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This caughtsome industry playersby surprise, because Apple has in recent years become Buffetts favorite company.
Since July, Berkshire has unloaded over 116 million shares of Bank of America, according to AP News.
This is why his actions in June 2024 were alarming to some observers.
In his 2023 shareholder letter, Buffett said, All stock repurchases should be price-dependent.
What is sensible at a discount to business-value becomes stupid if done at a premium.
So, What Does It All Mean?
Portfolio managers, Buffett included, make moves for numerous reasons.
For example, its entirely possible that Buffett needs to raise cash for a new acquisition.
Or, he could be selling to take profits while he thinks taxes are still low.
He could just be afraid of being too concentrated in those positions.
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