Berkshire Hathaway (BRK.B), led by the legendary value investor Warren Buffett, will soon release its 13F for the second quarter of 2023, which will reveal the stocks the conglomerate bought and sold in the quarter. However, there are notable indications in Berkshire's quarterly filings this year that Buffett has been scaling back his exposure to U.S. stocks, including his own.
Recently, U.S. stocks have come off their 2023 highs, and the S&P 500 Index ($SPX) has now closed lower for two consecutive weeks, even though the index is still up a healthy 16.6% for the year. Berkshire stock itself is up nearly 16% for 2023, which is roughly in line with the S&P 500. However, in recent years, Berkshire Hathaway shares have routinely lagged the SPX (accounting for dividends), including a 20% underperformance in 2019 – which was Buffett’s sixth-worse underperformance since 1965, when he took control of the company.
