Sachs Group Inc. by 38 percent (more below).
Berkshire entered new stakes in Oracle in the third quarter (41.4 million shares, or $2.1BN as of Sept 30) and put on a new bet on insurer Travelers (3.5 million shares, amounting to $460MM), which is somewhat surprising as it competes with Berkshire's own Geico unit. These new positions were offset by exits in his smallish positions in Walmart and Sanofi.
Buffett also boosted his stakes in Apple by 523K shares, bringing his total to 252.5MM shares, amounting to $57 billion as of Sept. 30, a number which is about 20% lower today, when the world's most valuable entered a bear market. Berkshire also added to its stakes in Bank of America, US Bancorp, Goldman, Bank of New York Mellon - in fact his 77.8 million stake makes him BoNY's top shareholder with a 7.9% stake in the custody bank - as well as Delta, and General Motors.
With these latest additions, Buffett is now the biggest shareholder in Bank of America, Bank of New York, Wells Fargo and US Bancorp.
Buffett also unexpectedly cut stakes in what was formerly his favorite bank, Wells Fargo, which is now his 3rd most valuable position at $23.2BN as of Sept 30, after top holding Apple and dropping behind Bank of America, his 2nd largest holding at the end of Q3 at $25.8BN as of Sept 30. Berkshire also cut stakes in Phillips 66, as well as several airlines including American Airlines, United Continental, and Southwest.
Of course, what Buffett may have done with one or more of these stakes in the wildly turbulent period that followed Sept 30 will be unveiled some time around Valentine's Day 2019.
The full breakdown of Berkshire's holdings as of Sept 30 is below.
https://www.zerohedge.com/news/2018-11-14/buffet-adds-bank-holdings-new-stakes-jpmorgan-pnc-boosts-apple-full-13-f
22 Buses with 900 Caravan Migrants Nears U.S. Border
Portions of the migrant caravan consisting of nearly 900 Central Americans in 22 buses arrived in the northern border state of Sonora, escorted by state and federal police on Wednesday.
A video posted online captures the caravan traveling along Mexican federal highway 15, through Esperanza, just north of Ciudad Obregon, Sonora. A smaller caravan reportedly passed through Tuesday night with an additional 400 in transit.
The 22-bus caravan is expected to continue north on Mexican Federal Highway 15–temporarily stopping or passing through Hermosillo and north through Santa Ana, then west onto Mexican Federal Highway 2 past Caborca, San Luis Rio Colorado, Mexicali, Tecate and then to Tijuana.
This segment of the migrant caravan is part of the 7,000 to 10,000 Central Americans who crossed into Mexico approximately one month ago. Roughly 6,531 migrants crossed the state of Queretaro over the weekend, according to the local government. The figure is greater than the count made by authorities when the group spent several days in Mexico City, which suggests the possibility that other migrants joined the caravan. The group eventually stopped in Guadalajara after passing through Guanajuato. Authorities provided federal police escorts since they are traveling through some of the most dangerous territories of Mexico. Guanajuato experienced a 400% increase in murders since 2015 as organized crime gangs fight over lucrative drug trafficking routes and illegal fuel pipeline taps.
Breitbart News reported extensively on the cartel violence in Tijuana, with a total of 2,152 homicides in 2018. Some in the caravan are aiming for the California-Mexico border area to avoid Tamaulipas and Coahuila. There, cartels tend to direct their violence against the migrant community via extortion schemes.
https://www.breitbart.com/border/2018/11/14/22-buses-with-900-caravan-migrants-nears-u-s-border/
Georgia Democrat Senator Nikema Williams Arrested During Election Protests
Georgia State Senator Nikema Williams was arrested Tuesday as protesters filled the State Capitol to demand ballots be recounted from last week’s election including the hotly contested race for governor.
The Democrat state senator was hauled off to Fulton County jail as supporters of Stacey Abrams try to persuade officials to count thousands of disallowed votes so she can force a runoff against Republican Brian Kemp.
It is the latest in a long line of examples in which Democrats seem incapable of accepting election results.
Williams was led out of the rotunda with hands zip-tied behind her back after Capitol police ordered the protesters out. Lawmakers had met to discuss dispersing funds for hurricane relief when the mob activity broke out. The law prohibits people from interrupting the state legislature with “loud, threatening, or abusive language.”
Williams arrest comes while nationally recognized Democrats are trying to portray the election system in Georgia as corrupt.
Sen. Sherrod Brown, an Ohio Democrat, recently claimed that if Abrams isn’t declared the winner of the gubernatorial contest, it’s because Republicans stole the election.
“If Stacey Abrams doesn’t win in Georgia, they stole it,” Brown said. “It’s clear.”
Hillary Clinton, the queen of being completely incapable of accepting election results, claimed Abrams would have already been declared governor “if she had a fair election.”
Yet, here we have a Democrat breaking actual laws in an attempt to get ballots that have been declared null and void added to the recount. Where’s the integrity in this election? It’s certainly not coming from Abrams corner.
Why Williams was arrested
You’re going to be shocked to hear this. Williams, a Democrat African-American female, believes she was arrested because … wait for it …
Racism and sexism!
“There are countless Georgians who cast their ballots and still don’t feel like their voices are heard,” she said in a statement. “I joined them down on the floor, and I was singled out as a Black female senator standing in the rotunda with constituents.”
“Singled out.”
To paraphrase Inigo Montoya, I do not think it means what you think it means.
Williams was so ‘singled out’ that 14 other people were arrested alongside her.
Lo and behold here’s a couple (courtesy of CBS 47) who joined Williams in the clink, one who is most decidedly not a female, and the other who is not black but is willing to dress up in mock orangeface to protest President Trump.
https://thepoliticalinsider.com/nikema-williams/?utm_medium=email&utm_source=criticalimpact&utm_campaign=TPI_breaking_newsletter2_11_14_2018&utm_content=1d09840caddec138a6473c7b9fa19141&source=CI
Oh FFS
Hillary Clinton Questions Legitimacy Of Georgia Gubernatorial Election
Former Democratic presidential nominee Hillary Clinton said Tuesday that Democrat Stacey Abrams would be governor-elect of Georgia today if the state had a “fair election.”
As The Statesman reports, Clinton made her latest assessment of election integrity in America while speaking at the LBJ School of Public Affairs of the University of Texas, where she received the first “In the Arena Award.” The facility is named after President Lyndon Johnson, who was also a representative and senator from the Lone Star state.
“If she had a fair election, she already would have won,” the former secretary of state said in reference to the tightly contested gubernatorial fight between Abrams and Republican candidate Brian Kemp.
The race has been closely watched, not only because the opposing candidates were in a dead heat through much of the campaign, but because if Abrams wins, she would be he first black woman governor of Georgia. Abrams also attracted adverse publicity when the Black Panthers marched to support her candidacy and when she refused to rule out gun confiscation if she became governor.
Critics of Kemp contend that he contributed to voter suppression through his policies as secretary of state for Georgia, which reportedly flagged certain people registering to vote as non-citizens inaccurately.
In her address, Clinton also commented on the political dynamics of the Johnson era, which she claimed was more idealistic than the present day. “It was a different feeling,” Clinton said. “There wasn’t the devaluing of government and politics and the cynicism that is used to turn people away from common effort.”
The former first lady suggested her political career was not guided by self-interest but by that same idealism. “If you’re not there for a cause larger than yourself … it is hard to keep going,” she told the crowd, according to The Statesman.
Abrams filed a lawsuit Sunday to try to force a runoff election. The Abrams-Kemp race will not be certified by the state’s election authorities until Friday afternoon because a federal judge decided that some absentee ballots should not have been rejected because the documents were not fully completed by voters.
https://dailycaller.com/2018/11/14/hillary-clinton-questions-legitimacy-election-georgia-abrams/
Not sure what to make of this???
Possibly bait? Doesn't seem to be conclusive!
New Satellite Image Shows That Syrian S-300 System IS Still Inactive
One of the S-300 long-rang air-defense systems, which were supplied to Syria by Russia, is still inactive, according to a satellite image released by Israel’s ImageSat International (iSi) on November 14.
Russia had supplied Syria with three S-300 systems and several other military equipment, including an advanced command and control system. However, ImageSat has been able to locate only one S-300 system near the town of Masyaf in the governorate of Hama.
ImageSat’s new report was not a surprise because the Ministry of Defense of Russia said two weeks ago that Russian military advisers are still training personnel of the Syrian Arab Air Defense Forces (SyAADF) on the use of the S-300 systems. The training on these complicated systems is expected to last for several months.
Russia took the decision to supply Syria with these advanced systems following the downing of the Il-20 intelligence plane on September 17. The systems arrived in Syria two weeks after the incident and since then, Israel has not carried out any airstrike on the war torn country.
https://southfront.org/new-satellite-image-shows-that-syrian-s-300-system-is-still-inactive/
trips of truth confirm