American Express
AmEx, another of Berkshire’s largest stock investments, has plunged about 19 percent this year. It is nearing the end of a partnership with retailer Costco Wholesale Corp., a relationship that accounted for 20 percent of worldwide loans and 8 percent of customer spending.
Berkshire’s cash pile has been growing in recent quarters and stood at a record $63.7 billion at the end of March. While that money is earning almost nothing, long-term shareholders will wait for Buffett to make his next big investment, said Meyer Shields, an analyst at Keefe Bruyette and Woods.
“I don’t think they or their investor base care if it takes another five years for things to be attractively valued,” he said. “Berkshire is very disciplined in terms of what it’s going to pay.”