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Buffett sells more stocks, including Goldman Sachs, with no elephant acquisition on the horizon

 


TOPLINE

Billionaire investor Warren Buffett, who told investors earlier this month that he made a mistake while betting on airlines, continues to sell stocks amid the latest coronavirus pandemic . deposit Berkshire Hathaway shows.

HIGHLIGHTS

Buffett has remained relatively calm during the coronavirus market downturn: rather than making elephant-sized acquisitions, he has so far reduced the holdings of Berkshires, mainly banks and airlines, and increased its cash reserve at $ 137 billion.

The Oracle of Oma was the most recent decision to sell 84% of its stake in Goldman Sachs, a long-standing holding company in which it invested $ 5 billion during the 2008 financial crisis.

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Buffett cut its stake in Goldman, which saw its shares fall more than 30% in the first quarter, from more than 12 million shares to just under two million; Its remaining investment is estimated at around $ 330 million, Berkshires deposit watch.

Berkshire Hathaway reduced its stake in another bank, JPMorgan Chase & Co., by 3% in the first quarter, while leave the posts in the insurance giant Travelers and the energy company Phillips 66.

Berkshire cut investment in e-commerce giant Amazon by 0.7% in the first quarter, a relatively new bet unveiled for the first time in 2019, as the retailer warned of rising costs in the face of the challenges of pandemic.

Berkshire also made small-scale purchases during the pandemic: Buffett eventually increased the conglomerates’ stake in PNC Financial Services Group, a bank that is among the largest lenders in the United States, to 6%.

Key context

Buffetts Berkshire Hathaway

BRK.B
recorded a massive net loss of almost $ 50 billion in the first quarter. The investing conglomerate sold $ 6.5 billion worth of shares during the month of April, compared to just $ 426 million worth of shares during that period. We did very little in the first quarter, admitted Buffett at the company’s annual shareholders’ meeting in early May. The liquidation of the coronavirus market which occurred at the end of February and for most of March had a considerable impact on the company’s activities, he said. Berkshires cash flow has grown from $ 125 billion to $ 137.3 billion as the Oracle of Omaha continues to seek an elephant-sized acquisition. Buffett also told investors he had sold all of the airline’s shares, admitting that he had made a mistake and that the world had changed for the airlines. Berkshire reduced its holdings in the four largest American airlines United, American, Southwest

CSWC
and Delta Airlines

DAL
, which were cumulatively worth over $ 4 billion.

To monitor

In a remark similar to those he made to calm the markets during the 2008 financial crisis, Buy americanBuffett recently said he was optimistic the US economy could bounce back and overcome the coronavirus. I remain convinced that nothing can essentially stop America, he told Berkshire shareholders at the annual meeting. In the end, the answer is: never bet against America.

Further reading

Forget Buffets Next Big Deal, He’s dumping these stocks (Forbes)

Warren Buffett sells airline stocks amid coronavirus: I made a mistake (Forbes)

US economy will beat coronavirus, says Buffett: never bet against America (Forbes)

Berkshire Hathaway lost $ 50 billion in the last quarter as Warren Buffetts Investments was struck by coronavirus (Forbes)

What is Warren Buffett doing? Berkshire dived in 2008, but what is its power play for 2020? (Forbes)

Full coverage and live updates on Coronavirus

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