Billionaire investor Warren Buffet celebrates his 94th birthday today, Friday, August 30, 2024. The milestone comes shortly after Buffet’s multinational conglomerate Berkshire Hathaway Inc. became the first US company outside the tech sector to surpass $1 trillion in market value. Shares rose 0.8 per cent on Wednesday, pushing the market capitalization above the trillion-dollar mark for the first time.
Berkshire Hathaway‘s rally this year has outpaced the S&P 500’s gains, with the company off to one of its best annual starts in a decade. The stock has rallied more than 30 per cent in 2024 on strong insurance results and economic growth optimism, while the market benchmark is up nearly 19 per cent so far.
Berkshire Hathaway nears ‘Magnificent Seven’
The stock has added more than $200 billion in market capitalization this year alone—a record for the firm but a sharp contrast to Nvidia’s nearly $2 trillion increase. Based on the relative strength index, Berkshire’s rally has pushed it into overbought territory.
The Omaha, Nebraska-based conglomerate joins the group of companies to crack the milestone, dominated by technology giants like Alphabet Inc., Meta Platforms Inc., and Nvidia Corp. Berkshire is not far behind the so-called ‘Magnificent Seven’, which is a gauge of the biggest tech stocks—up 35 per cent this year.
Buffett has spent most of his life turning Berkshire Hathaway from a textile maker into a sprawling business empire. He shaped the company alongside longtime business partner Charlie Munger, who died in November at age 99.
Berkshire’s market value climbed by roughly 20 per cent a year from 1965 through last year — nearly double the S&P 500’s annual return. That turned Buffett into one of the richest people in the world and the most prolific investor ever.
The conglomerate’s strength comes as optimism for the economy builds, with the US Federal Reserve expected to cut interest rates at its September meeting. Consumer confidence rose to a six-month high in August.
Berkshire Hathaway cuts stake in Apple, Bank of America
Berkshire Hathaway sold nearly half its stake in tech giant Apple, offloading nearly 50 per cent of the shares, leading to a rise in the Oracle of Omaha’s cash holdings to almost $280 billion. Warren Buffett sold an additional $982 million of Bank of America stock on Wednesday as his conglomerate continues to slash its investment in the second-largest US bank.
Berkshire Hathaway Inc. has trimmed the stake by almost 13 per cent in a series of sales since mid-July, generating $5.4 billion in proceeds. The company last reported a record quarterly profit, boosted by an increase in income from insurance underwriting. The first-quarter operating profit rose 39 per cent to $11.22 billion, or about $7,807 per Class A share, from $8.07 billion a year earlier.
The total income fell to $12.7 billion or $8,838 per share from $35.5 billion when Berkshire had large unrealized gains from its stocks. An accounting rule requires Berkshire to report the unrealized gains and losses with the net results, and Buffett urges investors to ignore the resulting volatility.
Here are 10 stocks that top Warren Buffet’s portfolio
Warren Buffet has lately reduced his holdings in Apple and Bank of America — among his top two portfolio stocks. As of August, these are the top stocks in Berkshire Hathaway’s portfolio by number of shares, based on regulatory filings:
1.Bank of America: Berkshire still remains the bank’s biggest stockholder — with 903.8 million shares worth nearly $35.9 billion
2.Apple: Apple is popularly called the poster child for Warren Buffett stocks due to its strong earnings, returns and management.
3.Coca-Cola: Buffet owns nearly 400 million shares of Coca Cola with the very first purchase made decades ago.
4.Kraft Heinz: Berkshire owns 325,634,818 shares of Kraft Heinz as of August
5.Occidental Petroleum: Buffett’s firm now has around 255.3 million shares of Occidental Petroleum
6.American Express: Buffet has owned American Express shares since 2001 with total value now over 150 million
7.Sirius XM: Buffet’s Berkshire owns more than 130 million shares of Sirius XM
8.Chevron: Buffet owns nearly 118.6 million shares of Chevron as of August 2024
9.Nu Holdings: Berkshire’s holds around 100 million shares
10.Liberty Sirius: The conglomerate has bought around 70 million shares
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First Published:
30 Aug 2024, 09:10 PM IST
Business NewsMarketsStock MarketsWarren Buffet’s 94th birthday: Apple to American Express—10 stocks that top the Oracle of Omaha’s portfolio
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