Berkshire Hathaway investor treasurer, bashes Buffett & # 39; thumb-sucker & # 39;
RBO & Co. management partner Jack Oliver discusses why he is bullish on Berkshire Hathaway.
A long-time investor called the famous "Oracle of Omaha" on the way out the door.
David Rolfe – the chief investment officer of a $ 2 billion-managed St. Louis-based securities firm, Wedgewood Partners – announced in a third quarter report to clients that this year he withdrew all the money he has long had in the renowned investor Warren Buffett's company Berkshire Hathaway.
He claimed that Buffett has accumulated too much money and been too hesitant to invest in stocks that have made dramatic gains over the last 1[ads1]0 years. Rolfe's company has been investing in Berkshire Hathaway for 20 years, he said. Buffett, 89, is legendary for his skillful investments during his often famous career. He is also the third richest person in the world in 2019, according to Forbes.
Warren Buffett, Chairman and CEO of Berkshire Hathaway, smiles as he plays bridge after the annual Berkshire Hathaway shareholders' meeting in Omaha, Neb., Sunday, May 5, 2019. (AP Photo / Nati Harnik) ( AP Photo / Nati Harnik)
"Warren Buffett's cash balance of $ 125 billion continues to be a significant obstacle to growth … Thumbs have not cut Heinz mustard during the Great Bull Market in 2009-2019," said David Rolfe , in a letter to clients. "The Great Bull could have been one hell of an amazing career break for the gentlemen. Buffett and Munger." Charlie Munger has been deputy manager for many years in Buffett's company.
| Ticker | Security | Last | Change | Change% |
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| BRKB | to | to | to | to |
In his report, Rolfe Berkshire accused Hathaway for not seeing the gains that would come in four stocks over the past decade – Mastercard, Visa, Microsoft and Costco. He further said that Berkshire Hathaway has not done a good enough job of communicating with investors about why it has collected so much cash, that it made many bad stock picking calls (eg Kraft Heinz and IBM), and that its "tool business" (Berkshire Energy) still needs acquisitions to start growing. "
