Thursday, February 18, 2010

Buffett's Berkshire Cuts Oil Stake, Adds Wells Fargo

Billionaire Warren Buffett's company reduced its holdings in Johnson & Johnson, Proctor & Gamble, ConocoPhillips and Exxon Mobil Corp. during the last three months of 2009, according to documents filed Tuesday.

Berkshire Hathaway Inc. disclosed those moves and several other changes to its roughly $58 billion U.S. stock portfolio in documents filed with the Securities and Exchange Commission. The filing offers a snapshot of the Omaha-based company's holdings as of Dec. 31.

Berkshire added to its stakes in Iron Mountain Inc., Becton Dickinson & Co., Republic Services Inc. and Wells Fargo.

But the filing also said Berkshire has received permission from the SEC to omit some information to protect its trading strategy, so the document offers an incomplete picture. (more)

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