20. Buffett is rapidly increasing the equity portfolio responsibilities of 42 year-old Todd Combs and 50 year-old Ted Weschler, both of whom have worked for Berkshire for less than three years. By the end of 2012, both Combs and Weschler had each outperformed the S&P 500 by double-digit margins, and collectively managed nearly $10 billion of Berkshire’s money.
21. Weschler, a former managing partner of the Peninsula Capital Advisors hedge fund, won the job after placing the winning bid in both 2010 and 2011 for Buffett’s annual charity auction to the benefit of San Francisco’s Glide foundation. Though he remained anonymous until after his hiring was announced, Weschler paid more than $2.6 million each year to have lunch with Buffett.
22. While Buffett owns 13.7% of American Express Company (NYSE:AXP) through Berkshire, he says the best advice he can offer young people is to avoid credit cards. Why? In his words: “If I borrowed money at 18 or 20 percent, I’d be broke.”
23. Berkshire lost nearly $1.4 billion in a single day last month when its 6% stake in International Business Machines Corp. (NYSE:IBM) plummeted 10% following the tech giant’s first-quarter earnings report. Even so, shares of International Business Machines Corp. (NYSE:IBM) still sit well above Berkshire’s cost basis as of the end of 2012, near $171 per share. Considering Buffett stated earlier this year Berkshire’s ownership interest in International Business Machines Corp. (NYSE:IBM) was likely to increase in the future, don’t be surprised if Buffett used the drop as an opportunity to add to his position.
24. In times of financial duress, Berkshire is more than happy to lend a hand to other struggling companies, including loans of $3 billion and $5 billion to Swiss Re and Bank of America Corp (NYSE:BAC), as well as loans to Goldman Sachs Group, Inc. (NYSE:GS) and General Electric Company (NYSE:GE) in 2008 of $5 billion and $3 billion, respectively. Of course, each of those loans made Buffett a bundle of money, with the Goldman Sachs Group, Inc. (NYSE:GS) deal most recently culminating in Berkshire becoming one of Goldman’s top 10 shareholders for next to nothing.
25. Buffett holds more than 98 percent of his $53.5 billion net worth in Berkshire Hathaway stock, and plans to gradually give nearly all of it to the Bill and Melinda Gates Foundation before he dies. Through the Giving Pledge he and Mrs. Gates formed in June, 2010, they have so far convinced over 100 more of the world’s wealthiest individuals and families to follow suit, giving at least half their wealth to philanthropy or charitable causes either during their lifetime or after their death.
The article 25 Surprising Facts About Berkshire Hathaway originally appeared on Fool.com.
Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool recommends American Express, Berkshire Hathaway, Goldman Sachs, and H.J. Heinz Company. The Motley Fool owns shares of Bank of America, Berkshire Hathaway, General Electric Company, and International Business Machines (NYSE:IBM).
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