Warren Buffett might’ve just sold $5B worth of Apple stock
Don’t call it a comeback
Buffett’s Berkshire Hathaway is finally staging a comeback
By far Berkshire’s biggest holding, Apple has featured dominantly in its stock portfolio over the past half-decade,making up as much as 40%of Berkshire’s total stock portfolio in July 2020.
With this in mind, Berkshire’s decision to offload some of its Apple stock mightn’t come as a surprise. Apple’s share price is up nearly 60% year-to-date, having set record highs this year. Takingsomeprofits simply won’t hurt, especially if you’re Buffett.
On the other hand, Berkshire has struggled to stay in the green throughout COVID; Berkshire stock is still down 1% for the year while the S&P 500 index, the widely considered benchmark for the US stock market, is up nearly 10%.
Berkshire’s share price does appear to be staging a comeback, though, having rallied 10% already in September. Mostly, it seems the Omaha Oracle’spenchant for ‘old world’ bank stockslike Bank of America and Wells Fargo is paying off yet again in light of Pfizer’s recentCOVID vaccine tease.
Story byDavid Canellis
David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He’s currently on the finance beat.David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He’s currently on the finance beat.
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