Summary: Hi, Everyone, welcome to our 975th show…and guess what? I have an announcement for you.<br> After 19 years of weekly shows, I have decided to hang up my spurs and ride off into the sunset of retirement.<br> It has been an amazing part of my life as I have met so many interesting people, some of whom became clients and others who have written in or attended my talks throughout the years and those who have remained loyal listeners. I especially would like to thank all of you in the Sunday Morning Breakfast Club, as I call it—those who rise early and put my show on as the first or second part of their morning routine. It is an honor that you thought enough of the work we did to include me in the Sundays of your life.<br> Today’s program will be the first of the final three, with our last airing on May 24th. In the meantime, I will be keeping you up to date on the investment world during this crazy time as well as re-playing some of our favorite shows from over the years.<br> I will be keeping the website active with all the past episodes, so if you want to hear something again or get in touch, you can contact me at www.Stevepomeranz.com.<br> Before I get to today’s commentary, I want to tell you a quick story of how we got started, and the one person who was most helpful at the very beginning.<br> His name was Daryl Logullo. For those of you who have been with me from the beginning, you may remember that Daryl and I co-hosted the show in the first few years. Daryl was helping me market my fledgling investment practice, and he was the one with radio experience. As a matter of fact, when he approached me with the idea of doing a radio show, I told him the only network I would do it on was NPR. Incredibly, he suggested we contact the local station, WXEL, and ask them. Honestly, it was not something I thought was possible, and sure enough, they said no at first. So, we told them we were going to be a different kind of show and could we make a demo to show them what we had in mind. You see the fact that I was a fee-only advisor, who did not sell products and wanted to educate and protect our listeners, was a pretty rare thing 19 years ago. Well, the rest is history. The station took a chance on me.<br> So, thank you, Daryll Logullo, who sadly passed away a few years ago. I am forever indebted to him for guiding me onto this wonderful path.<br> Okay, let’s talk about what’s going on out there right now.<br> Where’s Warren?<br> So here’s a question: Where’s Warren Buffett been?<br> If you remember the 2008 crisis, he was all over the airwaves telling us to buy America and even doing a lot of buying himself. His billion-dollar deals with Goldman Sachs and GE for 12% interest plus options to buy more stock at very reasonable prices became the stuff of Wall Street legend. Hey, $5 billion could get you a lot back then. Heck, he even bought Burlington Northern Santa Fe Railway for $26 billion! Now that was a bet on America!<br> Today, however, he’s silent. So, I did some digging and this is what I found.<br> First, it seems we can only see the selling part of his activity. He sold his investment in a slew of airlines, from United to American to Southwest Air, stating that the industry had changed dramatically, and while he hoped the industry would come back, he can’t tell whether it will or won’t. So, he sold all the shares he owned. Other than that, we know that he sold a small amount of Bank of New York-Mellon shares too. <br> Some who follow Buffett have made some guesses though, so let’s see what they have to say. A few of them have looked into his 4th quarter buying of 2019 and extrapolated from there.<br> #1) It seems pretty clear that Buffett likes bank stocks. He likes JPMorgan (JPM)and US Bancorp (USB) for example, and both stocks got slaughtered during the selloff, so maybe he picked up some more of those two.<br> It’s also a good bet that he purchased shares of Berkshire Hathaway (BRK.A).
