Major Changes in Berkshire Hathaway’s Portfolio During the First Quarter, 2017

In an SEC 13F filing after the market closed today, Berkshire Hathaway reported several major changes in its portfolio, including a $20 billion position in Apple (129 million shares at closing price of $155.70) and a large reduction in its investment in IBM, both of which were revealed earlier.  Berkshire also disclosed a 50%, or $500 million, increase in its stake in Bank of New York Mellon, as well as the elimination of its $250 million position in 21st Century Fox.  There were also minor changes made to its almost $10 billion investment in the four major U.S. airlines (American, Delta, Southwest, and United Continental).

I was quoted in a Bloomberg article on these portfolio changes:

“Buffett has an overall optimistic outlook for the economy and the stock market,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business who has taken students to meet the investor. “This is consistent in that direction.”