What’s happening: Last quarter, Warren Buffett’s Berkshire Hathaway (BRKA) boosted its holdings in Apple (AAPL) by 3.9 million shares, according to new financial disclosures. It also raised its stake in Ally Financial (ALLY), a financial services firm headquartered in Detroit, by 21 million shares, and scooped up 2.3 million shares of Chevron.
Berkshire’s top holdings are now Apple, Bank of America, Coca-Cola (KO), Chevron (CVX) and American Express (AXP), per data from Refinitiv.
Buffett reduced stakes in companies like Kroger (KR), General Motors (GM) and US Bancorp (USB), and completely exited positions in Verizon and Royalty Pharma.
But the famed investor’s willingness to keep buying signals an ongoing confidence in where the US economy and financial markets are headed.
Berkshire reported about $3.8 billion in net stock purchases during the second quarter. That’s on top of more than $40 billion in shares Berkshire bought during the first quarter.
Why it matters: Given Buffett’s successful track record and consistent focus on the long-term, his investing patterns are watched closely by traders.
The economic data Buffett and others on Wall Street are combing through right now is muddled, making their jobs difficult.
New York-area manufacturing suffered a large and unexpected setback in August, according to a survey released Monday. The New York Federal Reserve said its Empire State Manufacturing Survey plunged by 42 points. That marks the second-largest monthly decline on…
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