The company's financial statements indicated that a net amount of $75.5 billion worth of stocks were sold in the three months through June.The recent sales include Berkshire's systematic reduction of its investment in Bank of America, previously the firm's second-largest stock holding after Apple. Berkshire cut its stake in the bank to 12.15%, which was valued at over $35 billion as of the market close on Friday.
At Berkshire's annual meeting in May, Buffett highlighted the difficulty in deploying the company's cash, emphasizing a preference for investments with minimal risk and high return potential. The news that Buffett sold $75.5 billion worth of shares in Q2 comes at a delicate time for the U.S. stock market, which experienced a massive selloff on Friday after a softer-than-expected jobs report.
The Federal Open Market Committee is now in a challenging position. Several major Wall Street banks, including Citi and JPMorgan, are now calling for the Fed to implement bps rate cuts at upcoming meetings in September and November.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.