Warren Buffett sells the bulk of Goldman Sachs holding

Daniel van Niekerk
18 May, 2020
Warren Buffett sells the bulk of Goldman Sachs holding

Berkshire Hathaway, the firm of famed investor Warren Buffett, has sold the majority of its shares in Goldman Sachs, according to a regulatory filing, the FT has reported.
Buffett's firm had acquired its stake in the financial powerhouse during the depths of the Global Financial Crisis but sold over 10m shares in Goldman Sachs, worth $2.3bn, during the first quarter, reducing its share from 2.9% to 0.6%.
It also reduced its JPMorgan Chase holding from 1.94% to 1.88% during the first quarter, which saw some of the worst market days in financial history.
The move comes as Buffett addressed the differences between the Global Financial Crisis and the current crisis during Berkshire Hathaway's annual general meeting last month: "The range of possibilities on the economic side are still extraordinarily wide. We do not know exactly what happens when you voluntarily shut down a substantial portion of your society.
"In 2008-09 our economic train went off the tracks and there were some reasons why the roadbed was weak. This time, we just pulled the train off the tracks and put it on its siding and I do not really know of any parallel."

by Tanya at http://www.ifacareers.today

Daniel van Niekerk

Daniel van Niekerk

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