05.27.16
The Oracle of Omaha has looked east to Cincinnati and does not like what he sees. Warren Buffett, one of the world’s richest men and savviest investors, is selling nearly all of Berkshire Hathaway’s shares in Procter & Gamble. According to sources, that holding had been large enough to qualify as one of Berkshire's "big four" investments, and has been on its books for over a decade. Earlier this year, Buffett sold 99% of the P&G shares, worth $4.3 billion. Following the sale, Berkshire Hathaway had 315,400 remaining shares of P&G stock, according to the March filing with the Securities and Exchange Commission.
Investment experts insist, however, that Buffett hasn't lost faith in P&G. Instead, it was simply a tool by which Buffett could efficiently raise cash to focus Berkshire's position on one piece of P&G's portfolio: Duracell batteries.
Berkshire Hathaway’s stake in P&G came about when Procter purchased Gillette for $57 billion. Buffett famously noted that he sleeps well at night knowing that in the morning, millions of men around the world would be shaving with a Gillette product.
Investment experts insist, however, that Buffett hasn't lost faith in P&G. Instead, it was simply a tool by which Buffett could efficiently raise cash to focus Berkshire's position on one piece of P&G's portfolio: Duracell batteries.
Berkshire Hathaway’s stake in P&G came about when Procter purchased Gillette for $57 billion. Buffett famously noted that he sleeps well at night knowing that in the morning, millions of men around the world would be shaving with a Gillette product.