Buffet Tables |Buffett Sells More Stocks, Including Goldman Sachs, With No ‘Elephant-Sized’ Acquisition On The Horizon

TOPLINE

 

Billionaire investor Warren Buffett, who told investors earlier this month that he had made a “mistake” betting on airlines, is continuing to sell stocks amid the coronavirus pandemic, the latest regulatory filing from Berkshire Hathaway shows.

• Buffett has remained relatively quiet during the coronavirus market downturn: Rather than make any “elephant-sized” acquisitions, he’s trimmed Berkshire’s holdings—mostly banks and airlines so far—and grown its cash pile to $137 billion.
• The Oracle of Omaha’s biggest recent move was to sell off most 84% of his stake in Goldman Sachs, a longtime holding which he famously invested $5 billion into during the 2008 financial crisis.
• Buffett decreased his stake in Goldman, which saw its stock plunge over 30% in the first quarter, from over 12 million shares to just under two million; His remaining investment is valued at around $330 million, Berkshire’s filing shows.
• Berkshire Hathaway cut its stake in another bank, JPMorgan Chase & Co., by 3% in the first quarter, while also fully exiting positions in insurance giant Travelers and energy company Phillips 66.