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Friday, May 07, 2021 2:08:05 PM

Re: Prudent Capitalist post# 1556

Post# of 1656
"Munger: Berkshire Turnover has Been 'Way Too Much'

"I thought this was interesting because Warren Buffett (Trades, Portfolio) has consistently promoted the idea that investors should buy securities to hold them forever. However, selling such a large amount of stock throughout the year suggested that the Oracle of Omaha had an unusually high turnover rate in 2020.

It seemed that Buffett had been more active than usual for the past few years. In 2019, Berkshire acquired $18.6 billion of equity securities and sold $14.4 billion. In 2018, the group spent $43.2 billion buying equity securities and received $18.8 billion from sales.

Higher level of turnover

Last weekend, at Berkshire's annual meeting, one investor asked Buffett if his buy-and-hold philosophy had changed considering the "greater turnover in the equity portfolio lately."

Buffett initially started his response with a simple statement, declaring, "I don't think there's that much turnover." His right-hand man, Charlie Munger (Trades, Portfolio), clearly disagreed. He said, "There's way too much."

Even though Buffett had initially said that he didn't believe there was too much turnover in the portfolio, he agreed with Munger's statement. The CEO of Berkshire added:..."


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