During the second quarter ending June 30, 2011, Berkshire Hathaway added 10 million shares (about $275 million) to its $10 billion position in Wells Fargo. An additional purchase of $50 million in MasterCard and an initial stake of $50 million was taken in Dollar General, most likely by Todd Combs who was recently hired by Warren Buffett as a portfolio manager. This information is contained in Berkshire’s 13F filing with the SEC that was posted on the Internet after the market closed on August 15.
I am quoted in a Bloomberg article on this topic:
Buffett, Berkshire’s chief executive officer and head of investments, has turned his focus to stocks as interest rates remained near record lows.
“That does encourage one to invest in equity,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business. Short-term U.S. Treasury securities, where Buffett keeps most of Berkshire’s $47.9 billion of cash, “are paying essentially zero or close to zero,” Kass said.
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