Berkshire’s Buffett praises Amex despite competition

Berkshire Hathaway Chairman and CEO Warren Buffett discusses his investment in American Express at the 2019 Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska. Buffett says, in this day in age, everyone’s a competitor, but he’s still optimistic on American Express and he’s glad he owns 18% of it.

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8 thoughts on “Berkshire’s Buffett praises Amex despite competition

  1. James Bogucheski Reply

    Their net profits are down 11% compared to last year, but when you stop to consider that they had also in comparison to last year 7% less operating income it sounds like they did more with less.
    Let’s see how the rest of the year plays out.
    Keep an eye out for Paypal holdings as well, an even safer bet when you compare the charts they’ve had a β growth 1.5:1 compared with Amex starting from the same value.
    Not great if you’re considering dividends, but if your position is dominate the web card market it’s absolutely a must.

    • Richard Howard Reply

      Net profits were down only 5% 1Q19 vs 1Q18 due to the one time charge of litigation expense that was resolved. (e.g. the anti-steering win at the USSC) and the unwinding of GNS in the EU and Australia. Top line revenue growth is still projected to be 8% – 10%

  2. eugyero Reply

    More water bottles please.

  3. MEDIAHOUND Reply

    It’s clear he understands AMEX’s business plan extremely well

  4. K K Reply

    Charlie was day-dreaming 🙂

  5. Trekt Reply

    Becky Is a total fox

  6. Jagroop Dhillon Reply

    Writing this on 12/22/2019.
    1.)Berkshire owns 151.6107 million shares of AXP.
    2.)The total float is around 821 million shares.
    3.)Doing the math Berkshire owns 18.5% of the float.
    4.)Additionally AXP has authorized a 120 million share repurchase program which executed brings down share count to 700 million.
    5.)If Berkshire holds their current holding they would own 21.7% of the company!

    On a side note god give me the patience to one day say that the earnings from a holding I purchased in one year be the equivalent to my cost at which I bought the equity. When Warren made that comment about AXP it gave me goosebumps knowing is cost basis is around $9/share!

  7. shobhit agrawal Reply

    Interesting to know what he thinks of online only banks like dfs

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