MoneyWarren Buffett sold shares in banks and bought shares...

Warren Buffett sold shares in banks and bought shares in a gold mining company

Warren Buffett’s Berkshire Hathaway slashed stocks in financial companies from JPMorgan and Wells Fargo to Visa and Mastercard, and sold all of Goldman Sachs. At the same time, she bought shares in the gold mining company Barrick Gold.

In the second quarter, Warren Buffett’s Berkshire Hathaway sharply cut positions in shares of American banks and financial companies, and also bought a large block of shares in the gold mining company Barrick Gold. This follows from the report on Form 13F *, which Berkshire Hathaway filed on Friday with the Securities and Exchange Commission (SEC). Form 13F is a quarterly report submitted by investment companies with assets under management in excess of $ 100 million to the US Securities and Exchange Commission.

In particular, Berkshire Hathaway’s portfolio of financial stocks has undergone the following changes:

  • position in JPMorgan shares fell 62%;
  • position in Wells Fargo shares declined by 26%;
  • also reduced positions in PNC Financial, M&T Bank, Bank of New York Mellon, Mastercard and Visa; and
  • the position in Goldman Sachs shares was completely closed.

Berkshire Hathaway also slightly increased its position in Kroger, Store Cap and Suncor Energy, but its only new acquisition in the second quarter was a stake in gold mining company Barrick Gold, which was valued at $ 564 million at the end of the reporting period.

It is not yet known who exactly made the decision to buy Barrick Gold shares: Warren Buffett himself or one of his colleagues, but in recent decades, the legendary investor has repeatedly voiced his skeptical position on gold. Perhaps his most famous talk on the topic was in 1998 at Harvard, when Warren Buffett said this:

Matthew Leising
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

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