Warren Buffett’s Chip-Stock Purchase Is a Classic Example of Why You Want to Be "Greedy Only When Others Are Fearful"

Market Watch2022-11-16

This has been quite a year for Berkshire Hathaway and CEO Warren Buffett. The conglomerate just disclosed its investments in other companies as of the end of the third quarter, and one name — and one ...

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Comments

Dragon1976
2022-11-17
Dragon1976
Roar
Samuel123win
2022-11-17
Samuel123win
Gf
- Kelvinphan:
  Nk
SCP03
2022-11-17
SCP03
Ok
- Samuel123win:
  Vkd
Jhpuke
2022-11-16
Jhpuke
Ok
RichDen
2022-11-16
RichDen
Only the rich can afford to be greedy when everyone is fearful... because the can afford to loose!
- mac0racle:
  Agree
- tungleh:
  Very true
FGTay
2022-11-16
FGTay
K

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Semiconductor manufacturing has traditionally been a cyclical business and TSM is the highest-volume producer of computer chips in the world.“  Our goal is more modest: We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”— Berkshire Hathaway CEO Warren Buffett in his 1986 annual letter to shareholders.Semiconductor stocks tumbled as investors perceived the group had entered a down cycle. The iShares Semiconductor ETF hit its 2022 closing low on  Oct. 14 when it was down 44% for the year, before rising 25% through Nov. 14.When SOXX hit bottom, Taiwan Semiconductor had been hit even harder, with a 46% decline.Taiwan Semiconductor fell to its 2022 low on Nov. 3 when it was down 49% for the  year. Berkshire built its position in TSM some time between June 30, when the stock was down 35% for 2022, and Sept. 30, when it was down 41% for the year.It appears Buffett’s timing was excellent, following a part of the long-term strategy he discussed in his annual letter to shareholders that was included with Berkshire’s 1986 annual report. Buffett explained that market disruptions were unpredictable.“Our goal is more modest: We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful,” he wrote.Other stocks Berkshire added to, sold or trimmedDuring the third quarter, Berkshire added to its holdings of the following stocks. They are sorted by the market value of the holdings as of Sept. 30:While Berkshire added to its holdings of Paramount Global PARA  and Celanese Corp.  CE during the third quarter, the Sept. 30 position values were down from June 30 because the stocks had fallen 22% and 23%, respectively.Berkshire sold all of its shares of Store Capital Corp. during the third quarter. This position had  been valued at $385 million as of June 30.Here are other stock positions Berkshire sold partially during the third quarter:Berkshire’s performance: How to rest easierHere’s a five-year chart showing the return of Berkshire’s Class B          BRK       shares against the benchmark S&P 500          SPX       through Nov. 14:Berkshire’s five-year total return has been slightly higher than that of the S&P 500. 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