August 15, 2017Blog Posts

Synchrony Jumps as Berkshire Adds Stake in Bet on Retail

Bloomberg:

Synchrony Financial posted the biggest increase in the 67-company S&P 500 Financials Index after Warren Buffett’s Berkshire Hathaway Inc. took a stake in the credit-card company in a bet on the prospects of its retail clients. Berkshire built a $520 million holding in Synchrony during the second quarter, according to a regulatory filing Monday. The card company has partnerships with retailers including Amazon.com Inc., Wal-Mart Stores Inc. and JC Penney Co. Synchrony makes loans and operates a network to process the payments, making it similar to another Berkshire investment — American Express Co.

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