Q2 Berkshire 13F

Berkshire’s 13F is out. New England Asset Management not out quite yet.

Berkshire added 3.879 million AAPL shares on 5/20, paying $536,724,551 - $138.37 / share.

Berkshire added $583.5m worth of HPQ inside General Re on 4/6 for $35.71 / share.

Trading in and out of ATVI shares a little bit and staying below 10% ownership. Bought 8.6m additional ATVI shares on 4/29 for $77.688/sh and sold 6.995m ATVI shares on 5/6 for $78.57/sh.

Specific prices are from NAIC filings

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Thank you.

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“Warren Buffett’s Berkshire Hathaway made a big bet on auto and home lender Ally Financial in the second quarter while increasing its wager on iPhone maker Apple despite signs that an economic slowdown is beginning to weigh on consumers. The investments, along with purchases of shares in video streaming service Paramount Global and oil majors Occidental Petroleum and Chevron, showed that Buffett and his investment team continued to bet on the US economy even as the Federal Reserve embarks on a string of sharp interest rate rises.”

https://www.ft.com/content/eba73448-5065-446f-be04-9c273958f…

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PS: “It also sold $2.3bn of shares in the second quarter, cutting its stakes in General Motors, US Bancorp and grocer Kroger, and exited its positions in Verizon and Royalty Pharma.”

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Bought 8.6m additional ATVI shares on 4/29 for $77.688/sh and sold 6.995m ATVI shares on 5/6 for $78.57/sh.

As a long-time owner of ATVI, I found this interesting. BRK has done this sort of thing before and not just with ATVI.

It’s interesting that the purchase and sale occurred so close together for about a $6M gain, which is also not far from the value of the shares left (8.6m - 6.995m) from just these two transactions.

Pete

A nice 20 yr graphical summary of past 13f’s.

https://whalewisdom.com/filer/berkshire-hathaway-inc

ciao

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“Berkshire added 3.879 million AAPL shares on 5/20, paying $536,724,551 - $138.37 / share.”

Any guess why Berkshire bought on May 20 at $138 but didn’t buy more on Jun 6 at $130?

Any guess why Berkshire bought on May 20 at $138 but didn’t buy more on Jun 6 at $130?

No clue but he does that all the time despite publicly saying stuff like “we bought a little but then the price went up” and implying he would have bought more. But then not buying any when the price declined lower than his earlier purchases.

In Q1, he bought Apple shares for $167.30/share on 2/22 but not in March when it traded lower. In Q2 he purchased shares at $138 but didn’t buy any in June when they traded as low as $130.

Like all of us, I think it’s a matter of what he feels like doing on a particular day, how much extra cash came in to invest, what article he read that morning, something he was thinking about in the shower. Some days you just feel bullish on something and check the price and it’s good enough to say “buy.”

I was on a commercial flight recently and was paying attention to all the iPhones and Apple Watches surrounding me and the guy sitting diagonally in front of me was feverishly trying to complete the purchase of a new MacBook Air on his iPhone before they forced him to put it into airplane mode. If I was Warren (I wouldn’t be flying commercial) maybe I would have texted Mark to buy 2% of daily volume or whatever

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Thank you, nola662.

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Like all of us, I think it’s a matter of what he feels like doing on a particular day, how much extra cash came in to invest, what article he read that morning, something he was thinking about in the shower. Some days you just feel bullish on something and check the price and it’s good enough to say “buy.”

That’s it…you nailed it. His price points for buy-ins aren’t all that precise, right? “It is better to be roughly right than precisely wrong.”

Like all of us, I think it’s a matter of what he feels like doing on a particular day, how much extra
cash came in to invest, what article he read that morning, something he was thinking about in the shower.
Some days you just feel bullish on something and check the price and it’s good enough to say “buy.”

Don’t forget the other big thing that changes from day to day…other opportunities.
A bit more coldly rational, too:
Maybe it’s a good time to be selling something else, and more cash is coming in the door, so buying some more Apple with the proceeds looks good.
Conversely maybe there is something else that’s quite compelling in the moment, maybe OXY or BRK on a dip, so the Apple opportunity can sit for a bit.

Buying opportunities are like streetcars.

Jim

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