Berkshire slashes Goldman stake, exits Travelers

Warren Buffett’s Berkshire Hathaway cuts stake in Goldman Sachs, JP Morgan & Chase

The selling appears to have begun after Goldman's stock price fell about 33% during the quarter due to the global pandemic's impact on financial markets.

Berkshire, once one of Goldman's largest shareholders, said it sold more than 10 million Goldman shares in the first quarter, bringing its holdings to 1.9 million shares. Berkshire and Goldman redrew the terms of the deal five years later.

Berkshire also exited its positions in Philips 66 and Travelers, which were worth about $25 million and $43 million respectively on December 31. Its stake in Wells Fargo & Co. was unchanged, though the stock's price fell 47%.

Berkshire cut its investment in just 0.7% in the first quarter. Mr. Buffett has been a huge backer of USA financial services firms in recent years, building up a position in banks, payments companies, insurers and ratings firms.

Investors monitor Berkshire's quarterly filings to see where Mr. Buffett and his portfolio managers Ted Weschler and Todd Combs, who is also chief executive of Berkshire's Geico vehicle insurer, see value.

United Kingdom jobless claims jump by 856,000 to 2.1 million in April
Growth in pay slowed but employment expanded by a much stronger-than-expected 211,000. Between February and April, the number of job vacancies fell by 170,000.

Ironically, Buffett had assured that the banking sector was not a "primary worry" for him during the coronavirus pandemic.

Berkshire left most of its holdings untouched, but the coronavirus pandemic fueled a 27% drop in the value of its stock portfolio to $176 billion.

Buffett said at Berkshire's annual meeting this month that the company has been relatively inactive.

Material from Bloomberg and Reuters has been used in this report.

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