Sustainable Payments The Next Frontier

In providing the fuel and rails for the modern economy, the potential for payments to impact on sustainability cannot be underestimated. As rapid, global digitization continues to transform all aspects of our lives, payments are pivotal: almost every digital activity relies on a payment system.

As a result, there is a responsibility incumbent on payment providers in funding and increasing awareness to sustainability.

Amongst both businesses and consumers, there is also a greater awareness of the role of sustainable finance, which is playing an increasingly critical part in influencing investment decisions. ESG (Environmental, Social and Governance) initiatives undertaken by payments can play a huge role in influencing these decisions.

Why is a sustainable payments industry important?

Firstly, necessity. The pandemic has significantly changed the structure of the economy, causing a decline of physical cash and digitizing businesses – all contributing to the reduction of reliance on carbon emitting processes.

The second reason is consumers. Regardless of industry, consumers are increasingly choosing businesses that share their environmental goals.

Consumers are also influencing investor pressure. Businesses are now looking to invest in environmentally friendly ways: two out of three French and German retail investors say they will invest in sustainable ways even if there is cost involved2. This is also visible in the green bond market, in 2022 green bond issuance has increased 49% year-on-year, with the market set to hit $1 trillion globally in 20213.

The third reason is regulatory. Increase in regulations, especially within Europe, is driving transparency in this space, with change being brought about thanks to the Paris agreement, COP 26 and other targeted regulations.

Challenges in the sustainable payments industry

  • Greenwashing
    Different standards, definitions and regulations can cause confusion and allow ‘greenwashing’. Incoming regulations will force industry standards and transparency, but rising focus on greenwashing is driving financial institutions to take a more cautious to ESG-linked products and solutions.
  • Geopolitical tensions
    World events can have a ‘butterfly effect’, increasing cost of living. This can result in challenges such as an impact on consumer demand, and the likelihood of consumers choosing green options when faced with financial insecurity.
  • Unintended consequences
    If not managed carefully, sustainable financing could cause unforeseen negative effects on society, such as job losses as a result of cutting finance to fossil fuel industries. Other unintended consequences for green initiatives should also be considered, for example by-products of electric cars including toxic and non-recyclable batteries.

How is J.P. Morgan making payments environmentally sustainable?

The payments scope is wide – stretching across every conceivable industry. As a common denominator between these industries, we have undertaken a program of workshops and client meetings to  recognize and support ESG needs, which vary considerably between industries. Environmental efforts are  concentrated for technology, media and telecoms as well as consumer and retail, diversified industries and natural resources. However, healthcare, utilities and public sector, alongside Financial Institutions, are targeting their focus on social and governance concerns.

Our approach to ESG management includes having robust governance systems, risk management and controls at a firmwide level. Equally important for us in J.P. Morgan is the social aspect –  investing in our employees and cultivating a diverse and inclusive work environment, and working to strengthen the communities in which we live and work.  At J.P. Morgan, we are advancing sustainable solutions for our clients and within our operations in several ways:

  • Minimizing the environmental impacts of our physical operations
  • Maintain carbon neutral operations since 2020
  • Transition J.P. Morgan’s fleet to electric vehicles by 2025
  • 100% paper purchased from renewable sources and reduce office paper by 90%
  • Working with organizations to advance sustainable development

Financing positive ‘green’ solutions. We are aiming to finance and facilitate more than $2.5 trillion over 10 years to advance climate action and sustainable development, including $1 trillion for green initiatives.

Last year, J.P. Morgan released the 2030 emission reduction targets for the Oil & Gas, Electric Power, and Auto Manufacturing financing portfolios4. In addition, we have expanded our financing restrictions on activities such as oil and gas development in the Arctic.

Specific to payments, we are developing financial solutions that drive action on climate change and generate other positive environmental impacts. In sustainable Supply Chain Finance in particular, our compelling alliance with Taulia and Ecovadis provides a sustainable SCF program that assesses sustainability of suppliers and offers tired pricing based on rating.

Based on our conversations with multi-national corporates in Europe, it is clear that sustainability sits at the heart of their corporate strategy for the future.

Every company has become a climate company in its own right, as we all work towards a common goal of limiting the impact of climate change. At J.P. Morgan, we would like to reiterate our commitment to supporting our clients, communities and colleagues by working towards a new frontier of sustainable payments where we not only invest in our platforms but in our planet.

Source: Earth Day 2022 – Sustainable Payments | J.P. Morgan

Related contents:

Hellenic Bank: Green loans and social practices for a sustainable futureRich countries must do their part in fixing climate change – UK Premier The New Times

2030 Agenda for Sustainable Development: Malaysia forwards three proposals to boost international cooperation Malay Mail

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Five Oversold Small Cap Stocks And One Mid Cap For Bear Market Bargain Hunters

The S&P 500 is hitting new 2022 lows in this year’s brutal selloff leading up to Wednesday’s Federal Open Market Committee meeting where the Federal Reserve’s policy committee is expected to hike short-term interest rates aggressively to tamp down inflation. The large cap index is down 22% from its peak on the first trading day of the year and tumbled 10% in just the past week as the latest readings on inflation showed price increases accelerating. For small caps, the market’s stumble into bear market territory has been exceptionally severe, with the Russell 2000 index down 30% from its peak last fall and back to pre-pandemic levels.

There could be plenty of near-term volatility ahead as the Fed accelerates its rate-tightening cycle. JPMorgan and Goldman Sachs both expect a hike of 75 basis points this week, even though Fed chair Jerome Powell dismissed that possibility at its last meeting a month ago. Last week’s 8.6% inflation reading put central bankers on their heels. But with the stock bloodbath already well underway, investors and asset managers are licking their chops at some valuations, if they have dry powder to deploy.

“The risk in the stock market is far lower today than it was six months ago just by virtue of the correction that we’ve seen. A lot of the excesses are being flushed out as we speak,” says Nicholas Galluccio, co-portfolio manager of the $57 million Teton Westwood SmallCap Equity fund. “We think it’s a perfect setup for possibly a strong 2023.”

Galluccio’s fund has outperformed the market, losing 13% so far this year after a 30% gain in 2021, to earn a 5-star rating on Morningstar. He’s been on offense this year adding to his positions in several small caps trading at low valuations, including Carmel, Indiana’s KAR Auction Services, which builds wholesale used car marketplaces and generated $2.3 billion in 2021 revenue.

Used car retailer Carvana bought its physical auction segment for $2.2 billion in February, larger than the market cap of the company at the time, though the proceeds were used to pay down debt. The acquisition prompted a 38% one-day pop in KAR’s stock, but it has given back most of those gains in the recent correction. The deal hasn’t been as kind to Carvana, which has lost 91% of its value this year.

“We got very lucky that Carvana we believe overpaid for their physical auction business for $2 billion, which is an enormous sum,” Galluccio says. “Now they’re strictly digital with a virtually debt-free balance sheet.”

Another of Galluccio’s picks is Texas-based Flowserve (FLS), which manufactures flow control equipment like pumps and valves. Many of its customers are petrochemical refiners and exploration and production companies in the energy industry. Most energy-linked businesses have had a strong year with the price of crude oil surging, though Flowserve has lagged with a 5% decline. Its bookings rose 15% in the first quarter to $1.1 billion, and Galluccio expects its margins to improve as it builds its backlog.

Value investors are also looking at oversold areas of the market for stocks trading at tiny multiples and now offering attractive dividend yields. John Buckingham, portfolio manager and editor of The Prudent Speculator newsletter, likes the Whirlpool Corp. (WHR), a century-old home appliance manufacturer headquartered in Benton Charter, Michigan. With home sales falling, Whirlpool has exposure to an anticipated recession, but its stock is down 34% this year, trading at six times earnings, with a dividend yield over 4% and an appetite for buying back shares. While not a small cap, at $8.7 billion in market capitalization, this mid-cap has long been a favorite of value investors.

“Lower home sales are certainly a headwind, but the market has already discounted something far worse than what we think will ultimately occur,” Buckingham says. “If we have a quote-unquote ‘mild recession,’ I think that many of the businesses have already been priced for a severe recession.”

Another consumer business Buckingham singles out from his portfolio: Foot Locker (FL). The shoe retailer is down 36% this year, including a 30% drop in one day on February 25 when it said its revenue from its biggest supplier Nike NKE +2.5% would decline this year as the apparel giant increasingly sells directly to customers. Now, Foot Locker trades at a tiny 3.5 times trailing earnings, with a 5.7% dividend yield to attract income investors.

While those value plays are cheap, Jim Oberweis, chief investment officer of small-cap growth firm Oberweis Asset Management, makes the case that growth stock valuations are even more attractive after taking the worst of the selloff so far. The Russell 2000 growth index is down 31% this year, and Oberweis’ small-cap opportunities fund has declined 22%. One outperformer is its top holding, Lantheus Holdings (LNTH), which has already more than doubled this year.

Lantheus makes nuclear imaging products that can be injected into patients and make body parts glow during medical scans to help diagnose diseases. It received FDA approval last year for a product called Pylarify which can identify prostate cancer, and fourth-quarter revenue rose 38%. The Massachusetts-based company trades at about 20 times expected 2022 earnings.

“It’s very hard to find a company at 20 times earnings with those growth numbers and those kinds of moats in terms of patents and defensible market positions that are very difficult for competitors to attack,” Oberweis says.

Oberweis boasts that Lantheus has no correlation to the broader economic environment and recessionary fears. Some of his other top holdings do have some inflation exposure but have already been deeply discounted this year and are trading at multiples more typical of value names. Axcelis Technologies (ACLS), which sells components to chipmakers like Intel INTC and TSMC to make semiconductors, grew its revenue by 40% in 2021 and another 53% in the first quarter of 2022, but has declined by 25% this year and trades at 15 times trailing earnings.

“Small growth stocks, which have been bludgeoned, I think have much better prospects to do well in an inflationary environment because many more innovative companies have pricing power, the ability to quickly raise prices and get the customers to actually pay them,” Oberweis says. “I don’t know if it’ll be this year or next year, but I think people buying right now are likely to earn significant positive returns because of the low valuations.”

I’m a reporter on Forbes’ money team covering investing trends and Wall Street’s difference-makers. I’ve reported on the world’s billionaires for Forbes’

Source: Five Oversold Small Cap Stocks And One Mid Cap For Bear Market Bargain Hunters

In trading on Tuesday, shares of the Vanguard Small-Cap ETF (Symbol: VB) entered into oversold territory, changing hands as low as $180.29 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of Vanguard Small-Cap, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 33.6. A bullish investor could look at VB’s 29.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance , VB’s low point in its 52 week range is $180.29 per share, with $241.06 as the 52 week high point — that compares with a last trade of $183.66. Vanguard Small-Cap shares are currently trading down about 0.5% on the day.

ACV Auctions (ACVA)

The company has been public for just under one year, having held its IPO on March 24 of last year. The initial offering saw ACV put more than 19 million shares on the market, at a price of $25 each, and the company raised $414 million in new capital. Since the IPO, however, ACV stock price has fallen by 63%.

Despite the fall in share price, ACV has been reporting solid year-over-year revenue gains. In the last quarter reported, 3Q21, the company showed $91.8 million at the top line, up 36% yoy. This included a 41% gain in Marketplace and Service revenue, which accounted for $78.3 million of the total.

Arbe Robotics (ARBE)

The company entered the public markets in October of last year, completing a SPAC combination at that time with Industrial Tech Acquisitions. The ARBE stock started trading on the NASDAQ on October 8, and the company realized $118 million in gross proceeds from the transaction. The stock quickly surged to a peak above $14 in November, and has since fallen 48% from that level.

Even though the stock has fallen, Arbe has had some solid wins to report in recent months. BAIC Group, a Chinese auto manufacturer, announced in November that Arbe’s radar systems are expected to be installed on BAIC Group’s new vehicles going forward, and that same month, Weifu, a Chinese tier-1 auto parts supplier launched a customer road-pilot phase of Arbe’s radar systems and chipsets. Weifu expects to have the systems in full production by the end of this year.

ALX Oncology Holdings (ALXO)

The company has had several recent updates on its evorpacept programs, and released the announcements in January. The updates include the expected initiation of a Phase 2/3 clinical trial for the treatment of great gastric/GEJ cancer. This trial will evaluate evorpacept in combination with several other therapeutic agents, including Herceptin (trastuzumab), Cyramza (ramucirumab) and paclitaxel.

Another upcoming catalyst announced in January concerns the Phase 1b trial of an evorpacept-azacitidine combo in the treatment of MDS, myelodysplastic syndromes. The company will be releasing the dose optimization readout of this trial during this year.

The final January update came from the FDA, which granted evorpacept its Orphan Drug Designation in the treatment of gastric cancer and gastroesophageal junction cancer. Orphan Drug Designation comes with financial benefits, including tax credits and user fee exemptions for the company….

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JP Morgan Warns of An Economic ‘Hurricane’ Coming: ‘Brace yourself’

JPMorgan Chase CEO Jamie Dimon warned of a looming economic “hurricane” caused by an increasingly hawkish Federal Reserve, rising inflationary pressures and the Russian invasion of Ukraine. Dimon – who said at the beginning of May there were storm clouds forming on the economic horizon – ratcheted up his warning on Wednesday, citing fresh challenges facing the Fed as it seeks to tame the hottest inflation in a generation.

“I said there were storm clouds. But I’m going to change it. It’s a hurricane,” he said during a conference hosted by AllianceBernstein Holdings. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

There are two main issues that Dimon said are worrying him: The Federal Reserve moving to unwind its $8.9 trillion balance sheet, deploying a less-known tool known as quantitative tightening that will further tighten credit for U.S. households as officials try to tame red-hot inflation.

The rundown of the Fed’s portfolio is poised to begin on Wednesday at an initial combined monthly pace of $47.5 billion. The Fed will increase the runoff rate to $95 billion by September, putting the central bank on track to reduce its balance sheet by about $3 trillion over the next three years. We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years,” Dimon said.

The second matter weighing on Dimon is the Russian-Ukraine war and its effect on the price of commodities like food and oil. The bank CEO said that oil could hit $150 or $175 a barrel as a result of the conflict, which began in late February. Brent crude, the benchmark, is currently selling for $116 a barrel. “Wars go bad. They go south. They have unintended consequences,” he said.

Dimon’s comment comes amid growing fears on Wall Street that the Fed may drag the economy into a recession as it seeks to tame inflation, which climbed by 8.3% in April, near a 40-year high. Bank of America, as well as Fannie Mae and Deutsche Bank, are among the Wall Street firms forecasting a downturn in the next two years, along with former Fed Chairman Ben Bernanke.

Policymakers raised the benchmark interest rate by 50 basis points earlier this month for the first time in two decades and have signaled that more, similarly sized rate hikes are on the table at coming meetings as they rush to catch up with inflation.  Fed Chairman Jerome Powell has acknowledged there could be some “pain associated” with reducing inflation and curbing demand but pushed back against the notion of an impending recession, identifying the labor market and strong consumer spending as bright spots in the economy. Still, he has warned that a soft landing is not assured.

Source: Jamie Dimon warns of an economic ‘hurricane’ coming: ‘Brace yourself’ | Fox Business

Critics by : J.P. Morgan

October data showed that consumer prices in the United States rose at a 6.2% pace relative to last year, the fastest pace in 30 years. Food prices are 5% higher than they were last year. Used car prices are up 26%. Energy prices are up 30%. Shelter, one of the most critical sub-categories, has rapidly recovered to its pre-COVID 3.5% pace. The gains are broad based, and seem to be accelerating. Compared to last month, the median component is up almost 60 basis points, the highest reading back to 1983.

Rising prices pressure all spenders, especially those with low disposable incomes. However, only focusing on rising prices ignores important context. Over the last year, the economy has added almost 5.5 million private sector jobs. Aggregate earnings are up 4% annualized over the last two years versus prices up 3.7%. Retail sales are 15% higher than they were a year ago.

Yes, gasoline prices have soared to $3.40 per gallon relative to just $2.10 one year ago. But gas was also $3.40 per gallon in 2014, when incomes were 25% lower than they are now. The only sector that is seeing any demand destruction because of soaring prices and shortages is automobiles.

Economy wide corporate profits (before tax) are 16% higher. S&P 500 profit margins actually expanded in the third quarter despite expectations for a decline. Input and labor costs are surging, but so are sales. For now, inflation just comes with the territory of a booming economy, and a lower inflation environment would likely also be characterized by a weaker labor market and a more tepid jobs recovery.

There are compelling reasons why stock markets are still close to all-time highs. Third quarter earnings surprised to the upside, global supply chain pressures seem to be getting better, not worse (Vietnamese factory operations are normalizing and shipping costs are falling), and onerous corporate tax hikes seem increasingly unlikely.

Bond markets are a little more stressed, but given the circumstances, they have been relatively tame. Two-year bond yields have moved up by about 30 basis points since the start of October because investors are starting to think that the Federal Reserve will start raising rates soon in an effort to deal with inflation. Meanwhile, 10-year Treasury bonds are yielding just over 1.5%. Why so low? Simply, because bond markets think that this surge in inflation will be temporary. Longer run inflation expectations are still well below where they were from 2000-2014.

Inflation has been strong all year and risk assets have hardly blinked. The mega cap tech sector was often cited as the one that was most at risk during an inflationary environment. The Nasdaq 100 is up over 25% this year.

What could change the picture is if the Federal Reserve makes an abrupt turn toward hawkish policy. And we don’t mean something like accelerating the pace of tapering asset purchases. We mean something like what happened in 1994, when the Fed raised rates by 300 basis points cumulatively because they thought they needed to act quickly to snuff out inflation. Even though corporate earnings grew around 20% that year, equity markets ended flat because cash got more and more attractive.

Another longer term risk is that the discourse around inflation is inherently political. Surging inflation now could make it less likely that policymakers opt for powerful fiscal stimulus during future downturns, which could delay economic recovery and be harmful for stocks.

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JPMorgan Says Bitcoin Is Undervalued By 28%, Says Cryptocurrencies Are Now A ‘Preferred Alternative Asset’

Bitcoin price action might not reflect it, but the leading cryptocurrency by market cap could be massively undervalued, according to a variety of fundamental metrics that focus on coin issuance. Any asset – be it stock, currency, commodity, or otherwise – goes through boom and bust cycles; bull and bear markets. These cycles are more rapid and take place more frequently in crypto than they do in traditional market counterparts.

The reason is both due to the always-on 24/7, global crypto market and the speculative nature of Bitcoin, Ethereum, and other top coins. Even with adoption taking place, they’re still far from achieving their potential.When speculative assets reach a peak of a bull cycle, they are typically far more overvalued than they should be, which causes such an extreme correction back down toward the “mean.” During bear cycles, speculative assets tend to overcorrect as things appear worse off than they actually are.

These tools are widely known, but when combined paint a clear picture that backs up any chance that the top coin by market cap is actually undervalued at $40,000 per BTC.

Despite the crypto slump, banking giant JPMorgan says bitcoin is massively undervalued. Maintaining its estimate of bitcoin’s fair value at $38,000, the bank today reiterated the assessment it gave the asset in February when the cryptocurrency was trading around $43,400. This price is approximately 28% higher than its current level of $29,757.

In a note to clients issued Wednesday, the bank has also stated that it is replacing real estate with digital, or crypto, assets as its preferred alternative asset class along with hedge funds, citing “potential lagged repricing” in private equity, private debt and real estate. Alternative assets typically refer to ​​investments that aren’t stocks, bonds or cash.

The appraisal is a nod of confidence to bitcoin, which is currently trading at less than half its all-time high of $68,721, and the broader category in general. In addition to rising interest rates and the fallout from the war in Ukraine, the cryptocurrency market is grappling with the $50 billion collapse of algorithmic stablecoin TerraUSD and its sister token LUNA. The total market capitalization of cryptocurrencies currently sits at $1.3 trillion, a dramatic decline from $3 trillion in November.

“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,” the bank’s strategists, led by Nikolaos Panigirtzoglou, noted in the report.

The strategists also believe that “the trajectory for VC funding would be crucial in helping the crypto market to avoid the long winter of 2018/2019”, which followed the initial coin offerings boom. Just today, Ethereum scaling startup Starkware raised $100 million at an $8 billion valuation and venture giant Andreessen Horowitz announced a $1.5 billion allotment for crypto investments as part of its larger $4.5 billion fund.

“Thus far there is little evidence of VC funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, almost $4 billion came after Terra,” the strategists noted. “Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted.”

I report on cryptocurrencies and other applications of blockchain technology. I also edit the weekly Forbes Crypto Confidential newsletter and contribute to our premium research service

Source: JPMorgan Says Bitcoin Is Undervalued By 28%, Says Cryptocurrencies Are Now A ‘Preferred Alternative Asset’

Price Prediction: How Profitable Will These Coins Be? — Dogecoin (DOGE), Parody Coin (PARO), and Ripple (XRP)

In Defence of Cryptocurrency – Christine Lagarde, Are You Serious?

Gaming Projects You Should Know in 2022: Decentraland (MANA), Enjin (ENJ), and Pac-Man Frog (PAC)

These Undervalued Coins Could Be Your Ticket to Being a Millionaire: Polkadot (DOT) and Quitriam Finance (QTM)

Chronoly (CRNO) Takes Number 1 Spot at Project To Invest In 2022 Over Fantom (FTM) and Anchor Protocol (ANC)

The Nightly Mint: Daily NFT Recap

Bitcoin On-Chain Activity Throttled After LUNA Collapse

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Bitcoin Trading Volume Plummets Down From Recent Top

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JPMorgan: Bitcoin Is Undervalued; Says Fair Price Is 28% Higher

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Buffett’s Berkshire Buys Citigroup and Several other Stocks, Slashes Verizon

May 16 (Reuters) – Berkshire Hathaway Inc on Monday said it added new investments in Citigroup Inc and several other companies in the first quarter, as Warren Buffett’s conglomerate took advantage of volatile stock markets to invest $51.1 billion that had largely been sitting in cash.

In a regulatory filing describing its U.S.-listed equity investments as of March 31, Berkshire reported new stakes in Ally Financial Inc, chemicals and specialty materials company Celanese Corp, insurance holding company Markel Corp, drug distributor McKesson Corp and Paramount Global, formerly known as ViacomCBS.

Omaha, Nebraska-based Berkshire said it sold nearly all of an $8.3 billion stake in Verizon Communications Inc that it had amassed in late 2020.

Berkshire also finally exited Wells Fargo & Co, a 33-year-old investment that Buffett soured on after finding it too slow to address revelations that employees had mistreated customers, including by opening unwanted accounts.

Buffett’s company ended March with $106.3 billion of cash and equivalents, down from a near-record $146.7 billion three months earlier, largely reflecting the new investments.

These included previously disclosed stakes in Chevron Corp and Occidental Petroleum Corp, computer and printer maker HP Inc and video game maker Activision Blizzard Inc, the latter an arbitrage bet.

Stock sales totaled $9.7 billion, and also included drugmakers AbbVie Inc and Bristol-Myers Squibb Co .

Citigroup, where Berkshire invested nearly $3 billion, has embarked on a multiyear plan to boost performance and a share price that in recent years has lagged larger rivals JPMorgan Chase & Co and Bank of America Corp, the latter a major Berkshire investment.

Some investors have described Markel as a small-scale version of Berkshire, and Buffett in March committed $11.6 billion to buy another insurance holding company fitting that description, Alleghany Corp.

Berkshire also owns several companies specializing in Celanese’s sectors. Monday’s filing does not say which investments were made by Buffett and his portfolio managers Todd Combs and Ted Weschler.

Most large Berkshire investments are Buffett’s. Stock prices often rise after Berkshire reveals new stakes because investors view the investments as a stamp of approval.

At Berkshire’s annual meeting on April 30, Buffett said investors were too focused on flashy stocks, causing markets at times to resemble a casino, allowing him to focus on stocks that Berkshire understands and which add value.

Analysts have also viewed Chevron and Occidental as a way for Berkshire to benefit from rising oil prices following Russia’s invasion of Ukraine.

“I wish the rest of the world worked as well as our big oil companies,” Berkshire Vice Chairman Charlie Munger said at the annual meeting.

More than three-fourths of Berkshire’s $390.5 billion equity portfolio on March 31 was in American Express Co, Apple Inc, Bank of America, Chevron, Coca-Cola Co and Kraft Heinz Co. Berkshire owned 26.6% of Kraft Heinz. (Reporting by Jonathan Stempel in New York; Editing by Chris Reese, Bernard Orr).

By Jonathan Stempel

Source: UPDATE 1-Buffett’s Berkshire buys Citigroup and several other stocks, slashes Verizon

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