Warren Buffett slashes JPMorgan and Wells Fargo stakes, and bets on Barrick Gold
The famed investor and Berkshire Hathaway CEO slashed his company's JPMorgan stake by more than 60% to about 22 million shares, and its Wells Fargo position by more than 25% to about 238 million shares. Those positions were worth about $2.1 billion and $6 billion respectively as of June 30.
Buffett and his team also bought about 21 million shares of Barrick Gold, a gold-and-copper miner. The position was valued at about $560 million at the end of the second quarter.cut by more than 80% in the first quarter . It also lowered its positions in BNY Mellon, PNC Financial, and SiriusXM. In contrast, it boosted its investments in Kroger, Suncor Energy, and Store Capital.
Overall, Berkshire's stock portfolio grew in value by 15% to about $202 billion, as the value of its Apple stake soared by more than 40% to about $89 billion as of June 30. The filing comes after Berkshire reported almost $13 billion in net stock sales in the second quarter. Its disposal of the "big four" airline stocks in April – which the latest filing confirmed — accounted for almost half of that amount, leaving another $6 billion to $7 billion in proceeds unexplained until now.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet Stephen Ross: Inside his life and $7.2 billion net worth - Business InsiderStephen Ross — Trump donor and Equinox chairman — is reportedly mobilizing a $100 million campaign to elect NYC's next mayor. Take a look at how one of the city's richest residents built his fortune.
Read more »
Inside Santa Barbara County, Prince Harry and Meghan Markle's new home - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Buffett's Berkshire buys gold miner Barrick, slashes Wells Fargo and JPMorgan stakes amid coronavirusWarren Buffett's Berkshire Hathaway Inc. undefinedundefined unloaded a more than a quarter of its stake in Wells Fargo & Co. undefined and about 61% of its...
Read more »
Warren Buffett may have sold JPMorgan stake, Chris Bloomstran says - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Jim Simons, RenTech sold Apple and Amazon stock, boosted Tesla stake - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
See the 25 clean-energy startups that Bill Gates is betting on - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »