Below is an article showing Warren Buffett’s new investment strategy!! Big moves ahead!! GPL is positioned well for growth as metals prices soar to new highs!! ————————————————- Warren Buffett’s group pares back holdings in Wells Fargo, JPMorgan, PNC and Goldman Sachs
August 14, 2020 10:43 pm by Eric Platt and Robert Armstrong in New York Warren Buffett’s Berkshire Hathaway significantly cut its stakes in some of the largest US banks in the second quarter, selling billions of dollars worth of stock in Wells Fargo, JPMorgan Chase and other financial institutions.
Berkshire Hathaway disclosed on Friday it had sold 85.6m shares of Wells Fargo in the quarter, reducing its stake from 7.9 per cent to 5.8 per cent of the lender, according to a filing with US securities regulators. Berkshire also sold 35.5m shares of JPMorgan, lowering its stake to 0.7 per cent from 1.9 per cent, and a substantial minority of its longtime holding PNC Financial.
Mr Buffett sold the last of his financial crisis-era investment in Goldman Sachs in the quarter, which was worth just under $300m at the end of March. He cut Berkshire’s stakes in M & T Bank, Bank of New York Mellon, US Bancorp, Mastercard and Visa as well. In total, including both financial and non-financial stocks, Berkshire dumped $12.8bn worth of shares in the quarter.
Through Berkshire, Mr Buffett is one of the single-biggest shareholders in US banks and his decision to pare back his exposure will be parsed by investors globally, especially given the timing.
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