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Business Maverick: Buffett’s quick $3.7bn sale of TSMC stock spooks investors

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The legendary stock picker slashed his holding of Taiwan Semiconductor Manufacturing Co (TSMC) just months after disclosing a major stake, an unusually quick reversal by Buffett that’s chilling investor sentiment towards the chip giant.

Buffett’s Berkshire Hathaway cut its holding of TSMC’s American depositary receipts by 86% last quarter, according to the latest filing. Assuming it sold them at the average price over the period, the stake sale would have fetched $3.7-billion.

The chip industry has had to contend with Covid-induced supply disruptions in China and a slump in demand for electronics amid surging inflation. TSMC cut its spending target by about 10% in 2022 to about $36-billion after the Biden administration slapped new restrictions on China’s access to critical technologies.

Late last year appeared to be a good time to buy TSMC shares as a value investor. Its forward price-to-earnings ratio hit 10.3 times in October, the lowest since 2015, before bouncing back to nearly 14 times in November, according to data compiled by Bloomberg.

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