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Berkshire Hathaway sells Wells Fargo and JP Morgan and buys Barrick stock


Prophecy

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https://www.marketwatch.com/story/buffetts-berkshire-buys-gold-miner-barrick-slashes-wells-fargo-and-jpmorgan-stakes-amid-coronavirus-2020-08-14?mod=home-page

Interesting times

Berkshire sold 85.6 million shares of Wells Fargo, representing about 26% of its stake and putting its ownership to about 3% from 5.3%. The insurance conglomerate also shed 35.5 million shares of JPMorgan, 61% of its position, which now represents 1% of Berkshire's overall portfolio from 3% in the prior period. Meanwhile, the investment firm acquired nearly 21 million shares of Barrick Gold worth $563 million, representing 0.3% of Berkshire's holding.

 

Oh, and they dump Goldman Sachs stock too...

https://www.zerohedge.com/markets/did-buffett-just-bet-against-us-berkshire-buys-barrick-gold-dumps-goldman

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I wonder will this do anything for physical gold. Certainly will help the stock not that it needs it, they were always the best of the sector. 

But why is he selling JP morgan? I am told they control the silver market and have the biggest stack in the world, doesn't he know? ;)

 

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Buffet and Berkshire Hathaway focus on value.  This signals the company being bought is undervalued, those sold at about fair value.  It doesn't say much for the underlying market or their product, when he bought Coca-cola it didn't mean the price of a coke was going up. 

Barrick went up about 7% in after hours market, gold flat in late trading. 

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The stimulus packages that were given out to bouy the economy have certainly hampered what would typical be a 'raining gold' opportunity for Buffett. It's a very out of character purchase for him (although so was Apple and look how that's turned out). Given the relatively small size of the acquisition I would suspect this would have been one of either Todd or Ted's acquisitions. 

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