The Oracle of Omaha, Warren Buffett's lessons in investments and trade just keep adding new chapters one after the other. In a new revelation, the ace investor has revealed his ostensibly secret investment. According to a report from CNN, the 93-year-old invested in an insurance company called Chubb.
Hathaway Buys Stakes in Chubb
According to an exchange filing by Berkshire Hathaway, the company acquired 26 million shares of the Switzerland-based American company. These shares cumulatively amount to a whopping USD 6.7 billion.
The company, which was founded in 1985, has a revenue of USD 49.74 billion, and a net income of USD 9.028 billion in 2023.
According to reports, Buffett's company maintained secrecy around the matter, as it was building stake. The company claims to be operational in 54 countries. Chubb claims to have assets worth USD 225 billion. The company also claimed USD 57.5 billion in gross premiums.
This is one of the major developments from the quarterly movements that happened under Buffett's supervision. Previously, the quarter-end also saw Buffett dump a significant chunk of his shares from Apple. In addition, Buffett's also offloaded his entire stake in the struggling Hollywood legacy, Paramount. Instead, Buffett carried and put his weight behind some new avenues.
he shares of both companies did well, as they ended Thursday's trade in green. Berkshire Hathaway gained 0.087 per cent to close at USD 413.12. Meanwhile, Chubb ended the day, advancing 4.71 per cent at USD 264.88. | Fike
Buffett's New Bets
Along with others, in addition to Chubb, the maverick of Wall Street added Houston-based Occidental Petroleum, Colorado-based Liberty Media as well.
The shares of both companies did well, as they ended Thursday's trade in green. Berkshire Hathaway gained 0.087 per cent to close at USD 413.12. Meanwhile, Chubb ended the day, advancing 4.71 per cent at USD 264.88.
The US markets at large ended May 17 on a negative note after performing well the day before because of the improved inflation numbers. The inflation numbers, showed a dip in rate from 3.5 per cent in March to 3.4 per cent in April.
All the major indices ended in red, as Dow Jones ended the day with a slump of 0.10 per cent to end at 39,869.38 points. Nasdaq ended the day 0.26 per cent below at 16,698.32. Meanwhile, S&P 500 slumped to 5,297.10, after dropping 0.21 per cent of its value.
