Buffett going 100% long stocks

Discussion in 'Stocks' started by Cutten, Oct 17, 2008.

  1. CHICAGO, Nov. 21 /PRNewswire-FirstCall/ -- USG Corporation (USG:$5.66,00$-0.50,00-8.12%) , a leading building products company, reported today that it has entered into an agreement to sell a total of $400 million of 10 percent contingent convertible senior notes due 2018, $300 million to Berkshire Hathaway Inc. (BRK/A:$77,500.00,00$-6,500.00,00-7.74%) and $100 million to Fairfax Financial Holdings Limited. The notes will initially bear interest at a rate of 10 percent per annum. In accordance with New York Stock Exchange rules, USG will seek shareholder approval to allow conversion of the notes into shares of USG common stock. Assuming an affirmative vote of USG's shareholders, the notes will become convertible into shares of USG common stock at a conversion price of $11.40 per share. If shareholder approval is not obtained prior to the 135th day after closing of the sale of the notes, the notes will bear interest at 20 percent per annum until after shareholder approval is obtained.
     
    #91     Nov 21, 2008
  2. Coachmen Industries Inc. (COA:$0.57,00$0.00,000.00%) has decided to throw in the towel on the ailing recreational-vehicle industry, agreeing to sell its operations in that space to Berkshire Hathaway Inc.'s (BRK/A:$77,500.00,00$-6,500.00,00-7.74%) (BRKA) Forest River Inc.
    RV sales have tumbled amid what Chief Executive Richard Lavers on Friday called "the worst economic crisis our country has endured in our lifetimes." In the third quarter alone, motorized RV shipments tumbled 63% industrywide, Coachman said last month, as gasoline prices and the credit crunch the past year have severely pressured potential sales.
    The sale, details of which "will be released at the appropriate time," requires the approval of Coachman shareholders and leaves the company with its modular-home business, which has been smaller than the RV operations but has held up much better in recent years. Housing revenue dropped 4.1% in the third quarter while the RV business saw a 52% slump as it lost money on each vehicle it made.
    Lavers said the RV sale "will also end the speculation over whether Coachmen itself will survive these extraordinarily difficult times, and preserve the jobs of our employee base, in both our RV and housing segments."
    About 15% of RV group employees will lose there job, but some will be able to interview with Forest River or transferred to Coachmen's remaining operations.
    Forest River, which Warren Buffett made an offer for one day after first hearing of the company in 2005, is one of the nation's largest and most- profitable RV makers. It was founded in 1996.
    Coachmen shares closed Thursday at 57 cents and there was no premarket trading. The stock has been on a downhill slide for the past five years, with it falling from just under $20. Shares are down 90% this year and 50% for November alone.
    -By Emily Schulman, Dow Jones Newswires; 201-938-5294; emily.schulman@ dowjones.com
     
    #92     Nov 21, 2008
  3. [​IMG]
     
    #93     Nov 21, 2008
  4. 735.09
    (20.10%)
     
    #94     Feb 28, 2009
  5. TT1

    TT1

    Hey dumbass, Buffett acutually shorted the dead ass low in the Dolllar in late 2004 and ended up losing $955 million on his currency bets in 2005 when the dollar rallied!!!

    http://www.iht.com/articles/2006/08/06/bloomberg/bxbuffett.php
     
    #95     Feb 28, 2009