The Oracle of Omaha recently lost a big takeover battle. Buffett’s Berkshire Hathaway recently offered $5 billion to buy technology distributor Tech Data Corp. but was outbid by private equity firm Apollo Global Management, which put up around $6 billion, according to CNBC. Tech Data brings products to market for companies like Apple, which is Berkshire’s largest investment, with a roughly $56 billion stake. Despite having a record $128 billion in cash to burn, the notoriously frugal Buffett bowed out of the deal, raising questions that the overall market might be overvalued. With the stock market hitting all-time highs in 2019, Buffett has repeatedly lamented that the premium for buying businesses outright has gotten too high—in part due to competition from private-equity firms like Apollo.

Source: Forbes December 02, 2019 22:08 UTC