Blog: Spirit of Money, Financial Fluidity
by munificent

Warren Buffett

Warren Buffett does Not believe in splitting shares in his pools of funds. He Does believe in owning whole companies-not positions or blocks of companies, and He believes in sitting on the boards of the companies he owns. Mostly he knows or has met the management of the companies he owns. He's made some errors-the airline industry sent him for a tailspin. He is well respected. If he he buying electric utilities in the west-More deregulation? The last try at deregulation of the electric grids and their supplies were manipulated by Enron traders to the tune of 60 Billion. I wonder why FERC never invetigated and set aright the crippling economic devastation that Enron, Duke and others did to the California small businesses and general economy?

Date:   5/24/2005 5:47:35 PM   ( 16 y ) ... viewed 1489 times

Buffett Buys PacifiCorp for $5.1 Billion

Warren Buffett readies to close a deal on his second electric power company.

Stephen Taub, CFO.com
May 24, 2005

Warren Buffett, the quintessential value investor, is energizing his holdings. His MidAmerican Energy Holdings Co. agreed to shell out $5.1 billion to buy PacifiCorp from ScottishPower. PacifiCorp operates in six Western states, including California, Oregon, and Washington.

The deal’s total value is roughly $9.4 billion, which includes $4.3 billion in net debt and preferred stock. The merger will create an energy holding company serving approximately three million electric and natural gas customers in 10 states, and 6.6 million customers worldwide.

MidAmerican officials said that after the deal closes, its assets will exceed $32 billion internationally, of which $25.3 billion are in the United States. In terms of sales, the acquisition would pump up MidAmerican’s annual revenues to $10 billion internationally, of which $8.5 billion will be from the United States. “The energy sector has long interested us, and this is the right fit,” said Buffett, chairman of Berkshire Hathaway, which controls MidAmerican.

Berkshire’s holdings range from See’s Candies to General Re, the insurance giant, as well as several furniture and home furnishings companies.

9th- So Warren Buffett the Icon of value investing-the hometown midwest simple (smart) guy whose share price was $2,000 in 1987 when I started at Morgan Stanley was $70,000 a share in 2004. I was astounded back in 87 at the price per share-no one had a fund priced at $2000 per share! Simply, Warren Buffett takes care of his investors- he does not split share price so other investors can easily participate. Why does this matter, you may well ask? Two fold-1) no dilution of NAV (net asset value) AND it relieves Warren of having to buy "something" with new inflow of cash. They are part and parcel of the same coin. Warren manages your money by buying companies he understands and helps manage. He keeps a low profile and he stays in the Midwest with values of hearth, home, and let's face it, money. He is well respected and somewhat of a recluse. He plays chess with Bill Gates via electronic means and I believe has asked Bill to sit on his investment board.

I read anything I can find on him....it is illuminating! This is why, when subpeonaed to testify about some structured indemnity investments (basically, in this case, a form of self insurance) that his company General Re structured for AIG-it was an intereting hiccup in the history of Warren Buffett.


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