A couple of weeks ago, in correspondence with me, Warren Buffett wrote that he would answer my question about why he had decided to offer the odd number of $848.02 a share, in cash, for Alleghany, the big insurance company he just bought for $11.6 billion. Buffett, being Buffett, was obviously up to something. As it turned out, he didn’t want to pay Goldman Sachs’ $27 million investment-banking fee for advising Alleghany on the sale to Berkshire Hathaway.
Why Buffett Put the Screws to Goldman
William D. Cohan
May 4, 2022
