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Legendary investor Warren Buffett made waves at this year’s annual Berkshire Hathaway (BRK.B) when he announced that he would step down as CEO of the conglomerate at the end of the year. This sent shockwaves through the market, and may have overshadowed the key moves Berkshire made in the first quarter.
Displeased by high equity valuations, not only has the “Oracle of Omaha” pumped up Berkshire’s cash levels to record highs near $348 billion, Buffett has also been trimming stakes in the companies he owns quite vigorously in the past few quarters. In fact, Berkshire has been a net seller of stocks for 10 consecutive quarters.