WB said he doesn't invest in high tech That's what he said on a TV show where he was guest with Bill Gates. I suppose it's possible that he looks at his silver and insurance and dreams just enough to convince himself that LVLT is just like a phone company.
Actually, it sounds like one of those rumours to get a hype and dump kind of action that we have seen in the last few days. For some reason broadband is hot, most likely because of the publicity of the congressional hearings on cable access to ISPs and someone is trying to make a fast buck. I don't know but I did pick up a little QWST too just in case the hype continues. TP
Although LVLT is not one of the required-to-be-disclosed investments of Berkshire Hathaway (nor is it on the list of the specific BRK investments having a 12/31/98 market value of at least $750MM noted in BRK's Annual Report), LVLT's Chairman, Walter Scott, is a member of the Board of Directors of Berkshire Hathaway and is a long time Warren Buffett friend and associate.
There has for many, many years been a close connection between many senior people of BRK and PKS, both of which are headquartered in Omaha and are very active elements in the Omaha community.
I do not know whether WB or his family have any personal investment in Level 3, but such would not be surprising.
There has for many, many years been a close connection between many senior people of BRK and PKS I keep forgetting how well connected the leadership of LVLT is. That's important in an industry where there are many interfaces and right of ways to get coast-to-coast and beyond. TP
"I do not know whether WB or his family have any personal investment in Level 3, but such would not be surprising."
I do not believe (IMO) LVLT fairs well in WB's business model without historical perspective but he has been known to venture from his normal valuation models. After all, he owns 100 shares of Microsoft.
30-60 days, I agree but for a different reason. It appears that the Fidelity Magellan Fund has taken the opportunity to move out of anything technical in advance of any hint of Y2K and into the more stately industries of paper and metal. The ripples extend beyond their actual holdings as me too managers try to follow. Big transfers such as this seem to take about 30-60 days before things settle back. Stocks with signifigant gains will have the most volitility. TP - IMHO