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Buffett actually confirmed[0] that he, personally, did not make this trade, and that it was either Ted or Todd (interesting that he didn't specify which). [0]:

by Judson 10y ago

Buffett actually confirmed[0] that he, personally, did not make this trade, and that it was either Ted or Todd (interesting that he didn't specify which). [0]: http://blogs.wsj.com/moneybeat/2016/05/16/berkshire-bought-apple-but-warren-buffett-didnt/ http://blogs.wsj.com/moneybeat/2016/05/16/berkshire-bought-a...

tossaway1 10y ago
> did not make this trade Is trade the right word here? It seems like there must have been lots of trades in order to establish such a position...
- discodave 10y ago
  That's the same for pretty much any large stock transaction. There will almost never be a buyer big enough to take the other side in the size that you want. A 'trade' is also parlance for 'taking a position or bet' in finance.
- lifeisstillgood 10y ago
  That depends. If they were buying direct from say Apple (or anyone else with a large block to sell) then they would arrange a "Fill or Kill" order - which is a exchange order type specifically for this large deal (a bit anti-market really) - basically Buffets broker and Apples broker talk on the phone and arrange the deal at a certain price and time. Buffets broker sends in an order to the exchange asking for 1.3m (or whatever) shares in Apple at 600usd and the exchange will only fill orders that take the whole - that is it does not sit there getting a 100 shares at a time, but is waiting for someone else to fill the whole lot. The other sides broker then takes the whole order about 30 seconds later and they all go to the pub. Source: listening to people who actually know what they are talking about. I may have mis-listened.
  - Ntrails 10y ago
    My understanding is that Fill or Kill doesn't require a single fill, merely that the entire volume is instantaneously filled. So, if I send FoK Buy 100 shares @ 500$, then I could end up with 100 fills of size 1, or 1 fill of size 100. It makes no difference (except occasionally in commissions/costs depending on exchange). However if there were only 99 shares it would not partially fill, and would simply cancel unfilled. Immediate or Cancel would allow you to get "up to 100 shares at a price of 500" and cancel instantly once available volume was consumed.

by Judson 10y ago

tossaway1 10y ago

> did not make this trade Is trade the right word here? It seems like there must have been lots of trades in order to establish such a position...

discodave 10y ago
That's the same for pretty much any large stock transaction. There will almost never be a buyer big enough to take the other side in the size that you want. A 'trade' is also parlance for 'taking a position or bet' in finance.
lifeisstillgood 10y ago
That depends. If they were buying direct from say Apple (or anyone else with a large block to sell) then they would arrange a "Fill or Kill" order - which is a exchange order type specifically for this large deal (a bit anti-market really) - basically Buffets broker and Apples broker talk on the phone and arrange the deal at a certain price and time. Buffets broker sends in an order to the exchange asking for 1.3m (or whatever) shares in Apple at 600usd and the exchange will only fill orders that take the whole - that is it does not sit there getting a 100 shares at a time, but is waiting for someone else to fill the whole lot. The other sides broker then takes the whole order about 30 seconds later and they all go to the pub. Source: listening to people who actually know what they are talking about. I may have mis-listened.
- Ntrails 10y ago
  My understanding is that Fill or Kill doesn't require a single fill, merely that the entire volume is instantaneously filled. So, if I send FoK Buy 100 shares @ 500$, then I could end up with 100 fills of size 1, or 1 fill of size 100. It makes no difference (except occasionally in commissions/costs depending on exchange). However if there were only 99 shares it would not partially fill, and would simply cancel unfilled. Immediate or Cancel would allow you to get "up to 100 shares at a price of 500" and cancel instantly once available volume was consumed.