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- Warren Buffett’s company cut or exited numerous bets in the fourth quarter, filings show.
- The investor firm reduced its stake in Paramount and HP and sold Markel and other stocks.
- Buffett and his team asked the SEC to keep secret that at least one position is still under construction.
Warren Buffett’s company increased three of its stock bets in the fourth quarter, eliminated four positions and kept at least one holding hidden, according to a filing with the Securities and Exchange Commission on Wednesday. It was revealed.
Prominent investor Berkshire Hathaway raised its stake in Chevron stock by 14% last quarter, but the energy giant’s stock price fell more than 10% over the same period, leaving Berkshire’s position essentially flat at $18.8 billion at the end of December. there were. Berkshire also more than quadrupled its stake in SiriusXM to more than 40 million shares (worth $220 million at year-end) and added a position in Occidental Petroleum, as previously disclosed.
Meanwhile, Buffett’s conglomerate cut its stake in Paramount Global by 32% and HP by 78%. It also sold all its holdings in DR Horton, Markel, Stoneco, and Globelife.
Buffett and his team removed one or more active bets from public portfolio updates and requested confidential treatment from the SEC for the second consecutive quarter.
They took the same approach when accumulating billions of dollars of stock in Chevron and Verizon in 2020, by disclosing incomplete bets that allowed stock prices to rise and allowed them to accumulate as much stock as they wanted. This was because they were concerned that the cost of completing the project would be high.
Berkshire’s recent heavy stock sales will not surprise close acolytes, given that Buffett’s company disposed of a net $24 billion worth of stock in the first nine months of last year. .
In just the third quarter, the company shed several long-held positions, including names like General Motors and Procter & Gamble, which it had held for more than a decade.
Buffett is a value investor who specializes in sniffing out bargains, but he’s had trouble finding deals in recent years. His stock has soared to record levels, there is intense takeover competition from private equity firms, and even share buybacks are becoming less attractive as Berkshire shares hit new highs.
Berkshire’s assets rose to an unprecedented $157 billion in the third quarter due to a lack of buying opportunities.
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