Berkshire Hathaway unloaded more than half of its Apple stock last quarter
In a surprise move, in the second quarter of 2024, Warren Buffett's Berkshire Hathaway made the biggest sale of Apple in years, unloading around 400 million shares and missing the post-WWDC stock peak.
Tim Cook and Warren Buffett in Apple Park
In December 2023, Berkshire Hathaway held about $174.3 billion in Apple stock. As of the Saturday report, the company now holds about $84.2 billion in Apple stock, barring more sales in the last month.
The most it could have sold the shares for is $192.35 on May 21. Apple stock's best price of the year was just a few weeks after the quarter closed, post-WWDC, with it hitting $234.82 on July 16.
Apple stock closed at $219.86 on Friday, following earnings that beat Wall Street's expectations.
Following the sale, the firm owns about 2.6% of Apple. That stake is worth about $88 billion.
The sale is just the latest in a series of stake-trims. Berkshire Hathaway unloaded about 12.5% of its Apple holdings in the first quarter of 2024, before the second quarter's sale. And the firm ended 2023 with a sale of Apple as well.
Despite all the moves, Apple is still Berkshire Hathaway's largest holding value-wise.
A similar percentage of Apple shares that the firm held were unloaded in 2020 and 2021. After the fact, Warren Buffett called that round of sales "probably a mistake."
Read on AppleInsider
Comments
The position had to be trimmed, because it was overweighted.
The real story here is, that today’s stock price is higher and bought a crazy amount of stocks back, during last fiscal quarter.
Back some years ago, Berkshire Hathaway unloaded investments in GE and IBM. Both continued to go down for a few years. Both are higher now.
When an investment is up by a large amount, many will sell part of the investment, usually part or all of the cost basis of the investment. If the company is still solid, and the price drops, you may be able to buy it back at a lower share price in a few months or years. I've been successful in past years swing trading Shell, IBM, Intel and a few others. Due to multiple wars, Shell has not cooperated lately (as far as falling enough to make it worth while). I missed selling Intel when it was in the fifties the most recent time (late Dec, 2023), but in the last six years, sold several times around 50 and bought in the 20-30 range. Intel may be a falling knife for the short to intermediate term.
Based on Berkshire's 10-Q, Warren Buffett cut Berkshire's remaining AAPL stake by 50% last quarter. The stake now valued at $84B (30% o portfolio). At its peak, the stake was about 50% of the portfolio.
Source: Neil Cybart & @neilcybart
Warren Buffett & Berkshire Hathaway should be ashamed of themselves. A contractor, covered by Berkshire Hathaway, damaged my home. According to the Berkshire Hathaway claims inspector, $57k worth of visible damages to my 1200 sq.ft. home. The itemized estimate of all damages such as scratched kitchen cabinets, broken/cracked granite kitchen countertop, leaking plumbing that the contractor hooked up causing water damage, etc. Berkshire Hathaway only offered a payout for damages of of $7k (cost to replace granite for my kitchen alone is $4k) $7k?? It's laughable and disgusting and disheartening. Berkshire Hathaway covered this contractor who did the damage.
No one can imagine the enormous stress of trying to deal with the damage to our home. This has taken a toll on our well-being, our physical as well as mental health. We are surviving rather than thriving.
My son has a hard time staying focused on his studies as we stress daily 24/7 just trying to manage. Most people would say by the damage the contractor did to just tear the house down. Yeah, easier said then done since the contractor took my savings and my account isn't lined in gold.
I've called and called and the adjuster at Berkshire Hathaway and left many messages. I still have not received a return call. I emailed Berkshire Hathaway and no response. What kind of bologna is that? And that in itself exhasorbates the stress we feel.
Great job Warren Buffett and Berkshire Hathaway! You must be very proud!
While Warren Buffett makes money off the stock market, I feel he's needs to look into this. But will he? No he won't! Why you ask? Because Berkshire Hathaway's 2023 revenue of $364.5 billion dollars. Talk getting rich off the poor!
Message to Warren Buffett
A home is supposed to be a sanctuary for family and friends and a peace of mind. Please kindly have the adjusters return my calls? I pretty sure with $3 billion in revenue the adjusters have telephones and email.
Sincerely,
Surviving not thriving in Indiana.