It seems that for the quarter Warren Buffett have been shifting to Wells Fargo and selling what you usually think he wouldn’t pare down.
What you read in books is vastly different from what Buffett does.
Buffett pared Berkshire’s Kraft holdings in 2010 and continued to cut it in four consecutive quarters to 78 million shares through March 31, according to regulatory filings. The billionaire called the foodmaker’s takeover of Cadbury Plc and the sale of its pizza brands in 2010 “dumb” at Berkshire’s shareholder’s meeting that year. Kraft has advanced37 percent since his remarks through Aug. 3 to $40.51.
The billionaire held 29 million J&J shares as of March 31, down from 42.6 million at the end of 2010. The New Brunswick, New Jersey-based maker of health-care products advanced 5.4 percent this year to $69.12 on Aug. 3.
J&J was ordered in April to pay more than $1.1 billion in fines after an Arkansas jury found the firm misled doctors and patients about the risks of antipsychotic medication Risperdal. The company has also struggled with recalls of artificial hip implants and over-the-counter medicines.
“It’s still got a lot of wonderful products and it’s got a wonderful balance sheet and all of that, but there have been too many mistakes,” Buffett told CNBC in a Feb. 27 interview.
Berkshire reduced its holdings of P&G by 4.6 percent in the first quarter to 73.3 million shares. The maker of Gillette razors and Tide laundry detergent has had difficulty raising prices for some products as consumers consider less expensive alternatives, Buffett told the cable news station in May. The stock is down 1.8 percent this year to $65.50 on Aug. 3.
P&G Chief Executive Officer Robert McDonald is working to prove that his pricing and plan to cut cost cuts will be enough to improve results. Last month, Bill Ackman’s Pershing Square Capital Management LP took a $1.8 billion stake in P&G, and people familiar with the matter said he plans to push for leadership changes.
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