The Story:
Warren Buffett’s Berkshire Hathaway has sold another large piece of its stake in IBM Corp, cutting its position to 37 million shares from 54.1 million shares, while increasing its position in Apple from 130.2 million shares to 134.1 million shares.
Important Because:
Warren Buffett is the most followed investor in the world, and every move he makes is watched closely by investors everywhere.
Mr. Buffett loading up on Apple is a huge vote of confidence in Apple’s business model and their competitive positioning, while him selling IBM shares does the exact opposite to IBM.
What Buffet said about IBM
In May, Buffett revealed he had begun selling IBM, telling CNBC he did not value Big Blue as highly as he did six years earlier, when he had started buying.“IBM is a big strong company, but they’ve got big strong competitors, too,” he said.
What Buffet says about Apple
In August, Warren Buffett told CNBC on Wednesday that he hasn’t ever sold a share of Apple. When Berkshire first made an investment in Apple in 2016 a fellow at Berkshire bought about 10 million shares, Buffett said. “And then, I looked at it, and I bought considerably more,” he said.
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