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Billionaires Unloaded These 24 Stocks In Q2

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9. Wells Fargo (WFC, $24.04)

Star Tribune

Warren Buffett, often called the Oracle of Omaha, and his company Berkshire Hathaway have stayed relatively loyal to Wells Fargo throughout the years, but the portfolio’s second-quarter dump was just the latest divestment of holdings in the trouble-wracked bank. Since Q1 of 2018, Buffett has sold more than half of his WFC shares, which at one time were worth more than $32 billion. Berkshire still owns 245.6 million shares of WFC stock however, making it the seventh-largest position in the company’s impressive $202 billion equity portfolio. This also means they have a 6% stake in the American mega-bank. These moves may suggest that the Oracle of Omaha has soured on bank stocks; Berkshire also sold 61% of its stake in JP Morgan Chase during the second quartered, and trimmed positions in US Bancorp (USB), Bank of New York Mellon (BK), and PNC Financial Services (PNC). Buffett’s most curious move during Q2 was the addition of a $563 million stake in Barrick Gold (GOLD). Although the purchase equals just 0.28% of Berkshire’s entire portfolio, it is an indication that they have changed their tune about precious metals.

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