Warren Buffett's Berkshire Hathaway reveals Citigroup and Paramount stakes — and virtually eliminated its Verizon wager
- Warren Buffett's
Berkshire Hathawayinvested in Citigroup and Paramount Global last quarter.
- Buffett's company more than quadrupled its stakes in
Chevronand Activision Blizzard.
The famed investor's company owned $2.9 billion worth of the banking giant's shares, and $2.6 billion of shares in the media giant, as of March 31. It also established stakes in Ally Financial, Markel, McKesson, Celanese,
Berkshire more than quadrupled its stakes in Chevron and Activision Blizzard, boosting the value of those positions to around $26 billion and $5 billion respectively at the end of March. Buffett's company also marginally increased its
On the other hand, Berkshire slashed its Verizon stake by more than 99%, cutting the holding's value from $8.3 billion to about $70 million in the space of three months. It also exited its positions in AbbVie, Bristol-Myers Squibb, and Wells Fargo.
The overall value of Berkshire's US stock portfolio rose by 10% to $364 billion.
Buffett had been struggling to find bargains in recent years as
That changed in the first quarter of this year, when Berkshire bought $51 billion worth of equities, and sold less than $10 billion worth. Its net expenditure of $41 billion helped to slash its cash pile by 28% to $106 billion, and marked one of the most active buying periods in its history.
Berkshire's bets on Occidental, HP, and Chevron were all flagged in SEC filings in recent weeks. Moreover, Buffett explained why he bought more Apple and Activision Blizzard shares during his company's recent annual shareholders' meeting. He wanted to own more of the iPhone maker, he said, despite it already being Berkshire's biggest holding by far.
As for the video-games studio, Buffett revealed he's dabbling in merger arbitrage. He's betting that Microsoft's proposed takeover of the company will be completed, and Activision Blizzard shares will rise to the offer price of $95 from their current price of $78.
Read more: We interviewed the CEOs of 4 of Warren Buffett's most iconic businesses. Here are their 16 best quotes about the investor, Berkshire Hathaway's ownership, and navigating the pandemic and inflation.
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