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American Express Company Message Board

  • Novalis_97 Novalis_97 Apr 22, 1998 5:06 AM Flag

    Buffett planning to buy more AXP

    I think I read in the annual report that Buffett had petitioned and obtained permission from the Federal Reserve and AXP to
    increase his ownership in AXP from 10.6% to as high as 17%. These are shares Buffett either has already been buying since the
    beginning of the year or plans to buy soon. This tells you that AXP is undervalued (according to my own intrinsic value calculation as
    well--55-60% undervalued). In addition, while Buffett sold some McDonald's, Disney, Freddie Mac, and Wells Fargo in 1997, he did not sell
    one single share of AXP (along with Coca-Cola, Gillette, and the Washington Post).

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