Warren Buffett’s Top Plays: #4 American Express

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      Lesson summary:

      In the mid-1960s, Warren Buffett purchased 5% of American Express for his partnership BPL for $13 million, which amounted to 43% of his net worth at the time. American Express was primarily a seller of traveler’s checks and had recently released its credit card in a defensive move against the potential threat of Diners Club. The investment was sold primarily in 1967 and had an estimated return of 140%. Buffett was interested in the company due to its strong business franchise and temporary dip in stock price due to the “Salad oil crisis.” He purchased American Express again in the 1990s and it remains one of Berkshire’s largest holdings today.

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