Last Friday, the three major U.S. stock indexes closed down collectively, with most large technology stocks falling, Tesla falling more than 4%, and Intel falling more than 5%. There is really not much to say about the U.S. stock market. There is no bad news in the news, and the expectation of interest rate cuts is also full. The decline may be because the previous rise was too much, and the bulls began to take profits.
This morning I saw the news that Biden withdrew from the campaign and supported the nomination of Harris. I believe everyone is not surprised by this, because I have already talked about it in the circle on Friday. It may also be expected that the news has not reacted much to the news.
Buffett reduced his holdings of Bank of America by $1.476 billion again after four years. After this reduction, Berkshire still holds about 999 million shares of Bank of America, worth more than $42 billion, which is still the second largest holding in Berkshire's investment portfolio after Apple.
This is also the first time that Buffett has reduced his holdings of this long-term "favorite stock" since the third quarter of 2020. The market is still speculating on the reason for Buffett's reduction, which may be "interest rate cuts are not good for bank stocks" or "banks may face crises under high interest rates."
At the same time, Berkshire's previously kept a secret stock - Chubb - was also revealed. The document shows that Berkshire has been buying Chubb since the second half of 2023. As of the end of the first quarter of this year, Berkshire held a total of 25.92 million shares of Chubb, with a market value of US$6.719 billion, ranking among Berkshire's ninth largest holdings in the US stock market.
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It’s a new week now and a lot of good things will happen