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American Express

AXP
Financial Services / Payments•First mentioned: 1964•38 letter mentions

Investment Timeline

1964Early accumulation during Salad Oil scandal
“American Express... had a business that we felt was not cyclical and had significant franchise value... We accumulated approximately 5% of the company.”

Letters Mentioning American Express

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2025
Gregory Abel's First Letter - 2025
Gregory Abel's first shareholder letter as CEO, written after Warren Buffett's passing in early 2025. Abel opens by celebrating Buffett's legacy before laying out his own vision for Berkshire: strengthened culture and values, the enduring insurance franchise ($176B float), and disciplined capital allocation under new leadership. The letter demonstrates continuity with Buffett's philosophy while signaling a new chapter.
1964
The Year of Discipline - 1964
Buffett wrote about the importance of discipline in selling - specifically, when he sold Disney and American Express (too early and too late respectively). He also announced his decision to take control of Berkshire Hathaway.
1963
The Year of Unisuper and American Express - 1963
Buffett discussed his investment in American Express following the Salad Oil scandal, which he saw as a temporary setback rather than a structural problem. He also introduced the Unisuper trade - a complex arbitrage of significant magnitude.