Billionaire investor Warren Buffett is continuing to sell stocks, with no 'elephant-sized' acquisition on the horizon, amid the coronavirus pandemic by skleb1234
Buffett has remained relatively quiet during the coronavirus market downturn: Rather than make any “elephant-sized” acquisitions, he’s trimmed Berkshire’s holdings—mostly banks and airlines so far—and grown its cash pile to $137 billion.
The Oracle of Omaha’s biggest recent move was to sell off most 84% of his stake in Goldman Sachs, a longtime holding which he famouslyBuffett decreased his stake in Goldman, which saw its stock plunge over 30% in the first quarter, from over 12 million shares to just under two million; His remaining investment is valued at around $330 million, Berkshire’sBerkshire Hathaway cut its stake in another bank, JPMorgan Chase & Co.
Berkshire has been doing some small-scale buying during the pandemic as well, however: Buffett ended up boosting the conglomerate’s stake in PNC Financial Services Group, a bank which is among the biggest lenders in the United States, to 6%.
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