Y - Berkshire Hathaway's price for Alleghany reflects Buffett's disdain for bankers

The odd per-share price that Berkshire Hathaway (NYSE:BRK.B) (NYSE:BRK.A) is paying for insurer Alleghany (Y) stems from Warren Buffett's aversion to paying investment banking fees, Bloomberg reported. Berkshire (BRK.B) agreed to pay $848.02 per Alleghany (Y) share, the result of subtracting Goldman Sachs' (NYSE:GS) ~$27M fee from the $850 a share Buffett's conglomerate had offered to pay, Bloomberg reported, citing a person familiar with the matter. Buffett has referred to investment bankers as "money shufflers" who "clamor to be fed." An Alleghany (Y) filing said the $848.02 figure represents the $850 per share price minus the financial advisory fee. The proposed transaction is Berkshire Hathaway's (BRK.B) biggest since 2016, according to data compiled by Bloomberg. Buffett's well-know frugality may be helping Berkshire (BRK.B) shares outperform the S&P 500 since the beginning of the year. Its B shares touched another all-time high of $352.71 on Tuesday, as did its A shares,

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Berkshire Hathaway's price for Alleghany reflects Buffett's disdain for bankers