Berkshire’s rally is approaching its all-time high

Berkshire’s rally is approaching its all-time high

A fresh 52-week high today for Berkshire Hathaway’s A shares has brought them within striking distance of their all-time high.

After trading as high as $525,000 today, they closed at $521,620 per share, which is a year-to-date gain of 11.3%. They are up almost 18% since their near-term low in March.

A gain of 3.4% from here would set a new record, topping the March 28, 2022, close of $539,180.

The all-time intraday high of $544,389 was hit the next day.

The more widely-held Class B shares also scored a new 52-week intraday high today when they hit $344.07.  They closed at $340.90, below Monday’s $342.00.

A 5.5 percent gain would bring the B shares above their all-time closing high of $359.57 on March 28 of last year. The all-time intraday high is $362.10.

According to FactSet, Berkshire’s market capitalization is just short of $756 billion. It came close to $800 billion last year in March.

At the beginning of the year, Barron’s Andrew Bary predicted another “strong” year for Berkshire’s stock, writing that it “stands to benefit from an upturn in insurance profits, its acquisition of insurer Alleghany in the fourth quarter of 2022, higher yields on the company’s big cash position and income from all the 2022 equity investments led by Chevron and Occidental Petroleum.” 

In late January, Morningstar put Berkshire on its list of the most undervalued stocks for the first quarter.

BUFFETT AROUND THE INTERNET

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• Barron’s (subscription): Berkshire Is Ready for Hurricane Season. The Stakes Are High for Insurers.

• Bloomberg (subscription): How Seritage CEO Negotiated with Warren Buffett to Help Turn Around Real Estate Business

• The Motley Fool on Yahoo Finance: Will Warren Buffett’s eventual retirement be a once-in-a-lifetime chance to buy Berkshire Hathaway stock?

• CNBC.com: 100 million Squishmallows sold in a year — How the toy sensation joined Warren Buffett’s conglomerate

• South China Morning Post: China’s EV market: BYD sets new sales record in June, signalling recovery in demand after failed price war

• South China Morning Post: BYD to invest US$620 million in industrial complex in northeastern Brazil, to produce affordable vehicles and batteries for local markets

HIGHLIGHTS FROM THE ARCHIVE

Warren Buffett: Never Bet Against America

In excerpts from Berkshire Hathaway annual meetings and a CNBC interview, Warren Buffett talks about his optimism for the United States and its economy.