Billionaire Berkshire Hathaway CEO Warren Buffett is unloading billions of dollars worth of two assets as he prepares to “go quiet.”
The firm’s latest 13F filing shows Buffett sold 41.8 million shares of Apple (AAPL) in the third quarter, worth about $9.6 billion.
Buffett also dumped 37.2 million shares of Bank of America (BAC), worth about $1.8 billion.
Berkshire has now sold Apple shares for eight consecutive quarters. For Bank of America (BAC), the streak is five consecutive quarters.
However, despite the steady sell off, Berkshire still holds 238,212,764 shares of Apple worth $77.2 billion. Apple remains the firm’s number one position, representing 22.0% of its portfolio.
Meanwhile, Bank of America is now Berkshire’s third-largest holding, with 568,070,012 shares worth $29.3 billion at 10.9% of the firm’s portfolio.
In his final holiday message to shareholders as CEO, Buffett said he’s “Going quiet… Sort of.”
After his departure at the end of the year, Buffett says he’ll continue to give a yearly update.
He believes Berkshire is in great hands.
“Berkshire has less chance of a devastating disaster than any business I know. And, Berkshire has a more shareholder-conscious management and board than almost any company with which I am familiar (and I’ve seen a lot).
Finally, Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant. Over time, our managers should grow quite wealthy – they have important responsibilities – but do not have the desire for dynastic or look-at-me wealth…
Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.”
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