Berkshire Hathaway Group, the financial conglomerate founded by Warren Buffett, has raised a $4.3 billion (equivalent to 3.7 billion euros) stake in Google’s parent company Alphabet, the company said on Thursday, according to a list of its investments from last quarter that it provided to the U.S. Securities and Exchange Regulatory Authority (SEC). At the same time, it reduced its stake in Apple and Bank of America.
The Omaha, Nebraska-based group has more cash on hand than ever before and is looking for buying opportunities as markets soar due to volatility created by the rise of artificial intelligence (AI).
A group founded by financiers, nicknamed Oracle of Omaha Thanks to his accurate investments, he reduced his investment in Apple. This will be the last listing in Buffett’s investment portfolio before he steps down as CEO of the company after 60 years and makes way for Canadian Greg Abel, the company’s current vice president.
Form 13F, the document by which companies must register financial investments with the Securities and Exchange Commission (SEC), a group formed out of small textile companies in Rhode Island, revealed 17.85 million shares of Alphabet, valued at $4.338 billion.
Berkshire Hathaway is one of the world’s largest financial conglomerates, with holdings in Apple, Coca-Cola, American Express, Bank of America, and Chevron, among others, from which it derives large dividends and significant stock market appreciation.
In the same vein, Berkshire Hathaway has indicated that it will own 238.2 million shares of Apple, down 15% from the 280 million shares recorded in the third quarter. The current participation amount is approximately $60,656 million. At the time, Buffett’s group owned 905 million Apple shares. Even though it has reduced its exposure to the iPhone maker, its investment in the company founded by Steve Jobs still accounts for nearly a quarter of Berkshire’s stock portfolio. Mr. Buffet always thought of Apple as a consumer goods company rather than a technology company.
The Form 13F includes significant stakes in 37 companies with a total valuation of $267.335 billion as of September 30 this year.
The financial giant owns 10 million Amazon shares worth $2.195 billion. His main bet remains American Express, whose stock is worth more than 50 billion yen.
Buffett’s investment group set a new record for cash accumulation in the third quarter. According to results released last week, the conglomerate’s liquidity position amounted to $381.7 billion.
The Omaha, Nebraska-based conglomerate recently entered into a deal to buy Occidental Petroleum’s petrochemical business for $9.7 billion and acquired a $1.6 billion stake in UnitedHealth Group, Bloomberg said.
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