Berkshire Hathaway CEO Warren Buffett and his successor Greg Abel don’t appear sold on U.S. stocks' value proposition. Between the first quarter of 2022 and the second quarter of 2024, the pair of investors have sold billions from Berkshire’s core stock market holdings, leading the company’s cash pile to swell 161% to $276.9 billion. And the trend has only continued in the third quarter.
Berkshire has sold 150.1 million shares of Bank of America for $6.2 billion since July 17, SEC filings show, slashing its holdings of the mega bank by 14.5%. After the sale, Berkshire remains Bank of America’s largest shareholder, with an 11.4% stake worth roughly $36 billion. But the conglomerate’s $90 billion in total stock sales in the first half of 2024, followed by more large-scale sales this year, have some investors worried.
