Hillary Clinton Futures Trades Detailed
By Charles R. Babcock
Washington Post Staff Writer
Friday, May 27, 1994; Page A01
"Hillary Rodham Clinton was allowed to order 10 cattle futures contracts, normally a $12,000 investment, in her first commodity trade in 1978 although she had only $1,000 in her account at the time, according to trade records the White House released yesterday.
The computerized records of her trades, which the White House obtained from the Chicago Mercantile Exchange, show for the first time how she was able to turn her initial investment into $6,300 overnight. In about 10 months of trading, she made nearly $100,000, relying heavily on advice from her friend James B. Blair, an experienced futures trader.
The new records also raise the possibility that some of her profits -- as much as $40,000 – came from larger trades ordered by someone else and then shifted to her account, Leo Melamed, a former chairman of the Merc who reviewed the records for the White House, said in an interview. He said the discrepancies in Clinton's records also could have been caused by human error.
Even allocated trades would not necessarily have benefited Clinton, Melamed added. "I have no reason to change my original assessment. Mrs. Clinton violated no rules in the course of her transactions," he said.
Lisa Caputo, Clinton's spokeswoman, said the documents were released yesterday "to give as complete a picture as possible" of her trades. She said Clinton had never before seen them.
Blair, who urged Clinton to enter the high-risk futures market and ordered most of her trades, said in a recent interview that he "talked her into" her first futures trade in October 1978 before paperwork on her account was completed. It was liquidated quickly, he recalled, because "it was bigger than she wanted and required more money."
"The company did not buy back any shares during the first half of 2015. Given Berkshire's current book value per share, and the company's ongoing share repurchase authorization, which allows the firm to buy back stock at prices no higher than a 20% premium over book value, Buffett should be willing to buy back stock at prices up to $179,682 per Class A share (or $120 per Class B share), implying a floor on the company's common stock that is about 17% below where Berkshire's shares are trading right now." Morningstar
I didn't but I did sell more puts against it today when it was trading down 1% to 213,000/share and SPY was up 1% at 210/share.
BRK historically has traded higher after making major buys. The exception to the rule would be GenRe.
Yesterday I sold the 140 calls against half the shares I just bought and I have orders in to sell the 145s. I like to ladder my call options.
Also with respect to your margin rate--ask your brokerage firm for lower margin rates. Tell them you're looking at Interactive Broker and they should lower your rates. I currently have a small balance with Etrade and I'm paying 3.5% per year.
The last time I looked Interactive only charged 1.5% and their commissions are a fraction of what I currently pay though ET and my other firms.
I bought GLD in IRA #1, which I posted on 7/20-"In IRA #1-bought a 2% position in GLD at 105.9" and I sold the Sep 30 calls that just expired. Today I sold the Dec-18--110 calls. Netted 2.14/share or about 2%.
My new option adjusted cost after netting out option premiums is 102.43/share.
IBM is part of our BRK float, thus we sell insurance against it and collect premiums which eventually work out to profits. Buying back BRK also means less capital and selling less insurance. HC, you cant have it both ways.
Buffett knows what's up.
VZ is down over $1/share today so I bought some for IRA #3 and sold call options against it for added income.
Less put selling and more dividend and call option income is my new plan.
"second-quarter net income of $1.2 billion or $1.38 per share, down 8 percent from $1.3 billion or $1.43 per share a year earlier."
Down under 95 again.
UA earned $.07/share and is up $8 to over 97. Go figure.
Lots of money to be made shorting my stocks this year at least.
But shorting stocks that yield over 5% can get expensive.
Personally I like to own oil going into hop picking which starts next month If you saw our fuel bill you'd know why.
"Warren Buffett keeps getting richer, as the 8.4% premium Sumitomo Life Insurance Co. is paying to buy Symetra Financial Corp. SYA, +7.16% boosted the billionaire's wealth by about $50 million on Tuesday. General Re-New England Asset Management, a subsidiary of Buffett's Berkshire Hathaway Inc. BRK.B, -0.49% owned 20.05 million shares of Symetra as of March 31, or 17.3% of the financial services company's outstanding shares, according to FactSet. The $32 a share Sumitomo is paying for Symetra is $2.48 above Monday's closing price of $29.52, increasing the value of General Re's stake by $49.7 million. Including the previously-announced special dividend of 50 cents a share Symetra is paying its shareholders, Buffett is making $59.7 million."
WTM has the same position.
I spoke with Schwab yesterday about their margin rates-as of yesterday I have a small balance-, and they've lowered my rate to 3% and dropped my commissions about 20%. They've also agreed to give me 50 free trades if I transfer $50,000 which I'd already planned to do to pay off my margin debt. I cashed in a life policy yesterday collecting $49,500 that would be worthless in 30 years if current interest rates remain the same. Also I'll no longer have thoughts of knocking off my wife.
Now I'll have the option of buying high yielding dividend payers using a modest amount of margin and pocket the difference.
Bought more today at 1,075/share and sold naked call options against TLT to compliment the trade.
This was done in my personal account using proceeds from a life policy.