Glenn Tongue - T2 Partners LLC
Glenn H. Tongue is a Managing Partner of T2 Partners LLC and the Tilson Mutual Funds. Mr. Tongue spent 17 years on Wall Street, most recently as an investment banker at UBS, where he was a Managing Director and Head of Acquisition Finance. Before UBS, Mr. Tongue was at DLJ for 13 years, the last three of which he served as the President of NYSE-listed DLJdirect. Prior to that he was a Managing Director in the Investment Bank at DLJ, where he worked on over 100 transactions aggregating more than $40 billion.
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Articles
Investors Scrutinizing WaMu
InvestmentNews.com - 08.18.08
Washington Mutual Inc., one of the country's biggest mortgage lenders, believes that it will ride out the current credit storm. But the Seattle-based bank, which has suffered mounting loan losses, ever-increasing write-downs and shares that have lost more than 85% of their value over the past year, is being watched carefully by Wall Street.
Insurance weighs on Berkshire Hathaway’s 2Q profit
Associated Press - 08.08.08
Berkshire Hathaway Inc. reported an 8 percent decline in second-quarter profit Friday because it collected fewer insurance premiums and recorded $1 billion in unrealized derivative losses. Billionaire Warren Buffett's company said it generated $2.9 billion in net income, or $1,859 per share, during the quarter that ended June 30. That's down from the $3.1 billion net income, or $2,018 per share, it reported in the same period a year ago.
Even Buffett Isn’t Immune To This Bug
WSJ.com - 08.08.08
Berkshire Hathaway investors likely won't find much to rejoice about when the company reports its second-quarter results Friday. The insurance industry is soft, and losses from various derivatives contracts are expected. Meanwhile, Warren Buffett probably hasn't discovered a fountain of youth. All signs point to earnings being down from last year's second quarter, when the company posted per-share earnings of $2,018.
Warren Buffett: Buy 'foreign'
Reuters.com – 03.03.08
Warren Buffett said on Friday he plans to increase foreign earnings at his Berkshire Hathaway Inc insurance and investment company. Buffett has been devoting more of Berkshire to non-U.S. companies and investments, reasoning that Americans' love for buying from abroad has led to higher trade deficits and a falling dollar.
Buffet has profitable year, faults housing execs
Reuters.com – 03.01.08
Warren Buffett concluded a highly profitable year for his Berkshire Hathaway Inc with an admonition for lenders who fueled the housing crisis and words of caution that Berkshire's own results might be less stellar than in 2007.
Buffett makes $40 bln bet on derivatives
Reuters.com – 02.29.08
Warren Buffett's Berkshire Hathaway Inc ended 2007 with $40 billion of exposure to derivative contracts designed to make money if junk bonds stay out of default and stock indexes rise.