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At Thanksgiving I have much to be thankful for, Warren Buffet said in a statement Tuesday, announcing that he had gifted 2.4 million Class B shares of Berkshire Hathaway stock to charitable foundations run by his children. The gifts to The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation total approximately USD 876 million and are in addition to the regular donations he makes each summer to those foundations and the Bill and Melinda Gates Foundation. This is the second year that Buffett has made additional gifts to the family foundations around Thanksgiving. "My children, along with their father, have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable," Buffett said in the statement, adding that after his death, his children would act as trustees of a charitable trust that would inherit 99 per cent of his wealth. The testamentary trust w
Investor Warren Buffett recommitted to his favourite bank stock, Bank of America, during the first quarter while dumping two other banks as part of a number of moves in Berkshire Hathaway's stock portfolio. Berkshire provided a quarterly update on its US holdings on Monday in a filing with the Securities and Exchange Commission. Many investors follow the company's moves closely because of Buffett's remarkably successful investing record over the decades. Berkshire slightly increased its 179.4 million share stake in Bank of America stock while eliminating long-time stakes in US Bancorp and the Bank of New York Mellon. Buffett has eliminated a number of bank investments in recent years, but he continues to back Bank of America. Berkshire also picked up nearly 10 million shares of Capital One stock. The quarterly filings don't identify which investments Buffett made and which ones were done by one of Berkshire's two other investment managers, but Buffett generally handles all of ...