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Berkshire Hathaway, Warren Buffett’s investment firm, has dumped 84% of its holdings in Goldman Sachs and got out of Phillips 66 and Travelers Berkshire while trimming its holdings in Amazon, JPMorgan, Sirius XM, and other companies.
The stock sales in Goldman Sachs reduced Buffett’s stake in the firm from $2.8 billion to only $300 million and the value of Berkshire's stock portfolio by 27% to $176 billion, said Theron Mohamed for Business Insider on Friday, May 15, 2020, as the stock markets closed.
Berkshire made only a few stock purchases in the period but boosted its stake in regional bank PNC by 6%, and also raised its stakes in two of the "big four" airlines before dumping them all like a hot potato in April 2020.
Mohamed said Berkshire’s first quarter earnings showed it netted $1.8 billion in stock purchases in the first quarter, igniting rumors that Buffett was out to buy more stocks during the market meltdown using his huge cash pile. Berkshire netted about $6.1 billion from stock sales in April after ditching the airlines.