Warren Buffett Hates Bankers!
Patrick Boyle 0:50
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Does Warren Buffett Hate Bankers?
An interesting quirk of Warren Buffett’s recently announced takeover of Alleghany is that Berkshire Hathaway will pay Alleghany shareholders exactly $848.02 per share, after initially offering $850.
The reason for the $1.98 per share deduction? Well, Buffett, didn't want to pay the investment banking fees that are routinely included in mergers and acquisitions. In 2015, Buffett wrote that investment bankers are “mouths with expensive tastes” that “clamor to be fed,” adding “Money-shufflers don’t come cheap.”
There are other fees included in the deal price, such as the Lawyers that Alleghany hired to represent them, and Warren didn’t feel the need to exclude those fees from the deal price. It’s Just The Bankers That He Doesn’t Like
#Shorts
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Patrick Boyle On Finance Podcast:
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An interesting quirk of Warren Buffett’s recently announced takeover of Alleghany is that Berkshire Hathaway will pay Alleghany shareholders exactly $848.02 per share, after initially offering $850.
The reason for the $1.98 per share deduction? Well, Buffett, didn't want to pay the investment banking fees that are routinely included in mergers and acquisitions. In 2015, Buffett wrote that investment bankers are “mouths with expensive tastes” that “clamor to be fed,” adding “Money-shufflers don’t come cheap.”
There are other fees included in the deal price, such as the Lawyers that Alleghany hired to represent them, and Warren didn’t feel the need to exclude those fees from the deal price. It’s Just The Bankers That He Doesn’t Like
#Shorts
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Patreon Page: https://www.patreon.com/PatrickBoyleOnFinance
Visit our website: www.onfinance.org
Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
Category (YouTube): Education
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