Berkshire Hathaway’s cash swelled in the second quarter to
its highest level in a year as Chairman Warren Buffett pared bets on
consumer-products stocks, Blomberg tells us.
Cash advanced 7.5 percent to $40.7 billion in the three
months ended June 30, the Omaha, Nebraska-based company said in an Aug. 3
regulatory filing. Berkshire was a net seller of equities in the quarter as it
cut its allocation to companies that make and distribute consumer goods while
boosting holdings of financial firms and a group called “commercial, industrial
and other.” Individual stocks weren’t listed in the filing.
“Why keep his old
names that served a purpose for a while and have gone up,” Tom Russo, a partner
at Berkshire investor Gardner Russo & Gardner, said in a phone interview.
Some of the consumer stocks “have various forms of blemishes…”
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