What You Need to Know About the Changes to Buffett’s Portfolio
Why he dropped Walmart and added Apple...
Many people hang on Warren Buffett’s every word. The billionaire value investor has been the chairman of Berkshire Hathaway since 1970, and with a net worth of over $75 billion, we can understand why people look to him…
In the past two weeks, Buffett has made several startling moves.
The first? He dropped $900 million dollars worth of Walmart (NYSE: WMT) stock.
That’s nearly all the stock he had invested in the retail giant.
What does this show?
Traditional retail is a sinking ship, and Buffett wants off.
Online stores like Amazon (NASDAQ GS: AMZN) are consistently beating traditional retail, and Amazon’s market value is over $50 billion more than Walmart’s.
It’s hard to resist the lure of 2 Day Shipping, along with about every product imaginable…
While Buffett gets out of Walmart, he’s diving headfirst into something he’s always been wary of: technology.
Specifically, Apple (NASDAQ GS: AAPL).
Berkshire Hathaway has increased their shares in Apple to about 133 million.
That means their shares in the company are worth more than $18 billion.
According to Bloomberg, Buffett said, “Apple strikes me as having quite a sticky product and an enormously useful product to people that use it...”
Buffett more than doubled his holdings and now owns about 2.5% of Apple.
I don’t know about you, but I’d love just a sliver of that…
To read more about Buffett’s latest Apple ventures, read the Bloomberg article here.
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