Published: Wed, February 19, 2020
Markets | By Otis Pena

Warren Buffett Invests in Kroger

Warren Buffett Invests in Kroger

But given that Apple makes up close to 30% if its portfolio, it may simply have wanted to diversify its holdings a bit more.

Next Saturday we'll see the true state of the company's performance and what is expected to be a record profit (because USA accounting rules say companies must take paper gains and losses into the statutory profit lines in their accounts).

Warren Buffett sold more than $800 million worth of Apple stock last quarter, according to SEC filings published on Friday.

Berkshire should discuss its holdings more on February 22, when it releases its annual report and Buffett's annual letter to shareholders. Additionally, Berkshire is the parent company of See's Candies, Dairy Queen and the Pampered Chef brand of cookware. Berkshire Hathaway previously held a stake in Walmart and is also a holder in Heinz and Coca-Cola, among other investments.

And it significantly reduced its stakes in two major banks, Wells Fargo & Co and Goldman Sachs Group Inc.

Bolton and his Book
Instead, he said he sought to tell readers what unfolded and allow them to decide whether it was appropriate. Bolton, 71, left his post in September after disagreements with the president.

Many smaller chains have fared worse, including Earth Fare, Fairway and Lucky's, which have all sought bankruptcy protection this year. Berkshire began investing in Wells Fargo in 1989.

The business magnate reportedly shelled out $500 million for the shares, USA Today reported, adding, "Buffett's investing style, unlike activist hedge funds that have targeted Cincinnati peers such as Procter & Gamble and Macy's, will likely be interpreted as a vote of confidence in Kroger management's strategy and stock outlook". Kroger had invested in Lucky's.

The conglomerate also disclosed a new 648,000 share stake in drugmaker Biogen Inc worth US$192.4 million as of December 31, while significantly reducing its stakes in two major banks, Wells Fargo & Co and Goldman Sachs Group Inc.

Apple enjoyed a particularly great year on the stock market in 2019. While Buffett and his team added four new positions to their portfolio, they sold shares in some of their biggest investments.

Berkshire's Wells Fargo stake fell 15% in the quarter to 323.2 million shares worth $US17.4 billion, trailing its stakes in Bank of America Corp and American Express Co.

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