Stock God Buffett Reduces Holdings in Apple, Increases Energy Stocks in Berkshire Hathaway’s First Quarter Report
On May 4, Berkshire Hathaway, owned by renowned investor Warren Buffett, unveiled its first quarter financial report for 2024. The report revealed Buffett’s strategic moves in the stock market, including a reduction in holdings of Apple and an increase in investments in energy stocks like Chevron and Occidental Petroleum.
During the first quarter, Berkshire Hathaway reported revenue of US$89.869 billion and net profit of US$12.702 billion. The company’s cash reserves also reached a record high of $189 billion by the end of the quarter.
In terms of stock holdings, Buffett made significant changes to his portfolio. While the value of Berkshire Hathaway’s holdings in Apple decreased from $174.3 billion to $135.4 billion, the values of its holdings in Bank of America, American Express, Coca-Cola, and Chevron all saw increases. Apple remains the company’s largest holding, accounting for approximately 790 million shares worth US$135.4 billion.
Buffett addressed the reduction in Apple holdings during a shareholder meeting, emphasizing the importance of treating stock investments as long-term business decisions. He stated that while Berkshire Hathaway will continue to hold shares in Apple, Coca-Cola, and American Express, he does not recommend increasing holdings in Apple at this time.
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