🚨 It's always happened - it's not what you're thinking

February 24, 2025 >> Macro Investors

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Dear all,

Warren Buffett has been a net seller of stocks for 9 consecutive quarters now…

Berkshire Hathaway’s cash pile just hit a record $300bn.

"Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities." ~ Warren Buffett.

• Net profit $90B.
• Stock repurchase $3B.
• Segment margin 15% (+3pp Y/Y).
• Investment gains (unrealized) of $53B.
• Cash and short-term securities $334B.

Shareholders will have to wait a little longer it seems as the Omaha-based conglomerate net sold equities for a ninth consecutive quarter in the final period of last year, according to the company’s annual report, which was also released on Saturday.

All told, Berkshire sold more than $134 billion worth of stocks in 2024.

This is mainly due to the shrinking of Berkshire’s two largest equity holdings - Apple and Bank of America.

Meanwhile, it appears Buffett is not finding his own stock attractive either. Berkshire continued its buyback halt, repurchasing no shares in the fourth quarter or in the first quarter through Feb. 10.

🤔 Is Buffett Seeing Something We’re Not?

For nine straight quarters, Warren Buffett has been a net seller of stocks.

That’s not just a small adjustment - it’s a major shift in strategy by one of the greatest investors of all time.

In 2024 alone, Berkshire Hathaway offloaded over $134 billion in equities, significantly reducing its positions in Apple and Bank of America.

At the same time, his cash reserves have surged to an all-time high of $334 billion, accounting for 27.5% of total assets - a level we haven’t seen before, even before the 2008 financial crisis or the 2000 dot-com crash.

Now, let’s take a step back. Buffett has built his empire by buying great companies at the right price.

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