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Non-Tech : Berkshire Hathaway Class B
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To: JuniorMint who wrote (914)8/7/1999 11:37:00 PM
From: Benkea  Read Replies (1) of 1652
 
"Moreover, General Re's big bond portfolio has suffered at the hands of rising interest rates this year."

I'd be surprised to learn that GRN had much interest rate exposure through the large bond position they had PRIOR to completion of the merger.

Buffett was smart enough to trade a near 100% equity/cash portfolio for GRN's near 100% bond port (tax-free without selling one stock) within a month of the July 98 equity crash and bond rally. In addition, the timing of the sale of the Zeros was also quite flawless. Buffett, despite his humble claims to the contrary, has an extremely good pulse on rates and would therefore not have BRK's butt on the line via bonds at the peak of one of the greatest bond rallies in US history.
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